The anticipated value of the global pharmacovigilance market in 2021 was $4.9 billion, and it is projected to increase at a CAGR of 14.5% through 2032.
Rising occurrences of chronic diseases such as respiratory disorder, oncological diseases, cardiovascular, and diabetes has resulted in a rapid upsurge in drug consumption across the globe. This in turn, led to rising demand for new drug development via widespread clinical trials. Pharmacovigilance plays an integral role in process of drug development and discovery. Also, rising occurrences of Adverse Drug Reactions (ADRs) is anticipated to increase the demand for pharmacovigilance services.
Furthermore, the appearance of COVID-19 pandemic hampered the market growth at the maximum extent. Threat of coronavirus infection has affected lives, communities, and businesses worldwide. Several potential therapies are being used to treat coronavirus induces infection therefore medical monitoring and reporting are necessary. Medications like Remdesivir and some other existing drugs including hydroxychloroquine, and Ritonavir/Lopinavir are being used to treat the infected patients.
A database named VigiBase managed by UMC shows the chances of suspected ADRs for above mentioned medicines have already been submitted. Moreover, supporting regulations to promote and mandate clinical trials and post marketing strategies are expected to boost the growth of global market.
For instance, the US Food and Drug Administration (FDA) and European Medicines Agency (EMA) have formulated regulatory guidelines for each phase of clinical trials. With rapid advancements in ADR database development and accurately designed information system which is further supposed to be used by research professionals for potential studies is expected to positively influence the market growth.
By geography, Asia Pacific is anticipated to growth at a highest compound annual growth rate during the forecast period. The growth of region can be credited to presence of several outsourcing organizations across the region. Consequentially, there is significant resource sharing, cost efficiency, and improved productivity which is expected to spur the demand for pharmacovigilance services in Asian countries including China, Japan, and India.
Pharmacovigilance Market Value Share Analysis, by Geography (2022)
The report titled “Pharmacovigilance Market- Global Market Share, Trends, Analysis and Forecasts, 2023-2032” offers market estimates for a period 2019 to 2032, wherein 2018 is historic period, 2020 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global Pharmacovigilance Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global Pharmacovigilance Market is segmented on the basis of type, product life cycle, service provider, process flow, therapeutic area, end-use, and geography. Based on type, the global market has been segmented into EHR Mining, Spontaneous Reporting, Cohort Event Monitoring, Targeted Spontaneous Reporting, and Intensified ADR Reporting. On the basis of product life cycle, the global market has been segregated into Pre-clinical, Phase I, Phase II, Phase III, and Phase IV. The service provider segment can be bifurcated into in-house and outsourcing. By process flow, the market is divided into Risk Management System, Signal Detection, and Case Data Management. Furthermore, on the basis of therapeutic area, the global market is segmented into Respiratory Systems, Oncology, Cardiology, Neurology, and Others. By, end-use, the global pharmacovigilance market can be segmented into Medical Device Manufacturers, Biotechnology Companies, Pharmaceuticals, and Others. Based on geography, the global Pharmacovigilance Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Pharmacovigilance. Further, market share of prominent companies in the global Pharmacovigilance Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Pharmacovigilance device companies. The global Pharmacovigilance Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the Pharmacovigilance business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global Pharmacovigilance Market.
Some of the prominent player involved in global Pharmacovigilance Market include Accenture, ArisGlobal, BioClinica Inc., Capgemini, Cognizant, FMD K&L, IBM Corporation, ICON plc., IQVIA, ITClinical, Laboratory Corporation of America Holdings, Linical Accelovance, PAREXEL International Corporation, TAKE Solutions Ltd., United BioSource Corporation, and Wipro Ltd.
Segmentation:
By Type:
By Product Life Cycle:
By Service Provider:
By Process Flow:
By Therapeutic Area:
By End-Use:
By Geography
The global Pharmacovigilance market segmented on the basis of type, product life cycle, service provider, process flow, therapeutic area, end-use, and geography.
Major players operating in the global Pharmacovigilance market include Accenture, ArisGlobal, BioClinica Inc., Capgemini, Cognizant, FMD K&L, IBM Corporation, ICON plc., IQVIA, ITClinical, Laboratory Corporation of America Holdings, Linical Accelovance, PAREXEL International Corporation, TAKE Solutions Ltd., United BioSource Corporation, and Wipro Ltd..
The pharmacovigilance market is geared to grow at a CAGR of 14.5% by 2032.
The pharmacovigilance analysis market has been assessed for the years 2023 to 2032.
The pharmacovigilance market was valued at US$ 4.9 billion in 2021.
Growing instances of adverse drug responses, rising drug consumption, expanding drug discovery rates, rising toxic side effects, and a growing tendency of outsourcing pharmacovigilance activities are some of the main drivers propelling the market’s expansion.
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