According to the TechSci Research report titled “Europe Pharmacovigilance Market By Clinical Trial Phase (Pre-Clinical, Phase 1, Phase 2, Phase 3, and Phase 4), By Method (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining), By Service Provider (In-House, Contract Outsourcing), By End-User (Hospitals, Research Organizations, Industries), By Country, Forecast & Opportunities, 2028,” the Europe pharmacovigilance market is poised for significant growth in the forecast period due to the region’s stringent regulatory framework for drug testing and approval. The rising prevalence of chronic disorders has resulted in an increased demand for and consumption of pharmaceutical drugs. This has led to significant growth in the pharmacovigilance market with the manufacturing of suitable drugs. Government-mandated drug safety monitoring has created substantial growth opportunities for pharmacovigilance service providers.
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Moreover, the pharmacovigilance market is supported by the increasing number of pharmaceutical companies and harmonization practices. The region’s concern over the spike in Adverse Drug Reactions (ADRs) is expected to contribute to the growth of the pharmacovigilance market. The fast-paced lifestyle and changing dietary patterns have led to a lack of physical activity and poor diets, resulting in increased drug consumption per individual. With the growing consumption of pharmaceutical drugs, the pharmacovigilance market is anticipated to experience significant growth until 2028. Additionally, the expiration of patents for branded drugs and the increasing number of new drug developments are key factors driving the growth of the Europe pharmacovigilance market.
The Europe pharmacovigilance market is segmented based on clinical trial phase, method, service provider, end-user, and region. The market is categorized into in-house and contract outsourcing service providers. Currently, the contract outsourcing service provider segment dominates the European market and is expected to maintain its position during the forecast period. This is due to its ability to eliminate the risk of business overhead costs, making it increasingly adopted by healthcare companies. Contract outsourcing offers services such as process design Standard Operating Procedure (SOP), pharmacovigilance audits, and others. In terms of end-users, the research organizations segment is expected to witness the fastest growth in Europe due to the increasing research and development activities for novel drugs and medical devices.
Key players in the Europe pharmacovigilance market include Accenture PLC, Boehringer Ingelheim GmbH, Bristol-Myers Squibb SARL, Clinquest Group B.V., F Hoffmann-La Roche AG, Foresight Group International AG, ICON PLC, GlaxoSmithKline PLC, Novartis AG, and Capgemini SE. These companies are investing in research and development activities to offer more advanced services. Leading players are also pursuing growth strategies such as collaborations, partnerships, and alliances to expand their market reach in the region.
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“Europe has one of the best healthcare facilities in the world and has presence of some leading pharmaceutical giants. It continuous to engage in the manufacture of novel drugs, which is creating huge growth opportunities for pharmacovigilance service provider companies. The recent outbreak of COVID-19 has further led to rapid growth of the market as continuous test trials are being conducted for the development of the vaccine. As various healthcare companies in countries such as Italy and UK are coming together for the development of vaccines against coronavirus, the pharmacovigilance is set to witness massive growth in the region” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Europe Pharmacovigilance Market By Clinical Trial Phase (Pre-Clinical, Phase 1, Phase 2, Phase 3, and Phase 4), By Method (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining), By Service Provider (In-House, Contract Outsourcing), By End-User (Hospitals, Research Organizations, Industries), By Country, Forecast & Opportunities, 2028” has evaluated the future growth potential of Europe pharmacovigilance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Europe pharmacovigilance market.
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