Europe Pharmacovigilance Market Size & Outlook, 2023-2030
Europe pharmacovigilance market, 2018-2030 (US$M)
Related Markets
Europe pharmacovigilance market highlights
- The Europe pharmacovigilance market generated a revenue of USD 1,902.6 million in 2023.
- The market is expected to grow at a CAGR of 7.4% from 2024 to 2030.
- In terms of segment, phase 4 was the largest revenue generating product life cycle in 2023.
- Phase 3 is the most lucrative product life cycle segment registering the fastest growth during the forecast period.
- Country-wise, Spain is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 1,902.6 million |
| Market revenue in 2030 | USD 3,130.6 million |
| Growth rate | 7.4% (CAGR from 2023 to 2030) |
| Largest segment | Phase 4 |
| Fastest growing segment | Phase 3 |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Pre Clinical, Phase 1, Phase 2, Phase 3, Phase 4 |
| Key market players worldwide | Accenture PLC Class A, IQVIA Holdings Inc, Cognizant Technology Solutions Corp Class A, Linical Americas, International Business Machines Corp, Labcorp Holdings Inc, ArisGlobal, Capgemini SE, ITClinical, Icon PLC, TAKE Solutions, PAREXEL, Wipro Ltd ADR, United Biosource Corporation, FMD K&L, BioClinica |
Other key industry trends
- In terms of revenue, Europe region accounted for 26.0% of the global pharmacovigilance market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 3,981.3 million by 2030.
Phase 4 was the largest segment with a revenue share of 75.86% in 2023. Horizon Databook has segmented the Europe pharmacovigilance market based on pre clinical, phase 1, phase 2, phase 3, phase 4 covering the revenue growth of each sub-segment from 2018 to 2030.
Europe is a favorable market for conducting phase I clinical trials due to the presence of a large foreign population, highly qualified staff, better quality of services & infrastructure, and ability to handle multiple-country clinical trials. According to WHO, 16,256 clinical trials were registered in 2020, the majority of which were by the European pharmaceutical industry.
This indicates the growth potential for PV services in this region. Rising demand for clinical trials and the need for novel drug development as a consequence of the rapidly growing geriatric population and increasing number of pharmaceutical and biotechnology firms are some of the high-impact rendering drivers of this market. Moreover, 3.5 million ADR reports were received by EudraVigilance in 2021, demonstrating a 93% increase in ADREs than the previous year.
Owing to the increase in mortality due to ADRs, the focus on adopting a proactive approach to ensure patient safety in Europe is growing. The European Medicine Agency (EMA) formulated the Risk Management Plan (RMP) for the governance of the PV system.
No credit card required*
Horizon in a snapshot
- 30K+ Global Market Reports
- 120K+ Country Reports
- 1.2M+ Market Statistics
- 200K+ Company Profiles
- Industry insights and more
Pharmacovigilance Market Scope
Pharmacovigilance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Europe pharmacovigilance market size, by country, 2018-2030 (US$M)
Europe Pharmacovigilance Market Outlook Share, 2023 & 2030 (US$M)
Related industry reports
Related regional statistics
Sign up - it's easy, and free!
Sign up and get instant basic access to databook, upgrade
when ready, or enjoy our
free plan indefinitely.
Included in Horizon account
- 30K+ Global Market Reports
- 120K+ Country Reports
- 1.2M+ Market Statistics
- 200K+ Company Profiles
- Industry insights and more
