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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