The global Pharmacovigilance (PV) market size was USD 6.97 Billion in 2021 and is expected to register a revenue CAGR of 10.5% during the forecast period, according to latest analysis by Emergen Research. Increasing outsourcing of pharmacovigilance is a major factor driving market revenue growth. Small-scale biotech and pharmaceutical companies have a few internal resources with expertise in safety. Modern PV applications make it simple for businesses to outsource safety services without sacrificing control or data visibility. In addition, cloud technologies drive greater collaboration and transparency for improved coordination and communication between pharmaceutical companies and service providers or Clinical Research Organizations (CROs). The amount to which a firm has to outsource depends on a variety of criteria, including size of the company, depth of its pharmacovigilance and patient safety capabilities, and nature of its current license or research collaborations. This strategy enables them to take use of outside knowledge while also cutting the expense of numerous internal tasks including hiring, managing, and training.
Increasing demand for innovative and safer drugs is another key factor driving market revenue growth. For instance, in 2020, Food and Drug Administration (FDA) Center for Drug Evaluation and Research (CDER) approved 53 drugs. Many novel medications that CDER approved in 2020 stand out for their potential benefits and distinctive contributions to high-quality medical and patient care. In addition, according to World Drug report 2021, over 36 billion people experienced drug use problems in 2020, out of which 5.5% fall between the age group of 15 and 64 years and 13% of all drug users, or 36.3 billion people, have drug use disorders.
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Pharmacovigilance Market Competitive Terrain:
The global Pharmacovigilance market is highly consolidated due to the presence of numerous companies operating across this industry. The report depicts the current market standing of these companies, their past performances, demand and supply graphs, production and consumption patterns, sales network, distribution channels, and growth opportunities in the market. The leading market contenders listed in the report are: ArisGlobal, Accenture, Cognizant, Capgemini, IBM Corporation, IQVIA, BoClinica Inc., Laboratory Corporation of America Holdings, Linical Accelovance, and ITClinical, among others.
Pharmacovigilance Market Segmentation:
Emergen Research has segmented the global pharmacovigilance on the basis of type, service provider, clinical trial phase, end-users, and region:
Type Outlook (Revenue, USD Million; 2017-2027)
Spontaneous Reporting
Intensified Adverse Drug Reaction (ADR) Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
Electronic Health Record (HER) Mining
Service Provider Outlook (Revenue, USD Million; 2017-2027)
In-House
Contract Outsourcing
Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)
Pre-Clinical
Phase I
Phase II
Phase III
Phase IV
End-Users Outlook (Revenue, USD Million; 2017-2027)
Hospitals
Research Organizations
Others
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Pharmacovigilance Market Key Highlights
In December 2019, UCB and Accenture made an announcement about signing of a partnership agreement to build a safety solution on INTIENT™ pharmacovigilance, by Accenture, to accelerate patient safety case reports’ processing. The agreement is intended to help UCB in discovering the influence of existing treatments on patient’s safety and therefore managing the novel drugs’ risk in a better way.
Spontaneous reporting is a crucial type in pharmacovigilance by providing information from real clinical settings in the course of a drug’s life. Physicians and many other healthcare specialists contribute immensely to improving public health by supposed adverse drug reactions’ reporting.
Several firms support in-house reporting management to healthcare authorities, as in-house reporting is possibly the major contact entity for any kind of in and out deliberation.
The escalating sophistication of biologics & therapeutic agents and the growing deployment of novel agents makes it essential to identify any undesired and unforeseen adverse events and other toxicities as early as possible. Popular instances associated with the withdrawal of a drug from the market after receiving sanction, verify Phase IV pharmacovigilance requirement.
Major Geographies Analyzed in the Report:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
In conclusion, the report provides a qualitative and quantitative analysis of the Global Pharmacovigilance market, including the global and regional analysis of the market. The study covers critical information and factual data about the Pharmacovigilance market industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. On the basis of the current market scope, the report provides an extensive analysis of how the Pharmacovigilance market is expected to fare in the forecast timeline. The report utilizes Pharmacovigilance analytical tools to offer an estimation of the outlook of the global state of the Pharmacovigilance market industry.
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