Dublin, Dec. 10, 2024 (GLOBE NEWSWIRE) -- The "Pharmacovigilance - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Pharmacovigilance was estimated at US$10 Billion in 2023 and is projected to reach US$18.5 Billion by 2030, growing at a CAGR of 9.2% from 2023 to 2030.
What Are the Emerging Trends in Pharmacovigilance?
Several emerging trends are reshaping the pharmacovigilance market as the pharmaceutical industry faces evolving challenges and opportunities. One of the most significant trends is the growing focus on real-world evidence (RWE) in drug safety monitoring. RWE is derived from data collected outside of clinical trials, such as patient records, insurance claims, and registries, providing a broader understanding of how drugs perform in real-world settings. The use of RWE allows for more comprehensive safety assessments, particularly for drugs that may behave differently in diverse patient populations than they do in controlled clinical environments. As a result, pharmaceutical companies and regulators are increasingly incorporating RWE into their pharmacovigilance strategies.
Another key trend is the increased globalization of pharmacovigilance. As pharmaceutical companies expand into international markets, they must comply with the diverse regulatory requirements of different regions. This has led to greater demand for pharmacovigilance services that can operate on a global scale, ensuring that safety data is collected and reported in compliance with local regulations. Regulatory authorities in regions such as the U.S., Europe, and Asia-Pacific have developed stringent guidelines for drug safety, which require pharmaceutical companies to maintain robust pharmacovigilance systems capable of meeting these standards.
Risk management and proactive safety monitoring are also gaining importance in pharmacovigilance. Rather than reacting to adverse events after they occur, companies are increasingly adopting risk management plans (RMPs) and risk mitigation strategies to prevent potential safety issues before they arise. These approaches include pre-market risk assessments, continuous post-market surveillance, and the use of signal detection tools that identify emerging risks from data trends. Additionally, the rise of patient-centric pharmacovigilance emphasizes the importance of direct input from patients, with companies utilizing surveys, social media, and mobile health apps to collect patient-reported outcomes and experiences with medications.
What Is Driving the Growth of the Pharmacovigilance Market?
The growth in the pharmacovigilance market is driven by several factors, including increased regulatory scrutiny, the rising complexity of drug therapies, and technological innovations. One of the primary drivers is the growing number of new drug approvals, particularly in areas such as biologics, gene therapies, and personalized medicines. These therapies are often associated with complex safety profiles, requiring more intensive post-market monitoring. As pharmaceutical companies bring more innovative and personalized drugs to market, the demand for comprehensive pharmacovigilance services to ensure patient safety is expected to rise significantly.
Another important factor driving market growth is the increasing regulatory requirements for drug safety. Regulatory bodies, such as the U.S. FDA and the European Medicines Agency (EMA), have implemented stringent guidelines for pharmacovigilance, requiring companies to conduct ongoing monitoring of drugs even after they receive market approval. Failure to comply with these regulations can result in significant penalties, product recalls, or damage to a company's reputation. As a result, pharmaceutical companies are investing heavily in pharmacovigilance systems to ensure compliance and avoid regulatory risks.
Technological advancements are also contributing to the growth of the pharmacovigilance market. The integration of AI, automation, and big data analytics has revolutionized the way companies approach drug safety monitoring, making it more efficient, scalable, and cost-effective. These technologies enable companies to analyze vast amounts of data in real-time, improving the speed and accuracy of safety assessments. Furthermore, the rise of cloud-based solutions and global pharmacovigilance networks has facilitated better collaboration and data sharing across the pharmaceutical industry, driving further growth in the market.
Lastly, the increasing focus on patient safety and transparency is a key growth driver. As patients become more informed about the potential risks associated with medications, pharmaceutical companies are under greater pressure to ensure that their drugs are safe and that adverse events are reported quickly and transparently. This shift toward greater accountability and patient-centric approaches is driving the demand for robust pharmacovigilance systems that can monitor drug safety and provide timely updates to regulatory authorities and healthcare providers. These factors, combined with the ongoing development of innovative therapies, are expected to continue driving growth in the pharmacovigilance market in the years to come.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Contract Outsourcing segment, which is expected to reach US$12.3 Billion by 2030 with a CAGR of a 11.1%. The In-House Service Provider segment is also set to grow at 6.1% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $2.6 Billion in 2023, and China, forecasted to grow at an impressive 12.7% CAGR to reach $4.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Questions Answered:
- How is the Global Pharmacovigilance Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global Pharmacovigilance Market such as Accenture, ArisGlobal, BioClinica, Capgemini, Cognizant and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 32 companies featured in this Global Pharmacovigilance market report include:
- Accenture
- ArisGlobal
- BioClinica
- Capgemini
- Cognizant
- FMD K&L
- IBM
- ICON
- IQVIA
- ITClinical
- Laboratory Corporation of America
- Linical Accelovance
- Parexel
- TAKE Solutions
- United BioSource
- Wipro
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 88 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $10 Billion |
| Forecasted Market Value (USD) by 2030 | $18.5 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
Key Topics Covered:
1. MARKET OVERVIEW
- World Market Trajectories
- Global Economic Update
- Pharmacovigilance - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
- Accenture
- ArisGlobal
- BioClinica
- Capgemini
- Cognizant
- FMD K&L
- IBM
- ICON
- IQVIA
- ITClinical
- Laboratory Corporation of America
- Linical Accelovance
- Parexel
- TAKE Solutions
- United BioSource
- Wipro
3. MARKET TRENDS & DRIVERS
- Increasing Regulatory Scrutiny and Global Safety Standards for Drug Monitoring Drive Growth in Pharmacovigilance Services
- Rising Incidence of Adverse Drug Reactions (ADRs) and Medication Errors Spurs Demand for Comprehensive Pharmacovigilance Systems
- Expansion of Biologics, Biosimilars, and Advanced Therapies Strengthens the Role of Pharmacovigilance in Post-Market Surveillance
- Technological Advancements in Automation, AI, and Machine Learning Enhance Data Analysis and Signal Detection in Pharmacovigilance
- Growing Adoption of Pharmacovigilance Services in Emerging Markets Expands Global Reach for Drug Safety Monitoring
- Increasing Collaboration Between Pharmaceutical Companies and Regulatory Authorities for Real-Time Monitoring of Drug Safety
- Rising Use of Big Data Analytics and Real-World Evidence (RWE) in Pharmacovigilance to Improve Drug Safety Outcomes
- Expansion of Outsourcing to Contract Research Organizations (CROs) for Pharmacovigilance Services Enhances Efficiency and Compliance
- Growing Focus on Pharmacovigilance for Personalized Medicine and Gene Therapy Products Drives the Need for Tailored Safety Monitoring
- Emerging Use of Social Media and Digital Platforms for Pharmacovigilance Data Collection Expands Market for Innovative Safety Solutions
- Rising Adoption of Cloud-Based Pharmacovigilance Systems for Scalable, Real-Time Drug Safety Monitoring
- Increased Demand for Pharmacovigilance in the Development and Monitoring of Vaccines, Especially in the Post-Pandemic Era
- Technological Innovations in Natural Language Processing (NLP) for Automating Pharmacovigilance Case Processing
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/pjmy1m
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