The global Pharmacovigilance Market was valued at 6.4 billion in 2022 and it is anticipated to grow up to USD 18.4 billion by 2032, at a CAGR of 11.1% during the forecast period.
Pharmacovigilance is the science and activities related to the detection, assessment, understanding and prevention of adverse effects or any other drug-related problems. Passive surveillance is the most common type of pharmacovigilance activity. It is important because it can identify previously unknown adverse events. However, it has some limitations, such as under-reporting and reporting bias. Active surveillance is less common, but it is useful for monitoring drugs that are used to treat rare conditions. Experimental studies are the most reliable way to assess the safety of a new medicine, but they are usually only conducted during the development and approval process. Pharmacovigilance is a complex and ever-changing field. It requires close collaboration between healthcare professionals, patients and the pharmaceutical industry.
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Market Trends and Drivers
The key drivers of pharmacovigilance (PV) market are the increasing number of clinical trials, the growing prevalence of chronic and life-threatening diseases, and the need for better patient safety.
The number of clinical trials has been increasing over the years as the pharmaceutical industry seeks to develop new and better treatments for various diseases. This has led to an increase in the number of patients being exposed to new drugs, which has in turn led to an increase in the need for PV.
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The prevalence of chronic and life-threatening diseases is also a key driver of the PV market. As the population ages, the number of people suffering from chronic diseases such as cancer and heart disease is increasing. This is leading to a greater need for PV, as these patients are often taking multiple medications that need to be closely monitored for safety.
Finally, the need for better patient safety is also driving the PV market. In recent years, there have been a number of high-profile cases of patients being harmed by drugs that were not properly monitored. This has led to calls for better PV, which is helping to drive the market.
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Global Pharmacovigilance Market Segmentation
By Clinical Trial Phase
- Preclinical
- Phase I
- Phase II
- Phase III
- Phase IV
By Service Provider
- In-house
- Contract Outsourcing
By Type of Reporting
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
By End User
- Pharmaceuticals
- Biotechnology Companies
- Medical Device Manufacturers
- Others
Major Players in the Global Pharmacovigilance Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Pharmacovigilance market include Accenture, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, ICON plc., Capgemini, ITClinical, FMD K&L, IQVIA among others.
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