Pune, India, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The Global Europe Phase IV Clinical Trials Market Size was valued at USD 2.58 billion in 2022 and is projected to grow from USD 3.84 billion by 2030, exhibiting a CAGR of 5.1%. Clinical trials play a crucial role in evaluating the effectiveness and safety of drugs, treatments, or medical devices.
The growing number of trials and enhanced partnerships between biotech or pharmaceutical firms and contract research organizations (CROs) for outsourcing drug development are driving the market's expansion.
This information is provided by Fortune Business Insights™ in its research report titled Europe Phase IV Clinical Trials Market, 2023-2030.
Key Industry Development-
- May 2023: Laboratory Corporation of America Holdings, in collaboration with BML Research Institute and General Laboratory, announced the expansion of clinical laboratory testing capabilities in Japan.
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Key Takeaways –
- Europe Phase IV Clinical Trials Market size in U.K. was USD 0.59 billion in 2022
- Increasing Number of Clinical Trials being Conducted in the Region Fuels Market Growth
- Increasing R&D Expenditure in Healthcare Industry Propels Market Expansion
- The in-house segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report-
- IQVIA Inc. (U.S.)
- Parexel International (MA) Corporation (U.S.)
- ICON plc (Ireland)
- Laboratory Corporation of American Holdings (U.S.)
- Charles River Laboratories (U.S.)
- PHASTAR (U.K.)
- PSI (Switzerland)
- Medpace (U.S.)
- Worldwide Clinical Trials (U.S.)
- ProRelix Services LLP (U.S.)
- Sofpromed (Spain)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.1% |
| 2030 Value Projection | USD 3.84 Billion |
| Base Year | 2022 |
| Europe Phase IV Clinical Trials Market Size in 2022 | USD 2.58 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 96 |
| Segments covered | Deployment, Disease Indication, Type and Geography |
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Drivers & Restraints:
Robust Research Infrastructure and Clinical Momentum Propel Europe's Biotech Landscape
Europe boasts a robust biotechnology foundation, characterized by well-established research institutions, medical centers, and hospitals that serve as strong sources for scientific and clinical advancements. Pharma and biotech companies are intensifying their R&D efforts, driven by the growing prevalence of chronic diseases, leading to a surge in clinical trial activity. For example, in 2021, Germany had approximately 774 biotech companies, and in 2023, Spain established around 425 pharmaceutical and biotech companies, as reported by Germany Trade & Invest and CoStar Group.
However, limited funds for phase IV clinical trials and participant reluctance due to trial complexity and protocols, may constrain the Europe phase IV clinical trials market growth.
Segmentation:
By Deployment
- In-house
- Outsource
By Disease Indication
- Oncology
- Neurology
- Cardiology
- Infectious Disease
- Metabolic Disorder
- Renal/Nephrology
- Others
By Type
- Interventional
- Non-interventional
Regional Insights:
U.K. Leads the Way with Robust Clinical Networks and Infrastructure
By country/sub-region, the market is studied into Germany, the U.K., France, Italy, Spain, and Rest of Europe. The U.K. dominates by holding the largest Europe phase IV clinical trials market share with revenue of USD 0.59 billion in 2022, due to its robust clinical research networks and supportive research infrastructure.
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Competitive Landscape:
Prominent Market Participants Expand through R&D Integration and Service Innovation
Prominent participants in the Europe market hold a substantial portion of the phase IV clinical trials share. Their expansion is rooted in a growing emphasis on research and development, aimed at integrating technological breakthroughs into clinical trials and the introduction of novel services. Meanwhile, other market players have accentuated mergers and strategic partnerships to elevate the scope of their service provisions.
FAQs
How big is the Europe Phase IV Clinical Trials Market?
Europe Phase IV Clinical Trials Market size was USD 2.58 billion in 2022. It is expected to reach USD 3.84 billion in 2030.
How fast is the Europe Phase IV Clinical Trials Market growing?
The Europe Phase IV Clinical Trials Market will exhibit a CAGR of 5.1% during the forecast period, 2023-2030.
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