Europe Pharmacovigilance Market Report 2023: Increasing Prevalence of Chronic Conditions and Pharmacovigilance Outsourcing Bolsters Growth

DUBLIN, May 30, 2023 /PRNewswire/ -- The "Europe Pharmacovigilance Market By Service provider (In-house, Contract Outsourcing), By Product Life Cycle (Pre-Clinical, Phase I, Phase II, Phase III, Phase IV), By Type, By Process Flow, By Therapeutic Area, By End-Use, By Country, Competition, Forecast & Opportunities, 2028" report has been added to  ResearchAndMarkets.com's offering.

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.

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

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

5. Europe Pharmacovigilance Market Outlook

6. Market Dynamics

7. Pricing Analysis

8. Market Trends & Developments

9. Competitive Landscape

10. Strategic Recommendations

A selection of companies mentioned in this report includes

• 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
• Capgemini SE

For more information about this report visit https://www.researchandmarkets.com/r/362czy

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