Pune, India, April 11, 2022 (GLOBE NEWSWIRE) -- The Europe CRO services market size was USD 16.97 billion in 2021. The market is projected to grow from USD 19.68 billion in 2022 to USD 35.91 billion by 2029, exhibiting 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”.
Speedy technological progressions and rising urbanization in European nations are motivating numerous biotech and pharmaceutical corporations to subcontract their research development to numerous contract research establishments. This is likely to bolster the Europe CRO services market share value.
Key Industry Development
December 2021: Thermo Fisher Scientific Inc. finalized the procurement of Pharmaceutical Product Development, LLC. This attainment boosted the prime facilities and services of the company.
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Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 9.0% |
| 2029 Value Projection | USD 35.91 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 19.68 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 78 |
| Segments covered | By Service Type, By Application, By End User, By Country/Sub-Region |
| Growth Drivers | Increasing competition in the market and shortage of skilled professionals are the major factors expected to negatively impact the Europe CRO services market growth. |
| Increase in the number of clinical trials, and increase in demand for novel and effective drug due to the increasing prevalence of chronic diseases were the key factors responsible for the growth of the market. |
Robust Foundation for Biotechnology in Europe to Define Market Growth
Europe has numerous developed research establishments, medical centers, and hospitals that offer a concrete base for sourcing and creating scientific and clinical inventions. For example, according to an article by Germany Trade and Invest, in 2019, roughly 500 pharmaceutical corporations were based in Germany, which involved domestic corporations as well as subsidiaries of international firms. Moreover, the existence of these recognized companies is predicted to fuel the Europe CRO services market growth in the region.
Report Coverage
The report offers a rounded review of the Europe CRO services market along with ongoing trends and impending anticipations to predict company revenue. A detailed review of any future prospects, jeopardies, competitions, or fueling aspects is also presented in the report. A thorough and methodical regional review is presented in the report. The COVID-19 effects have been described in the report to aid investors and entrepreneurs to perceive the jeopardies better. The prime players in the market are acknowledged, and their notions to boost the market growth are mentioned in the report.
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Oncology Segment to Dominate during Forecast Period
- Based on service type, the Europe CRO services market is segmented into discovery, pre-clinical, clinical, and laboratory services.
- Based on application, the market is segmented into oncology, CNS disorder, cardiology, infectious diseases, metabolic disorder, and others. The oncology segment held a dominant market share in the year 2021 owing to the high prevalence of different types of cancer diseases. The segment held a 26.9% market share in 2021 and is projected to expand at a considerably high CAGR during the forecast period.
- The market by end-user can be segmented into pharmaceutical and biotech companies, medical devices companies, academic and research institutes, and others.
- By country or sub-region, the market is segregated into the U.K., Germany, France, Spain, Italy, Scandinavia, and the rest of Europe.
Procurements Commenced by Pivotal Players to Endorse Market Growth
The dominating players in the market continually choose to apply effective tactics to spur their brand value as well as endorse the market growth of the product with facing the lowest imaginable hurdles. One such proficient stratagem is procuring other companies and hence fortifying a profit for both the involved companies. Pivotal companies in the market often make important announcements concerning few business moves, which impact the market in an affirmative or adverse manner. Players procure corporations, unveil novel products, involve in collaborative agreements, and also sign deals with government bodies, and so on.
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The Report Lists the Key Companies in the Global Market
- Pharmaceutical Product Development, LLC (Thermo Fisher Scientific )(U.S.)
- Medpace Holdings, Inc. (U.S.)
- Parexel International Corporation (Ireland)
- IQVIA (U.S.)
- Laboratory Corporation of American Holdings (U.S.)
- Charles River Laboratories (U.S.)
- PHASTAR (U.K.)
- Oy 4Pharma Ltd (Finland)
- PSI (Switzerland)
Table of Contents
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments
- The Regulatory Scenario in Europe
- COVID-19 Impact 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, Insights and Forecast, 2018-20289
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Discovery
- Pre-Clinical
- Clinical
- Laboratory Service
- Market Analysis, Insights and Forecast – By Application
- Oncology
- CNS Disorder
- Cardiology
- Infectious Disease
- Metabolic Disorder
- Others
- Market Analysis, Insights and Forecast – By End-User
- Pharmaceutical and Biotech Companies
- Medical Device Companies
- Academic and Research institutes
- Others
- Market Analysis, Insights and Forecast – By Country
- Germany
- UK
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
ToC Continued…
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