Pharmacovigilance Market Share, Size, Growth, Opportunity and Forecast 2021-2026

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Pharmacovigilance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global pharmacovigilance market grew at a CAGR of around 10% during 2015-2020. Pharmacovigilance (PV) is the pharmacological science concerning the detection, assessment, understanding and prevention of unfavorable effects with pharmaceutical products. It plays a pivotal role in identifying previously unknown adverse effects, recognizing changes in the frequency or severity, and assessing the risks and benefits of drugs to determine required actions. It also ensures the accuracy of communicated information to healthcare professionals and patients. At present, PV is widely used to understand the effects of drugs on individuals worldwide.

The increasing prevalence of lifestyle diseases, such as hypertension, diabetes, and cardiac disorders, has resulted in the rising consumption of drugs worldwide. This, in confluence with the growing incidences of adverse drug reactions (ADRs), represents one of the key factors driving the global pharmacovigilance market. Besides this, the key players are introducing advanced platforms to ensure automated ADR reporting, which is contributing to the market growth. They are also focusing on improving the manufacturing operations and streamlining research and development (R&D) on account of a competitive environment. Furthermore, leading pharmaceutical companies are undertaking numerous initiatives to conduct clinical trials and generate awareness about the proper utilization of medicines. This, in turn, is facilitating the growth of the pharmacovigilance market. Additionally, the coronavirus disease (COVID-19) outbreak has resulted in the urgent need for a vaccine, which has created numerous opportunities for the market players. Apart from this, pharmaceutical manufacturers are shifting towards outsourcing pharmacovigilance operations to third parties on account of the associated benefits, such as increasing internal resource flexibility and better outcomes over shorter periods. Looking forward, IMARC Group expects the global pharmacovigilance market to exhibit strong growth during the next five years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global pharmacovigilance market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, service provider, product life cycle, type, process flow, therapeutic area and end use.

Breakup by Service Provider:

In-house
Contract Outsourcing

Breakup by Product Life Cycle:

Pre-clinical
Phase I
Phase II
Phase III
Phase IV

Breakup by Type:

Spontaneous Reporting
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
EHR Mining

Breakup by Process Flow:

Case Data Management
- Case Logging
- Case Data Analysis
- Medical Reviewing and Reporting
Signal Detection
- Adverse Event Logging
- Adverse Event Analysis
- Adverse Event Review and Reporting
Risk Management System
- Risk Evaluation System
- Risk Mitigation System

Breakup by Therapeutic Area:

Oncology
Neurology
Cardiology
Respiratory Systems
Others

Breakup by End Use:

Pharmaceuticals Companies
Biotechnology Companies
Medical Device Companies
Others

Breakup by Region:

North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, ArisGlobal LLC, BioClinica Inc. (Cinven Partners LLP), Capgemini, Cognizant, International Business Machines Corporation, ICON plc., IQVIA Inc., ITClinical, Parexel International Corporation and Wipro Limited.

Key Questions Answered in This Report:

How has the global pharmacovigilance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global pharmacovigilance market?
What are the key regional markets?
What is the breakup of the market based on the service provider?
What is the breakup of the market based on the product life cycle?
What is the breakup of the market based on the type?
What is the breakup of the market based on the process flow?
What is the breakup of the market based on the therapeutic area?
What is the breakup of the market based on the end use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global pharmacovigilance market and who are the key players?
What is the degree of competition in the industry?