Dublin, Oct. 10, 2024 (GLOBE NEWSWIRE) -- The "Global Pharmacovigilance Market Size, Share & Trends Analysis, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global pharmacovigilance market is projected to reach USD 11.78 billion by 2030. It is anticipated to witness growth at a CAGR of 6.8% from 2024 to 2030. The key factor responsible for the market growth is the growing incidence of Adverse Drug Reactions (ADR). ADR imposes a significant load on healthcare systems and is one of the evident grounds for morbidity in developed nations. As per the National Center for Biotechnology Information (NCBI), about 1 in 20 hospitalizations in Europe yearly are owing to ADR. Pharmacovigilance (PV) services play a vital role in the clinical trial phase by aiding manufacturers in recognizing the negative consequences associated with the drug. 
Furthermore, a February 2022 article published in the Journal of Current Medicine Research and Practice titled "Characterization of Seriousness and Outcome of Adverse Drug Reactions in Patients Receiving Cancer Chemotherapy Drugs - A Prospective Observational Study" revealed that serious ADRs in the U.S. result in over 100,000 deaths annually and have been a major health concern since the past decade. ADRs, such as fatal arrhythmia and liver failure, can result in drug withdrawal from the market as the risks related to the drug usage outweigh its associated benefits. The COVID-19 pandemic presented both opportunities and challenges for PV service providers, leading to the development of innovative platforms for a competitive edge.
For instance, in December 2020, EVERSANA, a commercial services provider in the life sciences industry, collaborated with ArisGlobal, a life sciences software company specializing in automating drug development processes. This partnership was aimed to digitally transform end-to-end PV procedures, ensuring safer and more effective healthcare worldwide. The market for technologically advanced and user-friendly software systems, like cloud-based PV and drug safety platforms, is anticipated to support industry growth over the forecast period. For instance, Clinevo Technologies offers Clinevo Safety, a cloud-based solution encompassing various functionalities, such as Case Processing, Regulatory Submissions/AS2 Gateway, PV Intake, Analytics, and Safety Signals.
This all-in-one platform is driving the market forward. Furthermore, organizational initiatives support the growth of emerging markets like Brazil. For instance, a collaborative Patient Safety and PV program was introduced in Brazil, involving the pharmaceutical industry, academia, clinical practice, and health authorities. Offered by FIPFARMA (Fundacao Instituto de Pesquisas Farmaceuticas) and Pharmacy College (Universidade de Sao Paulo), the program conducted a 30-hour online course in two cohorts (2020 and 2022). It covered crucial topics, such as Healthcare and Pharmacovigilance Overview, Drug Safety & Management, and Patient Safety Culture. Workshops addressed real Challenges Healthcare Professionals (HCPs) faced and encouraged collaborative problem-solving.
Video conferences effectively engaged and educated HCPs, facilitating knowledge sharing and promoting a mindset shift. This initiative positively impacted participants and enhanced PV practices in Brazil. Key pharma companies in developed nations are concentrating on outsourcing PV services to decrease costs and reduce operational expenses. This is expected to create an opportunity for Contact Research Organizations (CROs) in developing territories to acquire more industry share. Manufacturers are renovating their product development procedures to fulfill the growing patient needs worldwide. These factors are predicted to augment the demand for PV services over the forecast period.
Furthermore, PV industry players are implementing strategies like acquisitions, collaborations, expansions, and product launches to broaden their offerings and expand their market presence. For example, in February 2022, Ergomed plc, a specialized services provider to the pharmaceutical industry, acquired ADAMAS Consulting Group Limited. ADAMAS is an international consultancy that offers quality assurance services in pharmaceutical manufacturing, clinical trial auditing, and PV systems. The acquisition, valued at £25.6 million (in pounds), is expected to favor Ergomed's earnings, with further growth and strategic advantages anticipated in the future.
Pharmacovigilance Market Insights
- Phase IV dominated the market with a revenue share of over 75.85% in 2023. This was driven by increased ADR incidents and post-marketing surveillance
- Contract outsourcing accounted for over 60.63% market share in the service provider segment in 2023, as pharmaceutical organizations aimed to reduce operational costs by outsourcing services
- The spontaneous reporting type segment led the market with a revenue share of over 30.22% in 2023. Its applications include efficient and cost-effective detection of new, serious, and rare ADRs
- Oncology held the largest share of over 26.95% in the therapeutic area segment in 2023, fueled by biopharmaceutical companies' research efforts in chronic cancer treatments
- Case data management is anticipated to grow at the fastest CAGR of 7.3% in the process flow segment during the forecast period
- Biotechnology companies are expected to have the fastest CAGR of 8% in the end-use segment. This is due to their focus on R&D for novel products, such as biologics, therapies, and gene therapies
- North America held the largest revenue share of over 32.55% in 2023 due to investments in new drug development, favorable regulations, and a strong presence of research units and clinical trials
- Companies are adopting strategies like new product launches, collaborations, and acquisitions to gain a competitive advantage
Key Attributes
| Report Attribute | Details |
| No. of Pages | 295 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $7.32 Billion |
| Forecasted Market Value (USD) by 2030 | $11.78 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1 Research Methodology & Scope
1.1 Market Segmentation & Scope
1.2 Research Methodology
1.3 Information Procurement
1.4 Information or Data Analysis
1.5 Market Formulation & Validation
1.6 Model Details
1.7 List of Secondary Sources
1.8 List of Abbreviations
1.9 Market Definitions
1.10 Report Objectives
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot (Product Life Cycle & Service Provider)
2.3 Segment Snapshot (Type & Therapeutic Area)
2.4 Segment Snapshot (Process Flow & End Use)
2.5 Competitive Landscape Snapshot
Chapter 3 Pharmacovigilance Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Analysis
3.1.2 Ancillary Market Analysis
3.2 Penetration & Growth Prospect Mapping
3.3 Pharmacovigilance Market Dynamics
3.3.1 Market Driver Analysis
3.3.1.1 Growing drug consumption and drug development rates
3.3.1.2 Increasing incidence of ADR and drug toxicity
3.3.1.3 Increasing trend of outsourcing pharmacovigilance services
3.3.1.4 Increasing externalization of clinical trial studies by large pharmaceutical and biopharmaceutical companies
3.3.1.5 Increasing regulatory Burden on Manufacturers
3.3.1.6 Introduction of technologically advanced software services
3.3.1.7 Constantly rising investment on R&D by healthcare companies
3.3.1.8 Partnerships and collaborations between market players
3.3.2 Market Restraint Analysis
3.3.2.1 Shortage of skilled labor
3.3.2.2 Expensive technology for small and mid-sized player
3.3.2.3 Lack of recognition
3.3.2.4 Scarcity of integration standards
3.3.3 Industry Challenges
3.4 Pharmacovigilance Market Analysis Tools: Porters
3.5 SWOT Analysis, by Factor (Political & Legal, Economic, and Technological)
3.6 Value Chain Analysis
3.6.1 Preclinical
3.6.2 Clinical
3.6.3 PMA
3.7 Mapping of Life Cycle against Service Offering and Their Demand
3.8 Regulatory Framework
3.8.1 List of Regulatory Bodies by Country
3.9 Organization Structure Introduction
3.10 Pricing Models
3.10.1 Drug Safety Budget Allocation by Activities
3.10.2 By Development Phase
3.10.3 By Therapeutic Area
3.10.4 Pricing Level
3.10.4.1 Project management
3.10.4.2 Case processing
3.10.4.3 ADR Reporting
3.10.4.4 Medical writing
3.10.4.5 Drug safety management
3.11 Technology Timeline Overview
3.11.1 Changing Technology & Adoption
3.11.1.1 Social Media
3.11.1.2 Literature screening
3.11.1.3 Automation and AI
3.11.1.4 Big data analytics in PV
3.12 Impact of COVID-19
3.12.1 Recent Developments & Strategic Outcomes
3.12.1.1 Regulatory requirements/changes due to COVID-19
3.12.2 Strategies Implemented by Companies
3.12.2.1 IQVIA
3.12.2.2 PARAXEL International Corporation
3.12.2.3 Bioclinica
3.12.2.4 Pharmaceutical Product Development (PPD)
3.12.2.5 IBM Corporation
3.12.2.6 ICON, plc
3.12.2.7 PRA Health Sciences
3.12.2.8 Covance Inc.
3.12.2.9 ArisGlobal
3.12.2.10 Linical Accelovance
3.12.2.11 Laboratory Corporation of America Holdings
3.13 Market Trends
3.13.1 Scaling Of Resources
3.13.2 Automation in Pharmacovigilance
3.14 Impact of Inflation
3.15 Comparative Analysis between Medical Writing vs Medical Safety Review
3.15.1 Medical Writing Market Outlook
3.15.1.1 Medical writing Market estimates and forecasts, 2018-2030 (USD Million)
3.15.2 Medical Safety Review Market Outlook
3.15.2.1 Medical Safety Review market estimates and forecasts, 2018-2030 (USD Million)
Chapter 4 Pharmacovigilance Market: Product Life Cycle Estimates & Trend Analysis
4.1 Product Life Cycle Market Share Analysis, 2022 & 2030
4.2 Product Life Cycle Dashboard
4.3 Market definition and scope
4.3.1 Preclinical
4.3.2 Phase I
4.3.3 Phase II
4.3.4 Phase III
4.3.5 Phase IV
Chapter 5 Pharmacovigilance Market: Service Provider Estimates & Trend Analysis
5.1 Service provider Market Share Analysis, 2023 & 2030
5.2 Service Provider Dashboard
5.3 Market definition and scope
5.3.1 IN HOUSE
5.3.2 Contract Outsourcing
Chapter 6 Pharmacovigilance Market: Type Estimates & Trend Analysis
6.1 Type Market Share Analysis, 2023 & 2030
6.2 Type Dashboard
6.3 Market definition and scope
6.3.1 Spontaneous Reporting
6.3.2 Intensified ADR Reporting
6.3.3 Targeted Spontaneous Reporting
6.3.4 Cohort Event Monitoring (CEM)
6.3.5 EHR Mining
Chapter 7 Pharmacovigilance Market: Process Flow Estimates & Trend Analysis
7.1 Process Flow Market Share Analysis, 2023 & 2030
7.2 Process Flow Dashboard
7.3 Market definition and scope
7.3.1 Case Data Management
7.3.2 Signal Detection
7.3.3 Risk Management System
Chapter 8 Pharmacovigilance Market: Therapeutic Area Estimates & Trend Analysis
8.1 Therapeutic Area Market Share Analysis, 2023 & 2030
8.2 Therapeutic Area Dashboard
8.3 Market definition and scope
8.3.1 Oncology
8.3.2 Neurology
8.3.3 Cardiology
8.3.4 Respiratory Systems
8.3.5 Others
Chapter 9 Pharmacovigilance Market: End Use Estimates & Trend Analysis
9.1 End Use Market Share Analysis, 2023 & 2030
9.2 End Use Dashboard
9.3 Market definition and scope
9.3.1 Pharmaceuticals
9.3.2 Biotechnology Companies
9.3.3 Medical Device Manufacturers
9.3.4 Others
Chapter 10 Pharmacovigilance Market: Regional Estimates & Trend Analysis, By, Product, Service Providers, Type, and End Use
10.1 Regional Market Snapshot
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Latin America
10.6 MEA
Chapter 11 Pharmacovigilance Market: Competitive Analysis
11.1 Market Participation Categorization
11.2 Public Companies
11.2.1 Company Market Position Analysis
11.2.2 Company Market Share
11.3 Private Companies
11.3.1 List of Key Emerging Companies
11.4 Competitive Factors and Strategies
11.4.1 Increasing strategic collaborations and product launch
11.4.2 Strategic Government initiatives which include collaborations
11.4.3 Competitors increased PV awareness program
11.4.4 Competitors increased collaboration and outsourcing of operations
11.4.5 Consolidation Trends
11.5 Healthcare Companies Using Pharmacovigilance Services
11.5.1 Potential Customers
11.5.2 Notable Cases
11.5.3 Key Focus areas for the pharmaceutical/healthcare companies
Chapter 12 Competitive Landscape
12.1 Company Profiles
12.1.1 Accenture
12.1.2 Clinquest Group B.V. (Linical Americas)
12.1.3 IQVIA Inc.
12.1.4 Cognizant
12.1.5 Laboratory Corporation of America Holdings
12.1.6 IBM
12.1.7 ArisGlobal
12.1.8 Icon PLC
12.1.9 Capgemini
12.1.10 ITClinical
12.1.11 Take Solutions Limited
12.1.12 Parexel International Corporation
12.1.13 Bioclinica, Inc.
12.1.14 Wipro
12.1.15 United Biosource LLC
12.1.16 FMD K&L (Clinchoice)
Chapter 13 Winning Strategies
13.1 Key Winning/Scoring Criteria
13.1.1 By Categories
13.2 Key Vendor Selection Factors
13.2.1 By Category
13.2.2 By Company Size
Chapter 14 Switching Cost Analysis
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