Jersey City, NJ, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global pharmacovigilance market is estimated to reach over USD 19.50 billion by 2031, exhibiting a CAGR of 10.52% during the forecast period.
The pharmacovigilance market is essential to the healthcare industry, ensuring the safety and efficacy of drugs and medical products. The market is expected to grow steadily in the coming years, driven by factors such as the increasing use of drugs and medical products, growing awareness about drug safety, and the need for early detection and management of adverse drug reactions (ADRs).
The pharmacovigilance market is expected to grow steadily in the coming years, driven by factors such as the increasing use of drugs and medical products and growing awareness about drug safety. The market will also continue to evolve and adapt to changing regulatory requirements, emerging technologies, and the needs of the healthcare industry. However, the pharmacovigilance market also faces several challenges, such as a need for more awareness about pharmacovigilance, data quality and management issues, regulatory complexity, resource constraints, and the emergence of new technologies. Addressing these challenges will require a concerted effort from all stakeholders involved in the pharmacovigilance ecosystem.
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Recent Developments:
- On October 2020, The debut of the Active Safety Analytics for Pharma (ASAP) product was announced by Saama Technologies, LLC.
- In December 2019, Accenture and UCB announced their partnership to accelerate data processing, enhance patient safety, and grow their respective markets' revenue.
List of Prominent Players in the Pharmacovigilance market:
- Accenture
- LinicalAccelovance
- Cognizant
- Laboratory Corporation of America Holdings
- IBM Corporation
- ArisGlobal
- ICON plc.
- Capgemini
- ITClinical
- FMD K&L
- IQVIA
- TAKE Solutions Ltd.
- PAREXEL International Corporation
- BioClinica Inc.
- Wipro Ltd.
- United BioSource Corporation
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Pharmacovigilance Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 8.07 Bn |
| Revenue forecast in 2031 | USD 19.50 Bn |
| Growth rate CAGR | CAGR of 10.5% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Service Provider, Product Life Cycle, Type, Process Flow, Therapeutic Area, And End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
With the growing burden of diseases worldwide, there is an increasing demand for drugs and medical products. This increased usage results in a higher risk of adverse drug reactions (ADRs), which drives the demand for pharmacovigilance services. Regulatory authorities worldwide have established stringent safety requirements for drugs and medical products.
Compliance with these requirements requires pharmacovigilance activities, such as ADR reporting and safety signal detection, which drive the demand for pharmacovigilance services. There is a growing awareness among healthcare professionals, regulatory authorities, and the general public about the importance of drug safety. This has increased the emphasis on pharmacovigilance and the need for early ADR detection and management.
Challenges:
Pharmacovigilance relies heavily on data, and ensuring the quality and accuracy of data is essential for effectively detecting and managing adverse drug reactions. However, data quality issues, such as incomplete and inconsistent reporting, could lead to false safety signals and affect the credibility of pharmacovigilance. The regulatory requirements for drug safety vary across different regions, and keeping up with the changing regulatory landscape can be challenging for pharmaceutical companies and service providers. This could result in compliance issues and delay the approval of new drugs and medical products.
Regional Trends:
The North American pharmacovigilance market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. Driven by stringent regulatory requirements, advanced healthcare infrastructure, and increasing demand for personalized medicine.
The major North American pharmacovigilance market players include IQVIA, Accenture, Cognizant, and Wipro, among others. These companies offer various pharmacovigilance services and solutions, including signal detection, risk management, post-market surveillance, and regulatory compliance. In addition, the Asia-Pacific region has a large population, which presents significant opportunities for pharmacovigilance service providers and is expected to dominate the market at the highest growth rate.
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Segmentation of the Pharmacovigilance market-
By Service Provider Outlook-
- In-house
- Contract Outsourcing
By Product Life Cycle Outlook-
- Pre-clinical
- Phase I
- Phase II
- Phase III
- Phase IV
By Type Outlook-
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
By Process Flow Outlook-
- Case Data Management
- Case Logging
- Case Data Analysis
- Medical Reviewing & Reporting
- Signal Detection
- Adverse Event Logging
- Adverse Event Analysis
- Adverse Event Review & Reporting
- Risk Management System
- Risk Evaluation System
- Risk Mitigation System
By Therapeutic Area Outlook-
- Oncology
- Neurology
- Cardiology
- Respiratory Systems
- Others
By End Use Outlook-
- Pharmaceuticals
- Biotechnology Companies
- Medical Device Manufacturers
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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