Wilmington, Delaware, United States, April 27, 2023 (GLOBE NEWSWIRE) -- According to the recent study published by Transparency Market Research, the global pharmacovigilance market was estimated at a market value of USD 6.1 Bn in 2020. During the forecast years of 2021 to 2028, the market is expected to grow at a rate of 8.8% CAGR and finally reach USD 11.5 Bn by 2028.
The main drivers of this market's expansion include rising medication development and consumption rates, rising rates of adverse drug responses and drug toxicity, and a rising tendency of outsourcing various pharmacovigilance services.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 6.1 Bn in 2020 | |
| Market Value | USD 11.5 Bn by 2028 | |
| Growth Rate | 8.8% | |
| Forecast Period | 2021 - 2028 | |
| No. of Pages | 151 Pages | |
| Market Segmentation | By Drug Development, Type of Methods, and Type of Service | |
There is an increased need for drug monitoring due to the rising prevalence of lifestyle-related diseases like hypertension, diabetes, and cardiac disorders brought on by sedentary lifestyles, a lack of physical activity, shifting dietary habits, and unhealthy lifestyle choices, which is expected to drive the market's expansion. For example, according to IDF figures published in 2022, there were roughly 537 million individuals (20-79 years) worldwide who had diabetes in 2021, and this number is projected to rise to 643 million by 2030 and finally 783 million by 2050.
There is a significant need for enhanced manufacturing processes, pharmacovigilance, clinical information management, simplified R&D, and medical writing as a result of the market competition for the introduction of novel compounds. Outsourcing is increasingly being considered by manufacturers as a practical cost-control strategy. The flexibility of internal resources is increased by outsourcing, and timeliness and long- and short-term results are improved. Regulatory compliance, enhanced strategic choices, higher quality, and increased productivity all contribute to better pharmacovigilance.
Key Findings of the Market Report
- Global medicine consumption has increased as a result of a rise in the incidence of chronic diseases such as diabetes, oncological diseases, and cardiovascular as well as respiratory problems.
- The need for developing new medications through comprehensive clinical trials has grown.
- Pharmacovigilance (PV) is a necessary step in the process of finding new drugs and developing them.
- The need for PV services is anticipated to increase as adverse drug reactions (ADRs) become more common.
- Asia Pacific market for pharmacovigilance is anticipated to gain new heights during the forecast period
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Pharmacovigilance Market: Key Trends
- Spontaneous reporting retained the majority of the market in 2021 due to its widespread use in the identification of novel, severe, and uncommon ADRs. This section offers a quick and affordable solution. The extensive use of monitoring reports produced using this technology by the pharmaceutical industry and regulatory bodies is another factor in the segment's rapid expansion.
- Cohort Event Monitoring (CEM) became the second-largest category in 2021 due to its expanding use in the identification of a variety of adverse clinical events. The combination of CEM alongside statistical techniques and data mining platforms like longitudinal health records is what is driving this type's rising popularity. It functions as an active monitoring technique that may be applied to both new and old machines, thus propelling the growth.
Global Pharmacovigilance Market: Regional Outlook
- North America held the greatest revenue share in 2021 due to the existence of major pharmaceutical and medical device companies that contributed to the overall revenue in this area. One of the main causes of illness and mortality is the growing rate of drug addiction and related unfavorable drug responses. This has a significant growth rendering effect on the North American market.
- Asia Pacific is anticipated to see a profitable CAGR throughout the projection period due to the abundance of outsourcing companies. In the upcoming years, it is projected that increased productivity, cost effectiveness, and resource sharing will fuel regional demand for pharmacovigilance.
Global Pharmacovigilance Market: Key Players
- Accenture
- Bristol-Myers Squibb
- Cognizant
- Clinquest Group BV
- Laboratory Corporation of America Holdings
- IBM Corporation
- Labcorp Drug Development
- ArisGlobal
- ICON plc.
- F.Hoffmann La Roche Ltd.
- Capgemini
- ITClinical
- GlaxoSmithKline PLC
- FMD K&L
- TAKE Solutions Ltd.
- IQVIA
- PAREXEL International Corporation
- Wipro Ltd.
- BioClinica Inc.
- United BioSource Corporation
Some developments by the key players in the global market for pharmacovigilance are:
- Cognizant and Medable Inc. engaged into a cooperation in February 2022 in order to jointly supply clinical research solutions built around Medable's software-as-a-service platform for decentralized clinical trials.
- Viedoc and LINK Medical agreed into a collaboration in February 2022 in order to increase trial effectiveness for LINK Medical and its clients. The collaboration enables ongoing exchanges of knowledge, demands, and suggestions as well as the trialing of novel features.
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Global Pharmacovigilance Market Segmentation
By Drug Development
- Preclinical Studies
- Phase I
- Phase II
- Phase III
- Phase IV or Post Marketing Surveillance
By Types of Methods
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
By Types of Services
- In-house
- Contract Outsourcing
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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