Europe Pharmacovigilance Market

Europe Pharmacovigilance Market Size (2023 to 2028)

The size of the Pharmacovigilance Market in Europe was worth USD 1.74 billion in 2023 and is estimated to be growing at a CAGR of 13.9% from 2023 to 2028. The market size is anticipated to be worth USD 3.34 billion by 2028.

In 2019, the European region had the second-largest market share of the global pharmacovigilance market, following North America. The EU has also developed a pharmacovigilance center called Eudra Vigilance to reduce the time required for clinical trials, boosting the market growth. There is a sizeable technological advancement in the field of pharmacovigilance, which is promoting the market growth. In addition, three biopharmaceutical companies in the region are doing drug research and development, leading to a rise in the number of clinical trials and are estimated to favor market growth. 

The pharmacovigilance system consists of different technologies that are difficult to maintain without skilled persons. The lack of this specialized expertise is significantly hindering the market's growth rate. There is a lack of technological innovation in pharmacovigilance, impeding the need for the market in Europe. Strict rules and regulations by the government in approving new drugs are also slowly degrading the market demand. 

This research report on the European pharmacovigilance market has been segmented and sub-segmented into the following categories:

By Clinical Trial Phase: 

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

By Service Provider: 

• In-house
• Contract Outsourcing

By Method: 

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

By Country: 

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Regional Analysis

In Europe, the UK pharmacovigilance market is growing at a significant rate. Around 6.5% of the cases admitted in the hospital in the UK are of an adverse drug reaction; thus, there is an excellent demand for pharmacovigilance in the UK. In addition, increasing awareness through social media is also a factor fuelling the market's growth rate.

The pharmacovigilance market in Germany is next in line after the United Kingdom shows a robust growth rate. Increasing incidences of chronic diseases and a rise in the demand for quality treatment services escalate the market's growth rate.

KEY MARKET PLAYERS:

A few noteworthy companies operating in the European pharmacovigilance market profiled in this report are Boehringer Ingelheim, Accenture, Bristol-Myers Squibb, Covance, ICON, PAREXEL, Quintiles, United BioSource, Synowlwedge, and Cognizant Technology Solutions Corporation.