Market Size of Europe Clinical Trials Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 4.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Clinical Trials Market Analysis
The European clinical trials market is expected to register a CAGR of 4.2% over the forecast period.
The COVID-19 outbreak has had a notable impact on the growth of the market. The sudden outbreak of the pandemic paved the way for effective clinical trials in Europe. There was an increase in the number of clinical trials in Europe for developing COVID-19 therapeutics. For instance, in the ASCPT journal data published in January 2022, the COVID-19-related clinical trials increased by 10% compared to 2019 in the European Union. Such an increase in clinical trials during the pandemic had a notable impact on the market studied. In addition, the demand for clinical trials is expected to remain intact due to the emergence of various mutant strains of COVID-19 and their related therapeutics, thereby fuelling market growth over the forecast period.
Factors responsible for the growth of the European clinical trials market include high research and development (R&D) spending in the pharmaceutical industry and the increasing prevalence of diseases. For instance, as per the data published by OECD in 2022, the pharmaceutical expenditure in Italy in 2021 was USD 728.43 per capita. The clinical trials market in Germany is growing due to the rising frequency of chronic conditions such as cancer, diabetes, and cardiovascular diseases (CVD). For instance, according to estimates from the March 2021 update by the Global Cancer Observatory, around 628,519 new cancer cases were identified in Germany in 2020, which is estimated to rise.
Besides, favorable government support has motivated small, medium, and large players to enter orphan drug development. The increasing government funding to support R&D activities and drug discovery in this region contribute to market growth. For instance, in 2020, the Spanish government announced that it is planning to invest around EUR 25 million (USD 26.45 million) in precision medicine, genomic medicine, and data science over the next three years under a new project called Precision Medicine Infrastructure Associated with Science and Technology (IMPACT). The effort is expected to result in the creation of a national cohort for drug discovery and research, as well as an integrated clinical and genomic data infrastructure at the national level leading to an increased usage of clinical trials.
Thus, the abovementioned factors are expected to drive the growth of the market studied during the forecast period. However, stringent regulations for patient enrolment are expected to restrain the growth of the market studied.
