Pharmacovigilance Market Trends, Analysis, Opportunities, Share and Forecast to 2030

 Pharmacovigilance Industry Overview

The global pharmacovigilance market size was valued at USD 6.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2030.

An increase in the prevalence of chronic diseases such as oncological diseases, diabetes, and cardiovascular and respiratory disorders has led to an increase in drug consumption worldwide. Therefore, the demand for new drug development via extensive clinical trials has increased. Pharmacovigilance (PV) is the inevitable part of drug discovery and development procedures. The increasing incidence of Adverse Drug Reactions (ADRs) is expected to accelerate the demand for PV services.

The market is positively impacted by the COVD-19 pandemic. The evolving threat of COVID-19 infection is affecting businesses, communities, industries, and lives around the world. However, safety reporting and medical monitoring are necessary as several potential therapies are being used to treat a coronavirus-induced infection. Medications like Remdesivir and other old drugs, such as Lopinavir/Ritonavir and hydroxychloroquine (HCQ), are being repurposed to treat coronavirus infection. The chances of suspected ADRs for some of these medicines have already been submitted to the individual case safety reports database named VigiBase managed by UMC. This shows the increased demand for PV services during the pandemic.

Gather more insights about the market drivers, restrains and growth of the Global Pharmacovigilance Market

The pandemic has also resulted in the global disruption of traditional onsite clinical trials. Hence, the global regulatory bodies are actively fast-tracking clinical trials for the development of innovative solutions. One such instance is Solidarity, an international clinical trial launched by the World Health Organization (WHO) to find effective treatment against COVID-19. Increasing R&D and rising adoption of new technologies in clinical research are further contributing to the market growth. For instance, the incorporation of virtual services in the clinical trial protocol by market players such as IQVIA and PRA Health Sciences is anticipated to propel the demand in the coming years.

The presence of a competitive environment for introducing new molecules in the market has led to high demand for improved manufacturing operations, pharmacovigilance, clinical data management, streamlined R&D, and medical writing. Manufacturers are rapidly considering outsourcing as a viable cost curbing tool. Outsourcing helps increase internal resource flexibility, improve timelines, and gain better outcomes in the short- and long term. It also helps achieve better pharmacovigilance through regulatory compliance, higher quality, better productivity, and improved strategic decisions.

Moreover, regulatory mandates on clinical trial conduct and post-marketing vigilance are expected to spur the demand for PV services in the coming years. For instance, the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA) formulate regulatory guidelines for all phases of clinical trials. The advancements in the development of ADR databases and information systems enabled reporting accurate information, which can be further utilized by research professionals for prospective studies, thereby fueling the overall demand.

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Pharmacovigilance Market Segmentation

 

Grand View Research has segmented the global pharmacovigilance market on the basis of the product life cycle, service provider, type, process flow, therapeutic area, end-use, and region:

 

  • Pharmacovigilance Service Provider Outlook (Revenue, USD Million, 2017 - 2030)
  • In-house
  • Contract Outsourcing

 

  • Pharmacovigilance Product Life Cycle Outlook (Revenue, USD Million, 2017 - 2030)
  • Pre-clinical
  • Phase I
  • Phase II
  • Phase III
  • Phase IV

 

  • Pharmacovigilance Type Outlook (Revenue, USD Million, 2017 - 2030)
  • Spontaneous Reporting
  • Intensified ADR Reporting
  • Targeted Spontaneous Reporting
  • Cohort Event Monitoring
  • EHR Mining

 

  • Pharmacovigilance Process Flow Outlook (Revenue, USD Million, 2017 - 2030)
  • 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

 

  • Pharmacovigilance Therapeutic Area Outlook (Revenue, USD Million, 2017 - 2030)
  • Oncology
  • Neurology
  • Cardiology
  • Respiratory Systems
  • Others

 

  • Pharmacovigilance End-use Outlook (Revenue, USD Million, 2017 - 2030)
  • Pharmaceuticals
  • Biotechnology Companies
  • Medical Device Manufacturers
  • Others

 

  • Pharmacovigilance Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

 

Market Share Insights

  • October 2021: The Whiteboard, an academy for training specialists in the clinical trials and drug development field, proclaimed a partnership with Oviya MedSafe, a worldwide drug safety service, and pharmacovigilance consulting corporation.
  • December 2019: Accenture and UCB announced the collaboration to accelerate data processing and help in improving patient safety, thereby widening their businesses in the respective markets.

Key Companies profiled:

Some prominent players in the global pharmacovigilance market include

  • Accenture
  • Linical Accelovance
  • 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

 

 

Order a free sample PDF of the Pharmacovigilance Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

 

 

 

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