Impact of COVID-19 on Europe's Healthcare CRO Services Market 2020-2027
DUBLIN, Sept. 1, 2020 /PRNewswire/ -- The "Europe Healthcare Contract Research Organizations Services Market to 2027 - Service Type; Therapeutic Indication; End User, and Country" report has been added to ResearchAndMarkets.com's offering.
The European healthcare contract research organizations (CRO) services market is expected to reach US$ 26,094.15 million by 2027 from US$ 13,776.13 million in 2019. The market is estimated to grow at a CAGR of 8.5% during 2020-2027.
The growth of the healthcare contract research organizations (CRO) services market is primarily attributed to the growing number of clinical trials and increasing expenditure in R&D and outsourcing activities in the European region. Factors such as stringent regulations for approval of drugs hamper the growth of the market. Additionally, rising biosimilars and biologics market and advancement of technology in research field are likely to fuel the growth of the healthcare contract research organizations (CRO) services market during the forecast period.
Clinical trials play a determinant role in drug approvals and its efficacy over diseases. The studies help in understanding best medical approaches in certain therapeutic areas. The healthcare systems are observing rapid increase in the number of clinical trials. Factors such as growing demand for novel drugs and medical equipment, increasing prevalence of chronic conditions, and growth in funding programs to conduct clinical trials are responsible to increase the number of clinical trials.
The management of these clinical trials requires extended research facilities, dedicated resources, and sufficient financial requirements. These prerequisites of clinical trials generate a lucrative environment to prefer contract research organization for the execution of clinical studies. Additionally, various companies focus on establishing partnerships with contract research organizations for carrying out clinical studies in an efficient way. For instance, Lipidor has signed an agreement with Cadila Pharmaceuticals to conduct a Phase III trial of the former's psoriasis drug candidate, AKP-02. Such growing number of collaborations will eventually increase the contribution of contract research organizations in the execution of clinical studies, which will eventually drive the market growth.
The COVID-19 pandemic effect on oncology patients is high in terms of fear, anxiety, and psychological distress. In Europe, many sponsors, collaborator, or CRO, have announced disruptions in their planned and ongoing clinical trials in their SEC filings, press releases, and clinical trial registries and also on social media. There are globally 826 organizations those have reported specific disrupted clinical trials in the public domain of which 8.2% located in the UK, 5% at France, and 3.7% at Switzerland. This is likely to have a negative impact on healthcare contract research organizations (CRO) services market in Europe.
Based on service type, the healthcare contract research organizations (CRO) services market is segmented into early phase development, laboratory services, consulting services, and clinical research services. The early phase development segment is further categorized into discovery studies, chemistry, marketing & manufacturing, and preclinical market. The laboratory services segment is further sub segmented as bio-analytical testing and analytical testing. The clinical research services segment is further divided into phase I, phase II, phase III, and phase IV. In 2019, the clinical research segment accounted for the largest share of the market. Growth of this segment is attributed to the increasing clinical trials and growing R&D investment.
Key Topics Covered
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Europe Healthcare Contract Research Organizations (CRO) Services Market - Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Healthcare Contract Research Organizations (CRO) Services Market - Market Landscape
4.1 Overview
4.2 Pest Analysis
4.2.1 Healthcare Contract Research Organizations (CRO) Services Market - Europe Pest Analysis
4.3 Expert Opinion
5. Europe Healthcare Contract Research Organizations (CRO) Services Market - Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Increasing Expenditure in R&D and Outsourcing Activities
5.1.1 Rising Number of Clinical Trials
5.2 Key Market Restraints
5.2.1 Stringent Regulations for Approval of Drugs
5.3 Key Market Opportunities
5.3.1 Rising Biosimilars and Biologics Market
5.4 Future Trends
5.4.1 Advancement of Technology in Research Field
5.5 Impact Analysis
6. Healthcare Contract Research Organizations (CRO) Services Market - Europe Analysis
7. Europe Healthcare Contract Research Organizations (CRO) Services Market Analysis - by Service Type
7.1 Overview
7.2 Europe Healthcare Contract Research Organizations (CRO) Services Market, by Service Type 2019 & 2027 (%)
7.3 Early Phase Development
7.4 Laboratory Services
7.5 Consulting Services
7.6 Clinical Research Services
8. Europe Healthcare Contract Research Organizations (CRO) Services Market Analysis - by Therapeutic Application
8.1 Overview
8.2 Europe Healthcare Contract Research Organizations (CRO) Services Market, by Therapeutic Application 2019-2027 (%)
8.3 Oncology
8.4 Infectious Diseases
8.5 Cardiovascular Disease
8.6 Respiratory Diseases
8.7 Neurological Disorders
8.8 Others
9. Europe Healthcare Contract Research Organizations (CRO) Services Market Analysis - by End-user
9.1 Overview
9.2 Europe Healthcare Contract Research Organizations (CRO) Services Market, by End-user 2019-2027 (%)
9.3 Pharmaceutical and Biopharmaceutical Companies
9.4 Medical Device Companies
9.5 Others (Academic Institutes)
10. Healthcare Contract Research Organizations (CRO) Services Market Revenue and Forecasts to 2027 - Geographical Analysis
11. Impact of COVID-19 Pandemic on Europe Healthcare Contract Research Organizations (CRO) Services Market
12. Company Profiles
12.1 ICON plc
12.2 IQVIA Inc.
12.3 Laboratory Corporation of America Holdings (Covance)
12.4 PRA Health Sciences
12.5 Syneos Health
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