Europe Drug Safety Solutions and Pharmacovigilance Market – Industry Trends and Forecast to 2030

Europe Drug Safety Solutions and Pharmacovigilance Market Analysis and Size

The rising prevalence of adverse drug reactions (ADRs) is the primary driver of the drug safety solutions and pharmacovigilance market. Furthermore, the increasing adoption of pharmacovigilance software by outsourcing companies and strict government regulations for drugs prior to and post-commercialization contribute to the market's overall growth. The market is expected to benefit from research collaborations and partnerships, as well as drug safety solutions and pharmacovigilance automation, which aid in achieving more effective and durable mechanical hemostasis.                                

Data Bridge Market Research analyses that the Drug Safety Solutions and Pharmacovigilance s market which was USD 49.75 million in 2022, would rocket up to USD 86.13 million by 2030, and is expected to undergo a CAGR of 7.10% during the forecast period. This indicates that the market value. “Software” dominates the type segment of the Drug Safety Solutions and Pharmacovigilance market owing to the rise in technological advancement. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Europe Drug Safety Solutions and Pharmacovigilance Market Scope and Segmentation

Market Definition

Drug safety and pharmacovigilance (PV or PHV) is a scientific procedure for collecting, analyzing, monitoring, and preventing adverse effects in drugs and therapies. Its primary goal is to ensure that pharmaceutical developers meet industry regulatory standards, and it puts additional pressure on biotechnology and pharmaceutical companies to manufacture safe drugs and evaluate their post-sales results.

Europe Drug Safety Solutions and Pharmacovigilance Market Dynamics

Drivers

• Patient-Centric Approach:

There is a growing emphasis on patient safety and engagement in healthcare. Patients are becoming active participants in monitoring and reporting adverse events associated with drug usage. Drug safety solutions are being designed to facilitate patient-centric pharmacovigilance, allowing patients to report their experiences directly and contribute to the safety monitoring process...

• Growing Adverse Drug Reactions (ADRs)

Adverse drug reactions refer to unwanted or harmful reactions that occur as a result of drug usage. The increasing occurrence of ADRs has heightened the importance of pharmacovigilance. Drug safety solutions enable the early detection, assessment, and reporting of ADRs, facilitating the mitigation of risks associated with drug usage.

Opportunities

• Expansion of Pharmacovigilance in Emerging Markets

The globalization of the pharmaceutical industry has led to increased clinical trial activity and drug distribution in emerging markets. This expansion presents opportunities for drug safety solutions and pharmacovigilance providers to offer their services in these regions. Emerging markets often have unique regulatory requirements and a need for localized expertise, creating opportunities for companies to provide tailored pharmacovigilance solutions.

Restraints/Challenges

• Regulatory Compliance Challenges

The pharmacovigilance field is subject to strict regulations and guidelines imposed by regulatory authorities globally. Keeping up with evolving regulatory requirements and ensuring compliance can be challenging. Companies must continuously adapt their systems and processes to meet changing regulatory standards, which may require additional resources and expertise.

Data Quality and Standardization

Pharmacovigilance relies heavily on the collection and analysis of vast amounts of safety data. However, data quality and standardization can vary, making it challenging to extract meaningful insights. Incomplete, inaccurate, or inconsistent data can impact the effectiveness of drug safety solutions and hinder the identification of potential adverse events or safety signals.

This drug safety solutions and pharmacovigilance market report provide details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Drug Safety Solutions and Pharmacovigilance market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In 2019, The Laboratory Corporation of America Health EC and The New Jersey announced a collaboration and the development of a database and information exchange platform. This platform will be beneficial in conjunction with LabCorp's Care Intelligence application. This collaboration will result in better lives and health for LabCorp employees. This will result in increased patient satisfaction and recognition
• In 2019, Parexel International Corporation announced that they had formed a strategic partnership with Datavant, Inc. to connect real-world data, including all clinical trials conducted by Parexel. This collaboration will broaden and extend the company's entire portfolio, making data linking available to more customers

Europe Drug Safety Solutions and Pharmacovigilance Market Scope

The drug safety solutions and pharmacovigilance market is segmented on the basis of type, product, functionality, end user, delivery, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Software
• Services

 Product

• Standard Form
• Customized Form

Functionality

• Adverse Event Reporting Software
• Drug Safety Audits Software
• Issue Tracking Software

 Delivery

• On-Premise Delivery Mode
• On-Demand/Cloud-Based (SAAS) Delivery Mode

 End Users

• Biotechnology and Pharmaceuticals
• Contract Research Organizations (CROS)
• Hospitals
• KPOs/BPOs
• Healthcare Providers

 Distribution Channel

• Direct Sales
• Retail Sales

Europe Drug Safety Solutions and Pharmacovigilance Market Regional Analysis/Insights

The drug safety solutions and pharmacovigilance market is analyzed, and market size insights and trends are provided by country, type, product, functionality, end user, delivery, and distribution channel as referenced above.

The countries covered in the Drug Safety Solutions and Pharmacovigilance market report are Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, the Rest of Europe.

Germany dominates the Drug Safety Solutions and Pharmacovigilance market because of the strong base of healthcare facilities, the strong presence of major players in the market, and rising number of research activities in this region.   

Germany is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, growing research activities in the region, availability of massive untapped markets, a large population pool, and the growing demand for quality healthcare in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed Base and New Technology Penetration

The Drug Safety Solutions and Pharmacovigilance s market also provides you with a detailed market analysis for every country's growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the Drug Safety Solutions and Pharmacovigilance s market, the impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Drug Safety Solutions and Pharmacovigilance market. The data is available for the historical period 2012-2022.

Competitive Landscape and Drug Safety Solutions and Pharmacovigilance s Market Share Analysis

The Drug Safety Solutions and Pharmacovigilance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to Drug Safety Solutions and Pharmacovigilance s market.

Some of the major players operating in the drug safety solutions and pharmacovigilance s market are:

• PPD Inc (U.S.)
• Drug Safety Solutions Limited (U.S.)
• C3i (U.S.)
• Worldwide Clinical Trials (U.S.)
• Bioclinica (U.S.)
• Ennov (Hong Kong)
• AB Cube S.A.S. (France)
• Labcorp Drug Development (U.S.)
• Accenture (Ireland)
• ICON plc (U.S.)
• Ergomed plc (U.K.)
• IQVIA (U.S.)
• Genpact (U.S.)
• Cognizant (U.S.)
• Parexel International Corporation (U.S.)
• ArisGlobal (U.S.)
• Oracle Corporation,(U.S.)
•  Sparta Systems(U.S.)
•  EXTEDO(Germany)
•  Veeva Systems(U.S.)

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