The global pharmacovigilance market size is estimated to worth USD 10.34 billion by 2026 from USD 5.32 billion in 2021, growing at a CAGR of 14.2% from 2021 to 2026.
The pharmacovigilance market is expected to be driven by the factors such as a rise in the prevalence of chronic diseases globally and a y-o-y increase in respiratory disorders and cardiovascular and primary diabetes. New drug development via increased extensive clinical trials further accelerates create market growth. Pharmacovigilance is the inevitable part of development procedures and drug delivery. Growing consumption of medicines by the patient population associated with greater expectations of drug safety is the primary factor for the pharmacovigilance market. The availability of advanced information technology platforms creates the global pharmacovigilance market. Besides growing incidence rates of adverse drug reactions and drug toxicity and outsourcing pharmacovigilance services is expected to drive the market growth. Lack of physical activities associated with the adoption of sedentary lifestyles is projected to propel the market growth. Demand for drug monitoring further creates market growth.
The consumption of pharmaceutical drugs is increasing rapidly due to the rise in the prevalence of chronic diseases. The market is expected to grow further, which is expected to create lucrative opportunities for drug companies, leading to pharmacovigilance growth. Constantly Increasing demand for drugs and the need for research and development activities for extensive clinical trials and effective therapeutics create substantial growth opportunities during the forecast period. PV services adopted to reduce costs and operational expenses are gaining popularity among pharma companies in developing countries. It is serving as an opportunity for research organizations to increase their share of revenues.
The significant challenges that are restraining the pharmacovigilance market are safety issues concerned with the drugs that smaller companies manufacture. Lack of detailed and necessary information regarding the drugs and unavailability of skilled employees also restrict the growth of the pharmacovigilance market. Additionally, the increased risk of data security that pharmacovigilance professionals can misuse is anticipated to hamper the market growth.
Impact of COVID-19 on the global pharmacovigilance market:
COVID-19 is an infectious disease which is caused by the most recent novel coronavirus. In March 2020, the world health organization announced covid-19 as the pandemic and emergence of healthcare. The emergence of the outbreak of covid-19 has shown a positive and negative impact on the pharmaceutical and life sciences industries.
The outbreak has positively impacted the pharmacovigilance market as the medical and scientific community works tirelessly to find a suitable treatment for COVID-19. Healthcare agencies worldwide are evaluating the impact of the emergence and assigning new guidelines on the management of clinical trials by pharmacovigilance and sponsored systems by MAH. It is mandatory to revise the instructions and adopt regulatory changes rapidly to reduce disruptions to clinical trials. It is important to establish robust safety solutions to deal with the unprecedented solution effectively.
Key health authorities, including the US FOOD and Drug Administration, UK medicines and Health regulatory authority (MHRA), have declared guidelines for delivering information and guidance on the performance of clinical trials and post-marketing surveillance during the COVID-19 Pandemic. The importance of having a robust business continuity plan, ensuring a global footprint in drug safety specialists, and efficient technology solutions have foregrounded during the COVID-19 pandemic period.
Market Size Available
2020 to 2026
2021 to 2026
By Clinical Trial Phase, Service Provider, Method and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Boehringer Ingelheim, Accenture, Bristol-Myers Squibb, Covance, ICON, PAREXEL, Quintiles, United BioSource, Synowlwedge, and Cognizant Technology Solutions Corporation.
This research report on the global pharmacovigilance market has been categorized into clinical trials and service providers.
Pharmacovigilance Market – By Clinical Trial Phase:
Based on the clinical trial phase, the Phase IV segment, also known as the post-marketing clinical trial segment, leads the global market. The clinical trials and unidentified adverse effects are detected in phase IV by collecting large amounts of relevant data. The drugs are tested intensively on a large group of patients after the commercialization of drugs. Phase III segment is likely to expand during the estimated forecast period. These trials also provide data regarding drug safety, drug interactions, and effectiveness and help institute drugs' efficacy.
Pharmacovigilance Market – By Service provider:
The contract outsourcing segment had contributed a significant share to the recent past market based on the service provider. It is the fastest-growing segment among the service providers during the forecast period. Contract outsourcing simplifies complex clinical trials and helps in reducing the approval time of trials. Fixed costs can be reduced along with high flexibility and risk mitigation by the implementation of outsourcing; these benefits are fueling the growth of the pharmacovigilance market.
Pharmacovigilance Market – By Method:
Based on the method, Spontaneous reporting is dominating the market. It has contributed a significant share in the recent past. It is expected to grow further during the forecast period owing to the factors such as the increasing number of applications for detecting errors and adverse effects that are related to the clinical events. It is an inexpensive and efficient method. The cohort event monitoring segment is growing rapidly due to integrating data mining systems and statistical tools with cohort event monitoring.
Pharmacovigilance Market – By End User:
The hospital's segment is dominating the pharmacovigilance market concerning end-users. Rise in rate of medication errors and frequency of ADRs, increasing need for risk analysis associated with ADRs are the factors that propel the growth of the hospital's segment and are expected to further expand during the forecast period.
Pharmacovigilance Market – By Region:
Geographically, North America is leading the global market due to the growth catalyzing factors like cause of death due to adverse drug reactions, increasing focus of key players in the region on the research and development activities leading to rising clinical trials, escalation in drug production. The Pharmacovigilance market is expected to grow exponentially in the Asia Pacific and is likely to record a CAGR of 15.1% during the forecast period owing to the factors such as increasing awareness among patients, presence of leading outsourcing organizations, increasing investments due to favorable government initiatives, high productivity and cost management.
KEY MARKET PARTICIPANTS:
Noteworthy companies in the global pharmacovigilance market profiled in this report are Boehringer Ingelheim, Accenture, Bristol-Myers Squibb, Covance, ICON, PAREXEL, Quintiles, United BioSource, Synowlwedge, and Cognizant Technology Solutions Corporation.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Clinical trial phase
5.1.3 Phase I
5.1.4 Phase II
5.1.5 Phase III
5.1.6 Phase IV
5.1.7 Y-o-Y Growth Analysis, By Clinical trial phase
5.1.8 Market Attractiveness Analysis, By Clinical trial phase
5.1.9 Market Share Analysis, By Clinical trial phase
5.2 Service provider
5.2.3 Contract outsourcing
5.2.4 Y-o-Y Growth Analysis, By Service provider
5.2.5 Market Attractiveness Analysis, By Service provider
5.2.6 Market Share Analysis, By Service provider
5.3.1 Spontaneous Reporting
5.3.2 Intensified ADR Reporting
5.3.3 Targeted Spontaneous Reporting
5.3.4 Cohort Event Monitoring
5.3.5 EHR Mining
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Clinical trial phase
126.96.36.199 By Service provider
188.8.131.52 By Method
6.1.4 Market Attractiveness Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Clinical trial phase
18.104.22.168 By Service provider
22.214.171.124 By Method
6.1.5 Market Share Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Clinical trial phase
184.108.40.206 By Service provider
220.127.116.11 By Method
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Boehringer Ingelheim
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.3 Bristol-Myers Squibb
8.8 United BioSource
8.10 Cognizant Technology Solutions Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures