North America held the largest revenue share of over 30.0% in 2021 owing to the presence of key pharmaceutical and medical devices players, contributing to the overall revenue in this region. Due to the abundance of outsourcing companies, Asia Pacific is anticipated to experience the quickest CAGR of 12.1% during the projection period
NEWARK, DE / ACCESSWIRE / September 5, 2022 / As per a recent market analysis by Future Market Insights (FMI), the pharmacovigilance market is poised to reach a valuation of US$ 6.28 million in 2022. Demand is projected to increase at a 13.1 % CAGR during the forecast period.
There is a rising demand for safer medications as a result of growing public knowledge of the negative effects of OTC medications. Due to the monitoring of easily available pharmaceuticals for potential adverse drug reactions, it is projected that this feature would increase the demand for pharmacovigilance.
Pharmacovigilance businesses can clearly benefit from outsourcing in terms of time constraints and the facilities that an outsourced service may provide. Outsourcing additionally enables companies to tailor services to their needs, hastening the evaluation process.
However, due to problems including the high risk associated with data security, the absence of worldwide regulatory harmonization, and the lack of data standardization for adverse event gathering, the pharmacovigilance market may experience a slowdown during the projected period.
Many clinical studies are currently predicted to be conducted to assess the efficacy of various pharmaceutical candidates, providing new growth prospects for UK-based pharmacovigilance solution providers.
Due to the market competitiveness for the release of innovative substances, there is a large demand for improved manufacturing processes, pharmacovigilance, clinical data management, streamlined R & D, and medical writing.
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Key Takeaways
- The pharmacovigilance market is likely to have a CAGR of 13.1% during the forecast period.
- According to the phases of drug development, the phase IV stage generates around 75% of the revenue in 2021 for the pharmacovigilance market.
- North America holds the highest share of 30.0% in the global pharmacovigilance market.
- Based on the type of method, spontaneous reporting accounted for the biggest share of almost 30% in 2021.
- During the forecast period, the pharmacovigilance market in Asia Pacific is anticipated to expand at a CAGR of 12.1%.
- Based on service type, contract outsourcing dominates the pharmacovigilance market, with a share of 55%.
- The value of the pharmacovigilance market is expected to be US$ 24.32 billion by 2032.
Competitive Landscape:
While focusing on technology advancement, market participants are constantly creating safety services to promote the acceptance of pharmacovigilance services. Automation, artificial intelligence, and analytics have improved the efficiency of companies that provide pharmacovigilance services. Collaborations with leading pharmaceutical corporations are a crucial tactic for some pharmacovigilance market participants.
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Key segments
By Phase of Drug Development:
- Preclinical Studies
- Phase I
- Phase II
- Phase III
- Phase IV
By Type of Methods:
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
By Service Type Provider:
- In-house Pharmacovigilance
- Contract Outsourcing
By Geography:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Recent Developments: Collaboration, Technological Advancements and Product Development
- Accenture Plc. and UCB worked together to develop a safety solution based on Accenture's INTIENTTM Pharmacovigilance in December 2019 to utilize artificial intelligence to speed up the process of submitting individual patient safety case reports.
- Given its significant influence in the pharmaceutical pharmaceuticals sector, Bristol-Myers Squibb (BMS) relocated a portion of its drug safety monitoring operations to India in 2017. Employees of Accenture are now running the pharmacovigilance center.
- Cognizant Technology Solutions, which offers a full range of patient safety services, was recently recognized as one of the top businesses in the pharmacovigilance market in April 2021. This follows the company's ongoing efforts to improve its technologically enabled products in order to better assist clients with their digital transformation.
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Table of Content
1. Introduction
1.1. Report Description
1.2. Research Methodology
1.3. Market Segmentation
2. Executive Summary
3. Global Pharmacovigilance Market Dynamics
3.1. Introduction
3.2. Market Drivers
3.2.1. Increasing Consumption of Drugs Would Fuel Demand for Continuous Drug Event Monitoring
3.2.2. Rise in Cases of Adverse Drug Reactions and Drug Toxicity Would Boost Demand for Pharmacovigilance Activities
3.2.3. Rise in Adoption of Outsourcing Services Expected to Accentuate the Market Growth
3.3. Market Restraints
3.3.1. High Risk Associated with Data Security in Pharmacovigilance Outsourcing
3.3.2. Lack of Availability of Skilled Labour Might Hinder the Market Growth
3.3.3. Inadequate Pharmacovigilance System for Herbal Products in Asia Pacific Might Hamper the Market Growth
3.4. Market Opportunities
3.4.1. Huge Scope for Rapid Growth of Pharmacovigilance Market in Emerging Economies
3.4.2. Shift in Preference for Outsourcing among Various Pharmaceutical and Life Sciences Companies
3.5. Porter's Five Forces Analysis: Global Pharmacovigilance Market
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of Substitutes
3.5.4. Threat of New Entrants
3.5.5. Competitive Rivalry
3.6. Market Attractiveness Analysis: Global Pharmacovigilance Market, by Geography
3.7. Competitive Landscape
3.7.1. Market Share Analysis: Global Pharmacovigilance Market, 2014 (Value %)
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