Norway Pharmacovigilance Market Size & Outlook, 2023-2030
Norway pharmacovigilance market, 2018-2030 (US$M)
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Norway pharmacovigilance market highlights
- The Norway pharmacovigilance market generated a revenue of USD 55.2 million in 2023 and is expected to reach USD 89.2 million by 2030.
- The Norway market is expected to grow at a CAGR of 7.1% from 2024 to 2030.
- In terms of segment, phase 4 was the largest revenue generating product life cycle in 2023.
- Phase 1 is the most lucrative product life cycle segment registering the fastest growth during the forecast period.
Pharmacovigilance market data book summary
| Market revenue in 2023 | USD 55.2 million |
| Market revenue in 2030 | USD 89.2 million |
| Growth rate | 7.1% (CAGR from 2023 to 2030) |
| Largest segment | Phase 4 |
| Fastest growing segment | Phase 1 |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Norway accounted for 0.8% of the global pharmacovigilance market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Europe, Germany pharmacovigilance market is projected to lead the regional market in terms of revenue in 2030.
- Spain is the fastest growing regional market in Europe and is projected to reach USD 232.0 million by 2030.
Phase 4 was the largest segment with a revenue share of 75.72% in 2023. Horizon Databook has segmented the Norway 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.
The pharmacovigilance market in Norway is majorly driven by the increasing incidence of ADRs. According to a study published by MDPI, ADRs are responsible for around 10% of all hospitalizations and are the cause of 1,000 deaths every year in Norway.
Moreover, according to a report published by the Norwegian Medicines Agency (NoMA), 5,623 ADRs were reported, of which fatal outcomes accounted for 3%. The number of reports increased by 51% when compared with the data of 2017 ADR reports owing to the regulation change in ADR reporting.
The government of Norway is focusing on the improvement of the healthcare system in the country due to the growing aging population, an increase in the incidence of chronic diseases, and rising healthcare expenses.
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Pharmacovigilance Market Scope
Pharmacovigilance Market Companies
| Name | Profile | # Employees | HQ | Website |
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Norway pharmacovigilance market size, by product life cycle, 2018-2030 (US$M)
Norway Pharmacovigilance Market Outlook Share, 2023 & 2030 (US$M)
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