Europe Pharmacovigilance Market to Witness Healthy Growth Rate through 2025
Mandatory drug safety monitoring and strict regulatory
framework for drug approval to drive Europe pharmacovigilance market
According
to TechSci Research report, “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, 2025”, the Europe pharmacovigilance market is expected to undergo
significant growth during the forecast period owing to the presence of strict
regulatory framework for drug testing and approval in the region. Rising number
of chronic disorders have led to increasing demand and consumption of
pharmaceutical drugs. With increase in the manufacture of suitable drugs, the
pharmacovigilance market is witnessing massive growth in the region. Further,
mandatory drug safety monitoring by government is creating huge growth
opportunities for pharmacovigilance service providers. Additionally, the
pharmacovigilance market is gaining support for its growth with increasing
number of pharmaceutical companies and harmonization practices. Moreover, spike
in cases of Adverse Drug Reaction (ADR) is a major concern in Europe, which is expected
to contribute to the growth of pharmacovigilance market during the forecast
period. The fast pace of life and changing lifestyle pattern have led to lack
of physical activities and poor diets, which results in increase in amount of
drug consumption by an average individual. With growing consumption of
pharmaceutical drugs, the pharmacovigilance market is expected to undergo
massive growth until 2025. Also, patent expiration of branded drugs and
increasing number of new drug developments are other key factors supporting the
growth of Europe pharmacovigilance market
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The Europe
pharmacovigilance market is segmented based on clinical trial phase, method,
service provider, end-user and region. Based on service provider, the market is
categorized into in-house and contract outsourcing. Among these, the contract
outsourcing service provider segment currently dominates the European market and
is expected to hold its position during the forecast period as well. The reason
behind this is that it eliminates the risk of business overhead costs and thus,
is increasingly being adopted by healthcare companies. Contract outsourcing
offers services including process design Standard Operating Procedure (SOP),
pharmacovigilance audits, and others. Based on end-user, Europe pharmacovigilance
market is categorized into hospitals, research organizations and industries.
Among them, the research organizations segment is expected to undergo fastest
growth in Europe owing to the increasing research and development activities
being conducted by them for the development of novel drugs and medical devices.
Major players operating 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. The
companies are investing on R&D activities to offer more advanced services.
Some leading players are also undertaking growth strategies such as collaborations, partnerships and alliance to
increase 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, 2025” 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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