Dublin, Jan. 14, 2025 (GLOBE NEWSWIRE) -- The "Post-marketing Pharmacovigilance and Medical Information Market by Type by Service, by End-User, and By Region" report has been added to ResearchAndMarkets.com's offering.
The global post-marketing pharmacovigilance and medical information market size was estimated to be USD 6.22 billion in 2023 and is expected to reach USD 16.99 billion by 2034 with a CAGR of 9.56% during the forecast period 2024-2034.
The market will grow as a result of factors such as rising adverse drug reactions (ADRs), expanding use of biologics and specialty drugs, growing emphasis on drug safety, expanding approvals and launches of new drugs, technological advancements in pharmacovigilance, and global regulatory requirements and harmonization.
North American region is anticipated for the highest revenue share during the forecast period owing to the well-established pharmaceutical industry, strong regulatory frameworks, and the presence of major pharmacovigilance service providers, coupled with increasing drug approvals and high healthcare spending.
Additionally, the Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the expanding pharmaceutical market, growing investments in healthcare infrastructure, rising outsourcing of pharmacovigilance activities, and increasing regulatory focus on drug safety in countries such as China and India.
Advancements in artificial intelligence (AI), machine learning (ML), and big data analytics are significantly transforming pharmacovigilance practices.
These innovative technologies facilitate faster signal detection, enable data mining from Electronic Health Records (EHRs), and enhance the management of extensive datasets, thereby improving post-marketing surveillance. For instance, in July 2024, Clarivate Plc (NYSE: CLVT), a leading global provider of transformative intelligence, announced the launch of its new OFF-XT platform.
This enhanced solution offers a seamless user experience alongside unique translational insights, delivering essential drug and target safety intelligence to proactively identify potential risks. Fully integrated with Cortellis Drug Discovery IntelligenceT, OFF-XT serves as a comprehensive, one-stop resource for safety information, streamlining processes and boosting efficiency, ultimately providing a competitive advantage in the pharmaceutical industry.
By type, the outsourced service providers segment accounted for the highest revenue-grossing segment in the global post-marketing pharmacovigilance and medical information market in 2023 owing to the increasing trend of pharmaceutical companies outsourcing pharmacovigilance activities to reduce operational costs and meet complex regulatory requirements. For instance, IQVIA addressed site issues and reduced workload in June 2024 by introducing a home clinical technology trial platform. Through streamlining the treatment and recruiting procedures, locations were able to increase patient enrollment capacity and handle concurrent trials.
Additionally, the in-house pharmacovigilance department segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing emphasis on maintaining internal control over safety data and the development of advanced technologies to streamline pharmacovigilance operations.
By service, the spontaneous reporting service segment accounted for the highest revenue-grossing segment in the global post-marketing pharmacovigilance and medical information market in 2023 owing to the widespread use of spontaneous reporting systems as the primary method for detecting adverse drug reactions and safety signals.
For instance, Labcorp stated in February 2023 that it has purposefully spun out its clinical development division to become Fortrea, a new publicly traded CRO. Fortrea is a stand-alone business that provides extensive drug and device development services throughout the world. Additionally, the cohort event monitoring service segment is predicted to grow at the fastest CAGR during the forecast period owing to the increased adoption of proactive monitoring methods for specific patient cohorts to identify safety issues in real-world settings.
By end-user, the hospital segment accounted for the highest revenue-grossing segment in the global post-marketing pharmacovigilance and medical information market in 2023 owing to the large volume of adverse event reporting and the crucial role hospitals play in post-market safety monitoring.
For instance, in October 2024, EVERSANA - a top supplier of worldwide commercialization services to the life sciences sector - announced revolutionary additions to its pharmacovigilance and drug safety portfolio in response to the industry's expanding demands. Additionally, the research organizations segment is predicted to grow at the fastest CAGR during the forecast period owing to the expanding role of contract research organizations (CROs) in conducting post-marketing safety studies and real-world evidence research.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Type, Service, and End-User
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of the Top 10+ Major Market Players
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $6.22 Billion |
| Forecasted Market Value (USD) by 2034 | $16.99 Billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
Company Profiles
- F. Hoffmann-La Roche Ltd.
- Bristol-Myers Squibb Company
- Pfizer Inc.
- AbbVie Inc.
- Merck & Co. Inc.
- Johnson & Johnson
- AstraZeneca plc
- GSK (GlaxoSmithKline) plc
- Novartis AG
- Sanofi S.A.
- Bayer AG
- Regeneron Pharmaceuticals Inc.
- Amgen Inc.
- Medidata Solutions Inc. (a Dassault Systemes company)
- Parexel International Corporation.
Post-marketing Pharmacovigilance and Medical Information Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- In-house Pharmacovigilance Departments
- Outsourced Service Providers
Post-marketing Pharmacovigilance and Medical Information Market Analysis & Forecast by Service 2023 - 2034 (Revenue USD Bn)
- Spontaneous reporting
- Intensified ADR reporting
- Targeted spontaneous reporting
- Cohort event monitoring
- EHR mining
Post-marketing Pharmacovigilance and Medical Information Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn)
- Hospitals
- Research Organizations
- Others
Post-marketing Pharmacovigilance and Medical Information Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/mknus8
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