The latest report by IMARC Group, titled “Pharmacovigilance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global pharmacovigilance market size reached US$ 6.7 Billion in 2021. Pharmacovigilance (PV) is the pharmacological science of studying the detection, assessment, and prevention of unfavorable effects of pharmaceutical medicines. It plays a critical role in identifying previously unknown ADR (adverse drug reactions) and drug toxicity, determining changes in frequency or severity, and assessing the risks and benefits of drugs to determine required actions. It also assures the accuracy of communicated information to healthcare professionals and patients. As a result, PV is widely used to comprehend the effects of drugs on individuals across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pharmacovigilance Market Trends:
The market is primarily driven by the rising prevalence of chronic diseases, such as diabetes, hypertension, oncological diseases, and cardiac disorders, resulting in the increasing consumption of drugs worldwide. In addition, the introduction of advanced platforms to ensure automated ADR reporting is contributing to market growth. Moreover, the sudden outbreak of coronavirus disease (COVID-19) and the consequent necessity for vaccination has also created several opportunities for the market players. This, coupled with the widespread adoption of new technologies in clinical research, such as the incorporation of virtual services in the clinical trial protocol, is augmenting the market growth. Besides this, leading companies are undertaking various initiatives to conduct clinical trials and generate awareness about the proper utilization of medicines, which is facilitating the market growth. Along with this, extensive research and development (R&D) activities conducted by major pharmaceutical and biotechnological companies to develop new drugs are providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 11.8 Billion by 2027, exhibiting a CAGR of 10.5% during the forecast period (2022-2027).
- Based on the service provider, the market has been bifurcated into in-house and contract outsourcing.
- On the basis of the product life cycle, the market has been classified into pre-clinical, phase l, phase ll, phase lll, and phase lV.
- Based on the type, the market has been segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining.
- On the basis of the process flow, the market has been divided into case data management (case logging, case data analysis, medical reviewing and reporting), single detection (adverse event logging, adverse event analysis, adverse event review, and reporting), risk management system (risk evaluation system, and risk mitigation system)
- Based on the therapeutic area, the market has been segregated into oncology, neurology, cardiology, respiratory systems, and others.
- On the basis of the end use, the market has been segmented into pharmaceutical, biotechnology, medical device and other companies.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with some of the key players being Accenture plc, ArisGlobal LLC, BioClinica Inc. (Cinven Partners LLP), Capgemini SE, Cognizant, International Business Machines Corporation, ICON plc., IQVIA Inc., ITClinical, Parexel International Corporation, and Wipro Limited.
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