Pune, India, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The Europe contract research organization (CRO) services market size was valued at USD 19.68 billion in 2022 and it is expected to expand from USD 21.65 billion in 2023 to USD 39.55 billion by 2030, exhibiting a CAGR of 9.0% over the study period. The expansion can be credited to the robust foundation for biotechnology in Europe. This can be attributed to the growing number of research and development initiatives undertaken by biotech companies in the region.
Fortune Business Insights™ provides this information in its research report titled “Europe Contract Research Organization (CRO) Services Market, 2023-2030”.
Key Industry Development:
April 2020 - Medpace Holdings, Inc. unveiled the formation of a scientific and strategic development group. It benefitted sponsors with biologic, drug, and device development requirements who faced pressure from evolving and rising regulatory scenarios. This initiative helped boost the efficiency of the company’s services and offerings.
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Key Takeaways:
- IQVIA Inc. declared that TRUSTArc had validated GDPR compliance for its Decentralized Clinical Trial (DCT) program.
- Pharmaceutical Product Development, LLC's acquisition by Thermo Fisher Scientific Inc. was finalized. The company's primary services and product offerings were improved by this acquisition.
- Toxikon Corporation was fully acquired by Laboratory Corporation of America Holdings. The company's robust non-clinical development portfolio was strengthened by this acquisition.
- In order to increase its opportunities for conducting clinical research, Parexel International Corporation announced its collaboration with Kyoto University Hospital.
Discover the Leading Players Featured in the Report:
Pharmaceutical Product Development, LLC (Thermo Fisher Scientific) (U.S.), Medpace Holdings, Inc. (U.S.), Parexel International Corporation (Ireland), IQVIA (U.S.), Laboratory Corporation of America Holdings (U.S.), Charles River Laboratories (U.S.), PHASTAR (U.K.), Oy 4Pharma Ltd (Finland), PSI (Switzerland), Icon plc (Ireland)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 9.0% |
| 2030 Value Projection | USD 39.55 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 21.65 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 78 |
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Drivers and Restraints:
Growing Incidence of Chronic Conditions to Augment Market Growth
One of the major factors driving the Europe contract research organization (CRO) services market growth is the rising incidence of chronic diseases. The growing cases of chronic diseases such as cancer, heart disease, and others and the associated mortalities have increased the demand for effective treatment. The outsourcing of drug development to providers of contract research organization (CRO) services by medical device, biotech, and pharmaceutical companies has surged due to this factor.
Despite such growth opportunities, a shortage of qualified specialists may hinder market growth.
Segmentation
Surging Number of Clinical Trials to Fuel the Clinical Segment Expansion
By service type, the market is classified into laboratory service, early phase development services, clinical, and others. The clinical segment accounted for the largest part in the Europe contract research organization (CRO) services market share in 2022. The number of clinical trials has increased in Europe. This factor is fueling the segment expansion.
Growing Incidence of Cancer to Proliferate the Oncology Segment Growth
With respect to application, the market is divided into neurology, infectious diseases, oncology, cardiology, metabolic disorder, renal/nephrology, and others. The oncology segment dominated the market in 2022. The number of cancer cases is increasing in Europe, which is impelling the demand for contract research organization (CRO) services in the region.
Dominance of Pharmaceutical and Biotech Companies Segment Due to Rising Prevalence of Autism Spectrum Disorders
On the basis of end-users, the market is classified into medical device companies, academic and research institutes, pharmaceutical and biotech companies, and others. The pharmaceutical and biotech companies segment dominated the market in 2022. The growing prevalence of autism spectrum disorders is escalating the segment growth.
On the basis of sub-region, the market has been analyzed across Germany, the U.K., Spain, Italy, France, Scandinavia, and the rest of Europe.
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By Service Type
- Early Phase Development Services
- Clinical
- Laboratory Service
- Others
By Application
- Oncology
- Neurology
- Cardiology
- Infectious Disease
- Metabolic Disorder
- Renal/Nephrology
- Others
By End-user
- Pharmaceutical & Biotech Companies
- Medical Device Companies
- Academic & Research Institutes
- Others
By Geography
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of the Europe
Report Coverage:
The Europe contract research organization (CRO) services market report provides a detailed analysis of the key industry trends, driving and restraining factors impacting the market growth. In addition, it offers comprehensive coverage of the strategies deployed by major market players. These strategies include joint ventures, mergers and acquisitions, partnerships, and others.
Competitive Landscape:
Companies Form Alliances to Enhance Their Product Portfolios
Prominent market players are focusing on R&D activities to launch innovative products. Many companies are also focusing on forming alliances to expand their market hold. In addition, they are devising other competitive strategies to capture the largest share.
FAQ’s
How big is the Europe CRO Services Market?
Europe's CRO Services Market size is USD 21.65 Billion in 2023.
How fast is the Europe CRO Services Market growing?
The Europe CRO Services Market will exhibit a CAGR of 9.0% during the forecast period, 2023-2030
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