According to the latest report by IMARC Group “Pharmacovigilance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global pharmacovigilance market report reached a value of US$ 6.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$11.8 Billion by 2027, exhibiting a CAGR of 10.5% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Industry Definition and Application:
Pharmacovigilance (PV), also known as drug safety, refers to the science and activities involving the detection, assessment, understanding, and prevention of harmful effects and any other drug-related problems. It involves medicines and vaccines that undergo rigorous testing for safety and efficacy through clinical trials before they are authorized for use. It assists in creating, classifying, and reviewing PV data and creating more knowledge and awareness among healthcare professionals, patients, and the public. It also aids in understanding the effects of drugs on individuals. It can be tested clinically, epidemiologically, and experimentally to reproduce an adverse effect in animals and better understand the mechanism involved for human protection and diagnosis.
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Pharmacovigilance Market Trends:
The increasing occurrences of adverse drug reactions (ADRs) and drug toxicity on account of the rising frequency of lifestyle disorders, such as hypertension, diabetes, cancer, and cardiovascular disease (CVD), is resulting in the growing consumption of drugs. This represents one of the major factors positively influencing the demand for PV around the world. The demand of PV is also rising due to sedentary lifestyles, lack of physical activity, changing lifestyle patterns, and poor diets of individuals. In addition, the expanding number of airborne diseases on account of the rising air pollution levels is resulting in the growing utilization of PV. This, in confluence with the escalating demand for safe drugs and medicines, is bolstering the market growth. The rising aging population, which is more prone to these health ailments, is also contributing to the market growth. In addition, the increasing number of clinical trials by pharmaceutical companies is favoring the market growth.
Apart from this, there is a rise in the adoption of PV software to maintain safety data, minimize costs, and deliver best-practice monitoring and reporting workflows. The software is incorporated with advanced technologies, such as artificial intelligence (AI), machine learning (ML), cloud-based solutions, and end-to-end drug development technology to improve compliance and product safety in PV, which is providing lucrative growth opportunities to leading players operating in the industry. Besides this, several pharmaceutical, biotechnological and medical device companies are outsourcing PV operations to contract research organizations (CROs) on account of the rising awareness about their associated benefits, such as improving internal resource flexibility and better outcomes over shorter periods. This, in turn, is creating a positive outlook for the market. Furthermore, governing agencies of numerous countries are considerably investing in research and development (R&D) projects and significant improvement in the healthcare infrastructure, which is projected to strengthen the growth of the market.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Service Provider:
- In-house
- Contract Outsourcing
- Pre-clinical
- Phase I
- Phase II
- Phase III
- Phase IV
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
- 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
- Oncology
- Neurology
- Cardiology
- Respiratory Systems
- Others
- Pharmaceuticals Companies
- Biotechnology Companies
- Medical Device Companies
- Others
- 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
- Accenture plc
- ArisGlobal LLC
- BioClinica Inc. (Cinven Partners LLP)
- Capgemini
- Cognizant
- International Business Machines Corporation
- ICON plc.
- IQVIA Inc.
- ITClinical
- Parexel International Corporation
- Wipro Limited
