Europe Clinical Trials Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Factors that are responsible for the growth of the European clinical trials market include high R&D spending of the pharmaceutical industry and the increasing prevalence of diseases.
Key HighlightsPhase III is one of the most critical phases assessing the effectiveness of the new intervention, as well as its value in clinical practice. As per the EU Clinical Trials Register, a total number of 12,748 studies are currently in Phase III trials in European countries.
In phase III, the drug or the treatment is tested in large groups of people, ranging from 1,000 to 3,000 participants. These trials are conducted to confirm and expand on the safety and effectiveness results from Phase I and II trials, to compare the drug to standard therapies for the disease or condition being studied, and to evaluate the overall risks and benefits of the drug.
Competitive LandscapeThe European clinical trials market is competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising need for new drugs and treatments, advances in healthcare, and an increasing number of new diseases, it is expected that few smaller players will enter the market and may hold a substantial share in the near future. Some of the major players of the market are Eli Lilly and Company, Pfizer Inc., Pharmaceutical Product Development LLC, Novo Nordisk, and Sanofi, among others.
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