Pune, Sept. 29, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report states that the Pharmacovigilance Market reached a valuation of USD 6.6 billion in 2022, and it is projected to achieve USD 11.17 billion by 2030, with a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2023 to 2030.”
Market Overview
Pharmacovigilance, often abbreviated as PV, is a crucial field within the pharmaceutical and healthcare industry dedicated to the monitoring, assessment, and prevention of adverse effects or any other drug-related problems associated with the use of medical products, including pharmaceuticals, vaccines, biologics, and medical devices. The primary objective of pharmacovigilance is to ensure the safety and efficacy of these products throughout their entire lifecycle, from pre-market clinical trials to post-market surveillance. Pharmacovigilance experts use advanced data analysis techniques to identify potential safety signals that may indicate a previously unknown or rare adverse event associated with a particular drug or medical device.
Market Analysis
The pharmacovigilance market is experiencing robust growth driven by several key factors. With an aging population and increasing healthcare needs worldwide, there is a consistent growth in healthcare expenditure. This translates into higher demand for medications, thereby necessitating rigorous pharmacovigilance to monitor and ensure the safety of these drugs. Regulatory authorities across the globe are tightening their requirements for drug safety and efficacy. This includes the need for extensive pharmacovigilance activities to ensure that drugs meet these stringent standards. The need for compliance with regulations like the FDA's REMS (Risk Evaluation and Mitigation Strategy) and EMA's pharmacovigilance guidelines fuels market growth. The pharmaceutical industry is witnessing an increase in the number of clinical trials, especially in areas like oncology, rare diseases, and personalized medicine. Each of these trials requires pharmacovigilance support to monitor adverse events, ensuring the safety of trial participants and the efficacy of the tested drugs.
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Major Players Listed in this Report are:
- Accenture
- IQVIA
- Cognizant
- IBM Corp
- Wipro Ltd
- BioClinica Inc
- Capgemini
- ArisGlobal
- ITClinical
- ClinChoice
- United BioSource LLC
- Parexel International Corp.
- TAKE Solutions Ltd.
- ICON plc.
- Laboratory Corporation of America Holdings & Other Players
Pharmacovigilance Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 6.6 Bn |
| Market Size by 2030 | US$ 11.17 Bn |
| CAGR | CAGR of 6.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Pharmacovigilance Market Study
- The pharmaceutical industry has long been at the forefront of healthcare innovation, and it continues to play a pivotal role in shaping the pharmacovigilance landscape. Pharmaceutical companies are constantly developing and bringing new drugs to market. The sheer volume of drugs in their pipelines necessitates robust pharmacovigilance practices to monitor for adverse events, assess real-world safety data, and make informed decisions about drug development and post-market surveillance.
- The case data management segment is poised to exert significant influence on the market, primarily due to its pivotal role in efficiently and comprehensively handling adverse event reports and ensuring regulatory compliance. Case data management systems are designed to support global operations, ensuring that data is standardized and compliant with the reporting requirements of multiple regions.
Recent Developments
- Clinigen, a leading global pharmaceutical services company, has recently expanded its capabilities by acquiring Drug Safety Navigator, a specialized pharmacovigilance technology and services provider. This strategic acquisition represents a significant step forward for Clinigen, enhancing its ability to ensure the safety and compliance of pharmaceutical products throughout their lifecycle.
- PharmaLex, a prominent player in the pharmaceutical regulatory and compliance sector, is poised for an exciting merger aimed at bolstering its pharmacovigilance services. This strategic move comes in response to the ever-evolving landscape of drug safety and regulatory requirements, reflecting PharmaLex's commitment to providing comprehensive solutions for the pharmaceutical industry.
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Market Dynamics Analysis
“Rising Global Healthcare Expenditure and Growing Number of Clinical Trials”
The pharmacovigilance market is currently undergoing significant dynamics driven by several key factors. One of the primary drivers is the growing emphasis on patient safety and regulatory compliance. With increasing awareness of the potential risks associated with pharmaceutical products, both regulatory authorities and pharmaceutical companies are investing heavily in pharmacovigilance to ensure early detection and mitigation of adverse events. Additionally, the expansion of the pharmaceutical industry, particularly in emerging markets, is fueling the demand for pharmacovigilance services. This growth is further propelled by the rising number of drug approvals and clinical trials, necessitating robust pharmacovigilance infrastructure. However, these opportunities come with their fair share of challenges and restraints. The ever-evolving regulatory landscape, with frequent updates and changes in reporting requirements, poses a significant challenge for pharmacovigilance professionals. The sheer volume of data generated from diverse sources, including social media and real-world evidence, adds complexity to the process of signal detection and risk assessment.
Pharmacovigilance Market Key Segmentation:
By product Life Cycle
- Pre-Clinical
- Phase I
- Phase II
- Phase III
- Phase IV
By Service Provider Outlook
- In-house
- Contract Outsourcing
By Type Outlook
- Spontaneous reporting
- Intensified ADR Reporting
- EHE mining
Process Flow Outlook
- Case Data management
- Signal Detection
- Risk Management System
Therapeutic Outlook
- Oncology
- Neurology
- Cardiology
- Respiratory systems
- Others
End Use Outlook
- Pharmaceuticals
- Medical Device manufacturers
- Others
Key Regional Developments
North America, particularly the United States, has traditionally been at the forefront of pharmacovigilance activities. With a robust regulatory framework and a strong emphasis on patient safety, this region boasts a thriving pharmacovigilance market. The European Union (EU) has made significant strides in harmonizing pharmacovigilance regulations across its member states. The establishment of the European Medicines Agency (EMA) has been a key driver in this regard. The Asia-Pacific region is witnessing exponential growth in the pharmaceutical industry, driven by factors like rising healthcare expenditures, a large patient population, and a growing middle class.
Impact of Recession on Pharmacovigilance Market Growth
While the pharmacovigilance market is inherently tied to the healthcare and pharmaceutical sectors, it is not impervious to the effects of a recession. The impact of a recession on pharmacovigilance may manifest through cost-efficiency measures, increased regulatory scrutiny, shifts in R&D priorities, industry consolidation, and the adoption of advanced technologies. Adapting to these changes and maintaining a robust pharmacovigilance system remains crucial for ensuring patient safety and regulatory compliance in the pharmaceutical industry during economic downturns.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Pharmacovigilance Market Segmentation, By Product Life Cycle
9. Pharmacovigilance Market Segmentation, By Service Provider Outlook
10. Pharmacovigilance Market Segmentation, By Process Flow Outlook
11. Pharmacovigilance Market Segmentation, By Therapeutic Outlook
12. Pharmacovigilance Market Segmentation, By End Use Outlook
13. Regional Analysis
14. Company Profile
15. Competitive Landscape
16. USE Cases and Best Practices
17. Conclusion
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