The Pharmacovigilance by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Pharmacovigilance, 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.
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.
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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
Companies in the pharmacovigilance market are focusing on artificial intelligence (AI) to improve efficiency. AI can help improve the efficiency and accuracy of pharmacovigilance activities, ultimately leading to better patient outcomes. By utilizing AI, pharma companies can streamline their processes, improve data management, and accelerate drug discovery, while simultaneously reducing costs and improving safety. For example, in November 2021, Deloitte, a UK-based professional services company, and Sanofi, a France-based company that is responsible for managing pharmacovigilance tasks and activities worldwide, collaborated on a next-generation, artificial intelligence (AI) software-as-a-service adverse events case intake platform called ConvergeHEALTH Safety™, to modernize pharmacovigilance (PV) and tackle some of the major operational issues facing the sector. As a result of the initial deployment, Sanofi has already increased case quality and processing efficiency within PV by automating the case intake process. This has allowed Sanofi to concentrate resources on the remainder of the adverse event (AE) case process as well as on optimizing the benefit-risk profiles of their medications.
The pharmacovigilance market report table of contents includes:
1. Executive Summary
2. Pharmacovigilance Market Characteristics
3.Pharmacovigilance Market Trends And Strategies
4. Pharmacovigilance Market analysis
5.Pharmacovigilance Market Size And Growth
6.Pharmacovigilance Segmentation
7. Pharmacovigilance Regional And Country Analysis
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27.Pharmacovigilance Pharmacovigilance Competitive Landscape And Company Profiles
28.Pharmacovigilance Key Mergers And Acquisitions
29.Pharmacovigilance Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- IQVIA
- Cognizant
- ICON PLC
- Accenture PLC
- PAREXEL International Corporation.
- United BioSource LLC
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