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According to the latest report by IMARC Group “Pharmacovigilance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global pharmacovigilance market reached a value of US$ 6.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.8 Billion by 2027, exhibiting a CAGR of 10.5% during 2022-2027.
Industry Definition and Application:
Pharmacovigilance (PV), also known as drug safety, refers to the science and activities involving the detection, assessment, understanding, and prevention of harmful effects and any other drug-related problems. It involves medicines and vaccines that undergo rigorous testing for safety and efficacy through clinical trials before they are authorized for use. It assists in creating, classifying, and reviewing PV data and creating more knowledge and awareness among healthcare professionals, patients, and the public. It also aids in understanding the effects of drugs on individuals. It can be tested clinical, epidemiological, and experimental to reproduce an adverse effect in animals and understand better the mechanism involved for human protection and diagnosis.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The increasing occurrences of adverse drug reactions (ADRs) and drug toxicity on account of the rising frequency of lifestyle disorders, such as hypertension, diabetes, cancer, and cardiovascular disease (CVD), is resulting in the growing consumption of drugs. This represents one of the major factors positively influencing the demand for PV around the world. The demand of PV is also rising due to sedentary lifestyles, lack of physical activity, changing lifestyle patterns, and poor diets of individuals. In addition, the expanding number of airborne diseases on account of the rising air pollution levels is resulting in the growing utilization of PV. This, in confluence with the escalating demand for safe drugs and medicines, is bolstering the market growth. The rising aging population, which is more prone to these health ailments, is also contributing to the market growth. In addition, the increasing number of clinical trials by pharmaceutical companies is favoring the market growth.
Apart from this, there is a rise in the adoption of PV software to maintain safety data, minimize costs, and deliver best-practice monitoring and reporting workflows. The software is incorporated with advanced technologies, such as artificial intelligence (AI), machine learning (ML), cloud-based solutions, and end-to-end drug development technology to improve compliance and product safety in PV, which is providing lucrative growth opportunities to leading players operating in the industry. Besides this, several pharmaceutical, biotechnological and medical device companies are outsourcing PV operations to contract research organizations (CROs) on account of the rising awareness about their associated benefits, such as improving internal resource flexibility and better outcomes over shorter periods. This, in turn, is creating a positive outlook for the market. Furthermore, governing agencies of numerous countries are considerably investing in research and development (R&D) projects and significant improvement in the healthcare infrastructure, which is projected to strengthen the growth of the market.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Accenture plc,
ArisGlobal LLC,
BioClinica Inc. (Cinven Partners LLP),
Capgemini,
Cognizant,
International Business Machines Corporation,
ICON plc.,
IQVIA Inc.,
ITClinical,
Parexel International Corporation,
Wipro Limited.
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Service Provider:
In-house
Contract Outsourcing
Breakup by Product Life Cycle:
Pre-clinical
Phase I
Phase II
Phase III
Phase IV
Breakup by Type:
Spontaneous Reporting
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
EHR Mining
Breakup by Process Flow:
Case Data ManagementCase Logging
Case Data Analysis
Medical Reviewing and Reporting
Signal DetectionAdverse Event Logging
Adverse Event Analysis
Adverse Event Review and Reporting
Risk Management SystemRisk Evaluation System
Risk Mitigation System
Breakup by Therapeutic Area:
Oncology
Neurology
Cardiology
Respiratory Systems
Others
Breakup by End Use:
Pharmaceuticals Companies
Biotechnology Companies
Medical Device Companies
Others
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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