Pune, India, April 11, 2022 (GLOBE NEWSWIRE) — The European CRO services market the size was USD 16.97 Billion in 2021. The market is expected to grow from USD 19.68 Billion in 2022 to USD 35.91 Billion by 2029, growing at a CAGR of 9.0% during the forecast period . This information is published by Fortune Business Insights™, in its report titled “Europe CRO Services Market, 2022-2029”.
Rapid technological advancements and increasing urbanization in European countries are prompting many biotech and pharmaceutical companies to outsource their research development to many contract research institutions. This is expected to enhance the value of the CRO services market share in Europe.
Development of key industry
December 2021: Thermo Fisher Scientific Inc. has finalized the procurement of Pharmaceutical Product Development, LLC. This achievement has bolstered the company’s first-class facilities and services.
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Report Scope and Segmentation:
|Forecast Period 2022 to 2029 CAGR||9.0%|
|2029 value projection||$35.91 billion|
|Year of reference||2021|
|Market size in 2022||$19.68 billion|
|Historical data for||2018-2020|
|Number of pages||78|
|Segments Covered||By type of service, by application, by end user, by country/sub-region|
|Growth engines||Growing competition in the market and shortage of skilled professionals are the major factors that are expected to negatively impact the growth of the CRO services market in Europe.|
|Increase in the number of clinical trials and rise in demand for new and effective drugs due to rising prevalence of chronic diseases have been the major factors responsible for the growth of the market.|
A strong foundation for biotechnology in Europe to define market growth
Europe has many developed research establishments, medical centers and hospitals that provide a concrete basis for sourcing and creating scientific and clinical inventions. For example, according to an article by Germany Trade and Invest, in 2019 around 500 pharmaceutical companies were based in Germany, which involved domestic companies as well as subsidiaries of international companies. Moreover, the existence of these recognized companies is expected to fuel the growth of the Europe CRO services market in the region.
The report offers a comprehensive review of the Europe CRO Services market along with the ongoing trends and imminent anticipations to predict the revenue of the business. A detailed examination of all the future prospects, dangers, competitions or supply aspects are also presented in the report. A thorough and methodical regional review is presented in the report. The effects of COVID-19 have been described in the report to help investors and entrepreneurs better perceive the dangers. Major players in the market are recognized and their ideas for driving the growth of the market are mentioned in the report.
Click here for the short and long term impact of COVID-19 on this market:
Oncology segment will dominate during the forecast period
- On the basis of service type, the European CRO services market is segmented into discovery, preclinical, clinical and laboratory services.
- Based on application, the market is segmented into oncology, CNS disorders, cardiology, infectious diseases, metabolic disorders, and others. The oncology segment held a dominant market share in 2021 owing to the high prevalence of different types of cancer diseases. The segment held a market share of 26.9% in 2021 and is expected to grow at a significantly high CAGR during the forecast period.
- The market by end-user can be segmented into pharmaceutical and biotechnology companies, medical device companies, academic and research institutes, etc.
- By country or sub-region, the market is segregated into the UK, Germany, France, Spain, Italy, Scandinavia and the rest of Europe.
Supplies Launched by Key Players to Endorse Market Growth
The dominant market players continually choose to apply effective tactics to boost their brand equity and endorse product market growth by facing the lowest conceivable hurdles. One such proficient scheme is to procure other businesses and thus generate a profit for both businesses involved. Market anchor companies often make important announcements regarding a few trade moves, which either positively or negatively impact the market. Players buy companies, unveil new products, get involved in collaboration agreements and also sign agreements with government bodies, etc.
Quick Buy – Europe CRO Services Marketplace:
The report lists the major companies in the global market
- Pharmaceutical Product Development, LLC (Thermo Fisher Scientific) (USA)
- Medpace Holdings, Inc. (USA)
- Parexel International Corporation (Ireland)
- IQVIA (USA)
- Laboratory Corporation of American Holdings (USA)
- Charles River Laboratories (USA)
- PHASTAR (UK)
- Oy 4Pharma Ltd (Finland)
- PSI (Switzerland)
- Market scope
- Market segmentation
- Market methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Key Industry Developments
- The regulatory scenario in Europe
- Impact of COVID-19 on the Contract Research Organization Market
- Overview of Biometric Contract Research Organization (CRO) Services in Europe: Key Players and Services
- Europe CRO Services Market Analysis, Outlook and Forecast, 2018-20289
- Main results/summary
- Market Analysis, Outlook and Forecast – By Type of Service
- Laboratory service
- Market Analysis, Outlook and Forecast – By Application
- CNS disorder
- Infectious disease
- Metabolic disorder
- Market Analysis, Outlook and Forecast – By End User
- Pharmaceutical and biotechnology companies
- Medical device companies
- Academic and research institutes
- Market Analysis, Outlook and Forecast – by Country
- The rest of Europe
Table of Contents Continued…
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