Fort Collins, Colorado, Oct. 27, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Pharmacovigilance Market size was valued at USD 6.8 Billion in 2022 and is expected to grow at a rate of CAGR 7.5% and reach USD 14.1 Billion by 2032.
Pharmacovigilance refers to monitoring the safety of medicines and taking actions to reduce the risk and improve the benefits of the drugs on the patients. Monitoring the safety of the drugs is carried out during both pre and post-clinical use to ensure that people are not affected by any adverse effects after their consumption. In the United States, the Food and Drug Administrator is responsible for maintaining the records and collecting information about any adverse consequences of any medication on people.
A major factor contributing to the growth of this market is the rising number of diseases leading to the discovery of new medicines and vaccines that need to be passed through rigorous testing and quality checks before getting approved for human consumption. With every new drug being launched in the market for consumption, the need for testing and tracking becomes essential.
According to the National Library for Medicine, in the United States, the number of people aged 50 and above will rise by 61% by 2050, and it is expected that a majority of them will suffer from some infection with at least one chronic disease. This will also result in a rise in the consumption of medicines and different medical tests, eventually augmenting the demand for pharmacovigilance systems. Many people have a huge demand for over-the-counter and safer medicines with more effective medication, resulting in increased demand for testing and safety.
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Segmentation Overview:
The global pharmacovigilance market has been segmented into reporting type, end-user, service provider, and region. North America accounts for a significant market share in the pharmacovigilance market owing to the presence of most global pharmaceutical companies with robust regulations regarding drug safety. The United States accounts for many people suffering from chronic diseases. The number of people over 50 is expected to grow in this region during the forecast period, resulting in growing demand for quality medicines and tests and increasing demand for pharmacovigilance.
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Pharmacovigilance Market Report Highlights:
- The global pharmacovigilance market growth is anticipated at a CAGR of 7.5% by 2032.
- The rising number of chronic diseases and other health-related disorders due to changes in lifestyle, eating habits, and climate change has led to the discovery of various medicines and vaccines.
- Pharmaceutical companies accounted for a major share of the end-user segment due to the mandates for pharmaceutical companies to conduct testing before launching their medicines and related devices.
- Some prominent players in the pharmacovigilance market report include Abbvie, Accenture, Alkem Laboratories, Labcorp, IQVIA, BioClinica Inc., ClinChoice, United Biosource Corporation, Parexel International, Quanticate, ICON Plc, and others.
Industry Trends and Insights:
- Food and Drug Administration has introduced a program called MedWatch, where any patient/consumer or health care professional can report severe reactions, product quality problems, therapeutic failure, and products from consuming any medical product, devices, or cosmetics.
- In 2023, Accenture acquired Bionest, a firm dedicated to addressing complex strategic decisions for leading biopharma companies. This acquisition facilitates the company to branch out extensively in life science.
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Pharmacovigilance Market Segmentation:
- By Reporting Type: Spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event reporting, EHR mining.
- By Service Provider: In-house, outsourcing.
- By End-user: Pharmaceutical companies, biotechnology companies, medical device manufacturers, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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