Pharmacovigilance market participants are expanding their services to include preclinical research, clinical trial stages I, II, III, and IV, which is projected to help the pharmacovigilance market flourish
In Asia Pacific, the market is likely to be driven by high need for stringent healthcare laws and rise in the number of clinical trials in place
The global pharmacovigilance market was worth around US$ 6.1 Bn in 2020 and the global market is estimated to attain valuation of US$ 11.5 Bn by 2028. The global pharmacovigilance market is likely to rise at a CAGR of 8.8% during the forecast period, from 2021 to 2028. Before being approved and recommended to patients, drugs and vaccines are required to undergo extensive testing in clinical trials to ensure their efficacy and safety. The rise in the prevalence of chronic and acute diseases has resulted in an increase in drug consumption, which has further led to rise in the number of adverse drug events and cases of drug toxicity. Pharmaceutical businesses are adopting pharmacovigilance at a faster rate, owing to increasing regulatory demands, more stringent inspection system, and immediate need for patient reporting.
Outsourcing is becoming increasingly popular in the pharmaceutical industry, notably in the domain of pharmacovigilance. Healthcare firms are reducing costs and operating expenses in a variety of ways. They are gradually migrating away from the fully integrated pharmaceutical company (FIPCO) model toward a model in which costs are shared through collaborations with providers of outsourcing services. Pharmacovigilance services outsourcing allows biopharmaceutical businesses to reduce cost, increase efficiency, and achieve better results in the short and long term. These benefits are likely to propel the global pharmacovigilance market in the years to come.
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Key Findings of Market Report
- Phase IV or post-marketing surveillance led the global pharmacovigilance market, and this trend is expected to persist during the forecast period. Majority of industry professionals considers the drug evaluation procedure for safety to be a top priority in the post-marketing (approval) phase. Over the next few years, the category is projected to be driven by rise in public safety concerns and more competition in the pharma market.
- The spontaneous reporting category is likely to lead the global pharmacovigilance market, with a leading market share. The most crucial step of post-marketing surveillance of medications is spontaneous adverse drug reporting, which is critical for the preservation of drug safety data.
- In 2020, the contract outsourcing segment led the global pharmacovigilance market, in terms of type of service. Such prominence of the segment is due to pharmaceutical companies’ emphasis on boosting profitability, improving drug safety, and lowering costs of drug development. The pharmacovigilance process can be outsourced, resulting in more efficient operations and safer medicines for patients.
- Due to the incorporation of Big Data analytics, artificial intelligence, and automation in pharmacovigilance services, North America held a large share of the global pharmacovigilance market in 2020. Existence of a well-established clinical research field and requirement for effective drug monitoring regulations are expected to boost the regional pharmacovigilance market during the forecast period.
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Pharmacovigilance Market: Growth Drivers
- Use of advanced data analytics and machine learning has resulted in a paradigm shift in drug risk assessment, optimal patient care, patient safety overview, and drug development. The performance of organizations offering pharmacovigilance services has been driven by artificial intelligence, automation, and analytics. Automation, artificial intelligence, and machine learning are all likely to cause a fundamental change in pharmacovigilance industry in the near future.
- The global pharmacovigilance market is predicted to be propelled by increase in the occurrence of adverse drug reactions as a result of the high rate of drug usage among people
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Global Pharmacovigilance Market: Key Players
Some of the key market players are
- Clinquest Group B.V.
- iMEDGlobal Corporation
- F. Hoffmann-La Roche Ltd
- Bristol-Myers Squibb
- Pharmaceutical Product Development, LLC. (PPD)
- Labcorp Drug Development
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Global Pharmacovigilance Market: Segmentation
Drug Development
- Preclinical Studies
- Phase I
- Phase II
- Phase III
- Phase IV or Post Marketing Surveillance
Type of Methods
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
Type of Service
- In-house
- Contract Outsourcing
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