The global pharmacovigilance market is expected to reach USD 17.01 Billion in 2028 and register a steady revenue CAGR of 13.1% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are increasing production of various drugs, rising investments in research development activities, and increasing number of clinical trials.
Increasing prevalence of cardiovascular diseases, cancer, respiratory, and neurological disorders has led to introduction of various drugs and medications. All drugs undergo vigorous testing through clinical trials for safety and efficacy of the drug before being authorized for utilization. Pharmacovigilance plays a vital role in clinical trials. It is a process of collecting, identifying, and monitoring adverse events, drug reactions, and potential risks and benefits of drugs and medications. Factors such as increasing pharmaceutical expenditure, rising need and consumption of drugs to treat various conditions, stringent regulatory guidelines for clinical trials, and increasing investments in research development activities are boosting global market revenue growth.
However, factors such as rising concerns with data security, high chances of data leakage, and misreporting of adverse events due to lack of skilled workforce are factors that could hamper revenue growth of the pharmacovigilance market between 2021 and 2028.
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
Some key highlights of the report:
- Based on type, the cohort event monitoring is expected to account for largest revenue share over the forecast period owing to increasing cases of drug abuse and adverse drug reactions. Cohort event monitoring offers various advantages such as longitudinal health records, monitoring adverse effects in patients with specific medication, and detection and assessment of risk factors.
- Based on service providers, the contract outsourcing segment is expected to account for largest revenue share between 2021 and 2028. Robust revenue growth of the segment is attributed to increasing preference for outsourcing services, high spending by the pharmaceutical sector, increasing prevalence of adverse drug reactions, and rising demand for cost-effective drug safety monitoring services for better handling and compliance of large data volumes.
- Among the clinical trial phases, the phase IV segment is expected to account for a significantly large revenue share over the forecast period. Phase IV is a post marketing surveillance clinical trial phase that acts as a bonus drug safety method and assesses risks and benefits associated with the drugs.
- The hospital segment is expected to account for largest revenue share between 2021 and 2028 owing to increasing number of hospital admissions due to adverse drug effects, and increasing reporting of adverse drug effects by hospital pharmacists.
- The pharmacovigilance market in Asia Pacific is expected to register rapid revenue CAGR over the forecast period owing to factors such as increasing prevalence of chronic disorders, stringent regulations for reporting Adverse Drug Reactions (ADRs), rising adoption of outsourcing services, and constant investments in research development activities.
- North America accounted for largest revenue share in 2020 and is expected to maintain its leading position between 2021 and 2028. This can be attributed to factors such as large patient pool, increasing preference for outsourcing pharmacovigilance, presence of leading pharmaceutical and biotechnology companies, and high reporting of drug abuse and drug toxicity. In addition, strict pharmacovigilance guidelines, increasing production of drugs, and rising number of drug trials are other factors fueling market growth in North America.
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product service portfolio. The Pharmacovigilance market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in RD, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.
Leading companies operating in the market are:
- Linical Accelovance
- Laboratory Corporation of America Holdings
- IBM Corporation
- ICON plc.
- FMD KL
- TAKE Solutions Ltd.
- Parexel International Corporation
- BioClinica Inc.
- Wipro Ltd.
- United BioSource Corporation
- Sanofi S.A
- Ennov Solutions Inc.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Pharmacovigilance Market Segmentation:
- Spontaneous Reporting
- Intensified Adverse Drug Reaction (ADR) Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Electronic Health Record (HER) Mining
Service Provider Outlook:
- Contract Outsourcing
Clinical Trial Phase Outlook:
- Phase I
- Phase II
- Phase III
- Phase IV
End Use Outlook:
- Research Organizations
- Pharmaceutical Companies
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)
Some essential purposes of the Pharmacovigilance market research report:
- Vital Developments: Custom investigation provides critical improvements to the Pharmacovigilance market, including RD, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.
- Market Characteristics: The report contains Pharmacovigilance market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.
- Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Pharmacovigilance market by methods. Systematic tools and methodologies, for example, Porter’s Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Pharmacovigilance market.
- Convincingly, the Pharmacovigilance report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Pharmacovigilance market.
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