UK Pharmacovigilance Market Size & Outlook, 2023-2030
UK pharmacovigilance market, 2018-2030 (US$M)
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UK pharmacovigilance market highlights
- The UK pharmacovigilance market generated a revenue of USD 247.7 million in 2023 and is expected to reach USD 411.4 million by 2030.
- The UK market is expected to grow at a CAGR of 7.5% 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 247.7 million |
| Market revenue in 2030 | USD 411.4 million |
| Growth rate | 7.5% (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, UK accounted for 3.4% 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 75.82% in 2023. Horizon Databook has segmented the UK 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 UK market for PV is expected to grow at a steady rate owing to the presence of a well-established healthcare system in this region. According to a study conducted by Medicines and Healthcare Products Regulatory Agency, ADRs are the cause of 1 in 16 hospital admissions, which constitutes around 4% of the hospital bed capacity.
Moreover, 2% of the patients admitted due to ADRs lose their lives. This increasing incidence of medication errors and ADRs is expected to fuel the market in this region. Furthermore, increasing number of clinical trials are also contributing to the market growth in this region.
Moreover, the Yellow Card Scheme started by the UK government helps the MHRA in monitoring drugs and devices, thus contributing to the market growth in this region.
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Pharmacovigilance Market Scope
Pharmacovigilance Market Companies
| Name | Profile | # Employees | HQ | Website |
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UK pharmacovigilance market size, by product life cycle, 2018-2030 (US$M)
UK Pharmacovigilance Market Outlook Share, 2023 & 2030 (US$M)
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