Growth and Economic Trends of European CROs: Insights From the EUCROF Benchmarking Project

OBJECTIVES: The EUCROF Benchmarking Project 2021 aimed to assess the clinical research organization (CRO) landscape across Europe. CROs play an essential role in supporting clinical trials and regulatory approval for pharmaceutical and medical device industries. This second benchmarking report evaluates key economic and employment metrics, refreshing data issued in 2019. The objectives were to determine the size and economic strength of the CRO landscape in Europe.

METHODS: A total of 23 countries were invited, resulting in 17 countries providing data, using financial statements and alternative sources when necessary. The criteria for a company to be included in the benchmarking project were determined based on the local recognition status of a CRO. Four key parameters were used as benchmarks: the number of companies, full-time equivalents (FTEs), revenue, and added value.

RESULTS: A total of 831 CROs were identified, of which 662 CRO companies were found to meet the country-specific inclusion criteria. Of these 662 companies, 603 were present in only one country, 52 CROs were present in at least 2 countries and 7 CROs were present in 10 or more countries. In terms of employment, 35 086 FTEs were recorded in a total of 13 countries.

The size in FTEs in the CRO business per country can be compared to each country’s total population, and this comparison shows a reasonably strong correlation. A total revenue of €4,68 billion was generated by 10 countries and a total added value of €893,6 million was generated from 9 countries. Comparisons between 2019 and 2021 data showed an increase in the number of CROs (12%), FTEs (24%), revenue (61%), and added value (61%).

CONCLUSIONS: Since 2019, the European CRO business displayed 10% growth, employing more than 18 500 people and generating more than 4.5 billion revenue.