Europe Pharmacovigilance Market By Service provider, By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End-Use, By Country, Competition, Forecast & Opportunities, 2028

Europe pharmacovigilance market is anticipated to witness robust growth during the forecast period 2024-2028. The rising concerns regarding drug safety as well as the increase in adverse drug reactions (ADR) and drug toxicity, are likely to bolster the growth of the market. Increasing acceptance of personalized medicine is also a key factor for the growth of the market. Moreover, stringent regulations towards drug safety and approval are creating the need for pharmacovigilance services in the region. The rise in the prevalence of infectious and chronic diseases is leading to an increase in the consumption of pharmaceutical drugs as well as drug development rates, which, in turn, is facilitating the growth of the market. In addition, the increasing trend of outsourcing pharmacovigilance services is also a contributing factor that is propelling the market's growth.

According to World Health Organization, pharmacovigilance (PV) is defined as the science and activities relating to the detection, assessment, understanding, and prevention of adverse effects or any other drug-related problem. WHO established its Programme for International Drug Monitoring in response to the thalidomide disaster detected in 1961. The aim of pharmacovigilance is to enhance patient care and patient safety in relation to the use of medicines; and to support public health programs by providing reliable, balanced information for the effective assessment of the risk-benefit profile of medicines.

Increasing Prevalence of Chronic Conditions

Growing incidences and prevalence of chronic diseases such as diabetes, hypertension, cardiovascular diseases, asthma, and cancer, among others, are likely to strengthen the growth of the market. According to the World Health Organisation (WHO), there are around 60 million people with diabetes in Europe, out of which 10.3% are men and 9.6% are women aged 25 years and over. Moreover, the rising elderly population is also a supporting factor, as they are highly susceptible to these diseases. The rising number of cases of chronic diseases in the region is surging the demand for drugs, thereby fuelling the growth of the market. In 2021, over one-fifth (20.8 %) of the Europe population was aged 65 and above.

Increasing Pharmacovigilance Outsourcing Service

Pharmacovigilance outsourcing is a practice conducted by pharmaceutical or drug manufacturing companies in which drug safety processes are given to a third-party entity. There is a rapid rise in the adoption of pharmacovigilance outsourcing services, which in turn, is expected to augment the growth of the market. This rapid rise is due to the cost reduction, time constraints, facilities, and flexibility provided to a drug manufacturer. These outsourcing practices also enable customize as per the requirements, which increases the speed of the evaluation process. Therefore, the rising demand for pharmacovigilance outsourcing practice by several drug manufacturers is anticipated to drive the growth of the market.

Market Segmentation

Europe pharmacovigilance market is segmented into a service provider, product life cycle, type, process flow, therapeutic area, end-use, company, and country. Based on the service provider, the market is divided into in-house and contract sourcing. Based on the product life cycle, the market is classified into pre-clinical, phase I, phase II, phase III, and phase IV. Based on type, the market is segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining. Based on process flow, the market is bifurcated into case data management, signal detection, and risk management system. Case data management is further classified into case logging, case data analysis, and medical reviewing & reporting. Signal detection is further divided into adverse event logging, adverse event analysis, and adverse event review & reporting. The risk management system is further categorized into risk evaluation system and risk mitigation system. Based on therapeutic areas, the market is segmented into oncology, neurology, cardiology, respiratory systems, and others. Based on end use, the market is bifurcated into pharmaceuticals & biotechnology companies, medical device manufacturers, and others.

Market Players

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 are some of the leading companies in the market.

Report Scope

In this report, Europe pharmacovigilance market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

Europe Pharmacovigilance Market, By Service Provider:

• In-house
• Contract Outsourcing

Europe Pharmacovigilance Market, By Product Life Cycle:

• Pre-clinical
• Phase I
• Phase II
• Phase III
• Phase IV

Europe Pharmacovigilance Market, By Type:

• Spontaneous Reporting
• Intensified ADR Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring
• EHR Mining

Europe Pharmacovigilance Market, By Process Flow:

• Case Data Management
  • Case Logging
  • Case Data Analysis
  • Medical Reviewing & Reporting

• Signal Detection
  • Adverse Event Logging
  • Adverse Event Analysis
  • Adverse Event Review & Reporting

• Risk Management System
  • Risk Evaluation System
  • Risk Mitigation System
  • Europe Pharmacovigilance Market, By Therapeutic Area:

• Oncology
• Neurology
• Cardiology
• Respiratory Systems
• Others

Europe Pharmacovigilance Market, By End-Use:

• Pharmaceuticals & Biotechnology Companies
• Medical Device Manufacturers
• Others

Europe Pharmacovigilance Market, By Country:

• France
• Germany
• United Kingdom
• Italy
• Spain
• Belgium
• Netherlands
• Sweden
• Poland
• Greece

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Europe pharmacovigilance market.

Available Customizations

With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Profit Margin Analysis

• Profit margin analysis in the case of the direct and indirect sales channels.