Pune, India, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global pharmacovigilance (PV) market size was USD 5.56 billion in 2020 and projected to grow from USD 6.28 billion in 2021 to USD 14.85 billion in 2028 at a CAGR of 13.1% in the 2021-2028 period. Initiation of awareness campaigns to disperse information among patients regarding safe medication practices will stimulate market growth, finds Fortune Business Insights™ in its report, titled “Pharmacovigilance (PV) Market Size, Share & Industry Analysis, By Type (Service and Software), By Deployment (In-house and Outsource), By End User (Hospitals, Pharmaceutical Companies, and Others), and Regional Forecast, 2020-2028”. Prior to its commercial release, a drug has to undergo multiple trial phases and in each phase, its efficacy and safety are rigorously tested.
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Industry Developments:
- September 2019: Bayer Zydus Pharma, the Indian division of the German pharmaceutical giant Bayer, introduced its novel adverse event reporting mechanism, SafeTrack, in Mumbai, marking the importance of the International Patient Safety Day. The tool is designed for convenience and ease-of-use and will be available to the public.
- January 2019: IQVIA, the US-based health information technology specialist, developed a scalable Software-as-a-Service (SaaS) safety platform to meet the increasing drug safety and monitoring challenges encountered by life sciences entities such as pharmaceutical companies. The platform is engineered to allow access to multiple users and across multiple locations.
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 13.1% |
| 2028 Value Projection | USD 14.85 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 6.28 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 113 |
Enhanced access to information has made people more aware about the safety of medicines, especially those given over-the-counter (OTC). This awareness is further bolstered by the initiatives taken at the local, national, and international level. For instance, the World Health Organization (WHO) launched the Global Patient Safety Challenge a few years ago with the title ‘Medication Without Harm’ to spread awareness among people about safe medication practices and overall medicinal safety standards. Similarly, the Uppsala Monitoring Center in Sweden started a campaign in 2019 focusing on polypharmacy and safe consumption of medication among the geriatric population. Such programs and campaigns will play a key role in boosting the growth of this market in the coming years.
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The report states that the market value was at USD 5.56 billion in 2020. The other highlights of the report include:
- Sweeping analysis of the impact of the COVID-19 pandemic on the market;
- In-depth study of each individual market segment;
- Comprehensive evaluation of the market trends, drivers, and restraints; and
- Detailed assessment of the regional prospects and competitive dynamics of the market.
Market Driver
Rapid Spread of the Coronavirus Pandemic to Provide Impetus to Market Growth
The COVID-19 outbreak has created an acute global health crisis and various organizations ranging from governments and pharmaceutical companies to academic institutions are racing against time to develop an effective vaccine for the infection. As a consequence, there has been a sudden surge in clinical trials in recent months, which has brought glad tidings for the pharmacovigilance market growth. For example, PGIMER Chandigarh began the clinical trial of Sepsivac, an immunomodulator, on asymptomatic COVID-19 patients in April 2020. Similarly, a potential vaccine against the coronavirus was developed by the University of Oxford in a span of just 3 months and its first human trial began in the third week of April in the UK. Efficient PV technologies are critical in assessing the adverse effects of vaccines and the COVID-19 pandemic has raised the need for PV exponentially. Moreover, medical research in the present scenario is also directed towards developing effective therapies for coronavirus patients, which will further bolster the demand for PV services.
Regional Analysis
Robust Healthcare Research Facilities to Augment the Market in North America
Having generated revenue worth USD 1.94 billion in 2019, North America is anticipated to lead the pharmacovigilance market share during the forecast period. One of the main reasons for the region’s dominance is the well-established healthcare research infrastructure in the region as well as supportive policy environment for advancements in medicine technologies. In addition to this, North America also has a large number of PV centers with modern software, which augurs well for the market in the region. In Europe, the market is expected perform impressively owing to the presence of strong regulatory bodies such as European Medicines Agency (EMA) to monitor Adverse Drug Reactions (ADRs). The market in Asia-Pacific is foreseen to grow at the fastest pace on account of rising emphasis on efficient assessment of ADRs and Adverse Event (AE).
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Market Segmentations:
| Pharmacovigilance (PV) Market Segmentation | By Type
|
By Deployment
| |
By End-User
| |
By Geography
|
Competitive Landscape
Strategic Introduction of Advanced PV Tools to Intensify Competition
Development and launch of advanced PV software and service offerings by key market players is likely to play a key role in perpetuating the Pharmacovigilance (PV) market growth in the forthcoming years. Besides this strategy, companies are also collaborating with each other and ramping up their R&D investment to expand their regional and global presence.
List of Key Players Covered in the Pharmacovigilance (PV) Market Report Include:
- Quanticate (U.S)
- Pharmaceutical Product Development, LLC (U. S)
- Cognizant (U.S)
- Parexel International Corporation (U.S)
- IQVIA (U.S)
- ICON plc (Ireland)
- Bioclinica (U.S)
- Accenture plc (Ireland)
- Covance Inc. (U.S)
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Table of Content:
- Introduction
- Executive Summary
- Market Dynamics
- Key Insights
- Overview of Trends in Pharmacovigilance Industry
- Snapshot of Rate of Adverse Drug Reactions – By Key Region/Countries
- Regulatory Scenario in the pv Industry
- Overview of Government Initiatives in Safe Medicine Use
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Pharmacovigilance Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Service
- Software
- Pharmacovigilance (PV) Market Analysis, Insights and Forecast – By Deployment
- In-house
- Outsource
- PV Market Analysis, Insights and Forecast – By End User
- Hospitals
- Pharmaceutical Companies
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Pharmacovigilance Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Service
- Software
- Market Analysis, Insights and Forecast – By Deployment
- In-house
- Outsource
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Pharmaceutical Companies
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Pharmacovigilance Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Service
- Software
- Market Analysis, Insights and Forecast – By Deployment
- In-house
- Outsource
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Pharmaceutical Companies
- Others
- Market Analysis, Insights and Forecast – By Country/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Asia Pacific Pharmacovigilance Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Service
- Software
- Market Analysis, Insights and Forecast – By Deployment
- In-house
- Outsource
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Pharmaceutical Companies
- Others
- Market Analysis, Insights and Forecast – By Country/Sub-region
- Latin America Pharmacovigilance Market Analysis, Insights and Forecast, 2016-2027
- Middle East & Africa Pharmacovigilance Market Analysis, Insights and Forecast, 2016-2027
- Strategic Recommendations
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