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Europe Clinical Trials Market Analysis Report By Study Design, Phase, Region, And Growth Forecasts, 2030

The Europe clinical trials market size is expected to reach USD 20.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2022 to 2030. The rise in technological advancement for clinical trials is one of the key factors driving the market. The growing adoption of new technologies like artificial intelligence, big data analytics, blockchain, clinical trials payments, and patient engagement solutions among others have significantly contributed to the market growth. The COVID-19 pandemic had improved the adoption of virtual clinical trials in the region. Therefore, the growing adoption of new technologies is likely to promote the growth of the market.

Europe Clinical Trials Market Report Highlights

·         The phase I trial segment is projected to witness a remarkable growth rate of 6.1% over the forecast period. This can be attributed to the significant R&D spending by public and private organizations to support new researches

·         The interventional study design segment held the largest market share of 78.6% in 2021 owing to the greater accuracy offered by these studies, as compared to other clinical study designs

·         European countries such as Germany and the U.K. are spearheading the revenue share, as these have a large patient pool and the presence of advanced medical infrastructure

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The demand for personalized medicines has significantly improved in the region owing to significant research funding for personalized therapies by the European Commission. The aim of various countries in Europe is to collaborate research and health policy to accelerate the adoption of personalized medicine with the formation of the International Consortium for Personalized Medicine, which brings together health research funders and policymaking groups. Such activities are likely to promote market growth. The region suffers from growing disease variation and prevalence. A significant number of people in the region suffer from chronic and rare diseases.

For instance, the European Commission states that approximately 5,000-8,000 distinct rare diseases affect around 6-8% of the European population i.e., between 27 - 36 million. Thus, the high burden of rare diseases is likely to increase the demand for researchers to develop therapeutics for rare diseases. The rising cost associated with research studies has increased the demand for CROs in the region for conducting clinical trials. The partnership agreement between pharmaceutical companies and CROs is likely to promote market growth.

Europe was one the worst affected region by the COVID-19 pandemic, owing to which public organizations in the region made significant funding in research to boost the development of COVID-19 vaccines and diagnostics. For instance, in June 2020 the French president pledged to invest USD 679 million to support the development of COVID-19 vaccines. Owing to the pandemic several research centers were shut down due to the national lockdown implemented by the government authorities, owing to which several clinical trial organizations opted for in silico trials and virtual clinical trials to speed up the research process. Such actions had profited the growth of the market.

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Europe Clinical Trials Market Segmentation

Grand View Research has segmented the Europe clinical trials market based on study design, phase, and region:

·         Europe Clinical Trials Study Design Outlook (Revenue, USD Million, 2018 - 2030)

·         Europe Clinical Trials Phase Outlook (Revenue, USD Million, 2018 - 2030)

·         Europe Clinical Trials Regional Outlook (Revenue, USD Million, 2018 - 2030)

·         List of Key Players of Europe Clinical Trials Market

Research Methodology

Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. We employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs).

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Grand View Research employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation that looks market from three different perspectives.

on September 23 at 9:21

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