Overview and Scope
Pharmacovigilance refers to the science and practices involved in the identification, evaluation, comprehension, and mitigation of side effects and other medical/vaccination-related issues. It is used to determine whether a drug’s advantages outweigh its hazards, and it doesn’t end once the drugs are approved.
Sizing and Forecast
The pharmacovigilance market size has grown rapidly in recent years. It will grow from $7.63 billion in 2023 to $8.67 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to increasing incidence of adverse drug reactions (adrs), the increasing research and development (r&d) activities, the growing drug development rates, the increasing focus on personalized medicine and the rising prevalence of chronic diseases.
The pharmacovigilance market size is expected to see rapid growth in the next few years. It will grow to $14.11 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to the rising healthcare expenditure, the increasing government support and the aging population. Major trends in the forecast period include increasing investments, use of artificial intelligence, use of innovative platforms, use of innovative cloud-based systems and strategic mergers and acquisitions.
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Segmentation & Regional Insights
The pharmacovigilance market covered in this report is segmented –
1) By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining
2) By Service Provider: In-House, Contract Outsourcing
3) By Process Flow: Case Data Management, Signal Detection, Risk Management System
4) By Clinical Trial Phases: Preclinical, Phase I, Phase II, Phase III, Phase IV
5) By End User: Hospitals, Pharmaceutical Companies, Other End Users
North America was the largest region in the pharmacovigilance market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast region. The regions covered in the pharmacovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing research and development activities will drive the pharmacovigilance market. By investing in R&D, pharmaceutical companies can develop new and innovative drugs with improved safety profiles. Rigorous preclinical and clinical testing during the drug development process enables early identification of potential safety concerns, allowing for appropriate risk mitigation strategies to be implemented. Additionally, R&D efforts contribute to the advancement of technologies for adverse event monitoring, data analysis, and signal detection, facilitating the early detection of adverse drug reactions in the post-marketing phase. For example, in February 2022, according to a study issued by IQVIA, a US-based supplier of biopharmaceutical development and commercial outsourcing services, venture capital deal activity and the flow of investments in the United States have increased in the last two years as demand in life sciences has increased, with over 2,000 agreements and $47 billion in deal value expected in 2021. Furthermore, the 15 top pharmaceutical corporations would invest a record $133 billion in R&D in 2021, a 44% increase over prior years. Furthermore, the total number of research participants in planned new trials will surpass 2 million in 2021, more than double the quantity seen before the research. Therefore, the increasing research and development activities supported the growth of the pharmacovigilance market.
Key Industry Players
Major companies operating in the pharmacovigilance market report are IQVIA, Cognizant, ICON Plc, Accenture plc, PAREXEL International Corporation., United BioSource LLC, ArisGlobal, Quanticate, Wipro Limited, Linical Americas, Novotech CRO, Wuxi Apptec, Simcere Pharmaceutical Group, Lee’s Pharmaceutical Holdings, Luye Pharma Group, EXTEDO, Arriello, PrimeVigilance, Axios International, C3i Solutions, Alcon, Secure AI Labs, OmniSol dot Tech, Canna Call Company, Veripad, Prevnos Inc., Lifescient, Inc, BeiGene, QuintilesIMS, Labcorp Drug Development, Pharmaceutical Product Development Inc., PRA Health Sciences, Synowledge LLC, RAPAhub, illuminate health, Invenio Medical, ClinChoice Inc., MSD, Novasyte, Fortrea Holdings Inc, Syneos Health Clinical, Zoetis Inc., Telerx Marketing Inc., Gilead Sciences, Inc., Elanco, Abbott Laboratories, Spimaco, Teva Pharmaceutical Industries Ltd., DSV Healthcare
The pharmacovigilance market report table of contents includes:
1. Executive Summary
2. Pharmacovigilance Market Characteristics
3. Pharmacovigilance Market Trends And Strategies
4. Pharmacovigilance Market – Macro Economic Scenario
5. Global Pharmacovigilance Market Size and Growth
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32. Global Pharmacovigilance Market Competitive Benchmarking
33. Global Pharmacovigilance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Pharmacovigilance Market
35. Pharmacovigilance Market Future Outlook and Potential Analysis
36. Appendix
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