New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 7.34 Billion in 2022 pharmacovigilance market will reach USD 24.37 Billion by 2032. Clinical trials are required to develop new treatments since chronic diseases like diabetes, cancer, respiratory ailments, and cardiovascular diseases are becoming more common. Pharmacovigilance, crucial for ensuring drug safety and monitoring Adverse Drug Reactions (ADRs), fuels the demand for PV services. Academic initiatives that assist pharmacovigilance (PV) are also projected to support the market's growth.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 7.34 Billion |
| Projected Market Size in 2032 | USD 24.37 Billion |
| CAGR Growth Rate | 12.75% |
| Base Year | 2022 |
| Forecast Years | 2023-2032 |
| Key Market Players | IQVIA, Clinquest Group B.V. (Linical Americas), Laboratory Corporation of America Holdings, Capgemini,ICON plc., Parexel International Corp., United BioSource LLC, ClinChoice (formerly FMD K&L), Accenture, IBM Corp., ITClinical, Wipro Ltd., Cognizant, TAKE Solutions Ltd., ArisGlobal, BioClinica Inc. |
| Key Segment | Service Provider, Type |
| Major Regions Covered | Asia Pacific, Europe, South America, North America, and Middle East & Africa. |
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Key Insight of the Pharmacovigilance Market
Asia-Pacific is anticipated to expand at the highest CAGR of 14.63% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 14.63% over the forecast period. This is because there are many outsourcing companies available. Rising medical costs, large expenditures, and government efforts fuel this region's market revenue growth. The fast adoption of software and services is another crucial driver boosting market revenue growth in this area. Due to its robust economic situation, the market in Japan accounted for the most significant revenue share. Additionally, several business companies in this nation are growing, fueling market revenue growth.
The in-house segment is expected to register the highest CAGR of 15.56% over the projected period in the pharmacovigilance market.
The in-house segment is anticipated to grow at the highest CAGR of 15.56% in the pharmacovigilance market. This is because the entire medical process is entirely under control. Another crucial component is an internal quality management system (QMS), which involves recruiting people with expertise in safety and quality to supervise all safety-related operations and monitor compliance. Detailed standard operating procedures, clear work instructions, and transparent governance structures that ensure clear decision-making authority within the organisation all escalate safety issues, including non-compliance. Additionally, businesses can manage internal and external workflows by utilising an in-house software solution providing a comprehensive audit trail to support audits and inspections.
Over the projected period, the cohort event monitoring segment is expected to register the highest CAGR of 15.85% in the pharmacovigilance market.
Over the forecasted period, the cohort event monitoring segment is anticipated to grow at the highest CAGR of 15.85% in the pharmacovigilance market. It results from the hospital setting's ongoing need for safety surveillance. The Specialist Cohort Event Monitoring (SCEM) system's design identifies cohorts of patients getting secondary care. It enables monitoring of a diverse patient population in clinics or under the supervision of experts. Each study is an observational research system that gathers standardised data (clinical and other) to evaluate specified outcomes for a population defined by a particular disease, condition, or exposure. It is the core component of SCEM's organisational design. Simultaneously with the creation of this plan was a new regulatory requirement that pharmaceutical firms implement a risk management plan as a component of post-authorization safety monitoring.
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Market Dynamics
Driver: Growing public awareness regarding safer pharmaceuticals and outsourcing PV solutions
A medication must meet the safety and efficacy standards at each step of clinical research. As consumers are more aware of the side effects of OTC medications, there is a more significant need for safer pharmaceuticals. This aspect will likely accelerate market expansion because authorised medications are monitored for potential ADRs. Furthermore, the circulation of accurate information regarding pharmaceuticals, their proper dosage, side effects, and other topics is significantly impacted by government initiatives, programmes, and pharmaceutical companies' awareness campaigns. The PV service is currently available for hospitals and pharmaceutical businesses to outsource. Outsourcing provides manufacturing companies specific benefits in terms of time constraints and the potential facilities an outsourced service provides. Additionally, outsourcing allows for customization by customer expectations, which expedites the evaluation process. The need for these services is higher than ever, which has offered outsourced service providers various choices. These service companies focus on broadening the scope of the options they offer customers.
Restraint: Lack of consistency in adverse event reporting in low and middle-income countries
Patients' ignorance of adverse events (AE) results in uneven reporting. When an unpleasant incident occurs, patients frequently recollect their pain as an adverse event (AE). The committees of pharmaceutical businesses are responsible for poor decisions that lead to the drug's withdrawal because not all reported adverse events (AEs) are inevitably severe. These specialised services must be provided in low- and middle-income countries with the appropriate training, services, and software. Governments and pharmaceutical companies also put forth less effort to promote AE reporting. These factors are anticipated to prevent the market in low- and middle-income countries from expanding.
Some of the major players operating in the pharmacovigilance market are:
• IQVIA
• Clinquest Group B.V. (Linical Americas)
• Laboratory Corporation of America Holdings
• Capgemini
• ICON plc.
• Parexel International Corp.
• United BioSource LLC
• ClinChoice (formerly FMD K&L)
• Accenture
• IBM Corp.
• ITClinical
• Wipro Ltd.
• Cognizant
• TAKE Solutions Ltd.
• ArisGlobal
• BioClinica Inc.
Key Segments cover in the market:
By Service Provider:
• Contract Outsourcing
• In-House
By Type:
• Intensified Adverse Drug Reaction (ADR) Reporting
• Cohort Event Monitoring
• Spontaneous Reporting
• Electronic Health Record (EHR) Mining
• Targeted Spontaneous Reporting
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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