Pharmacovigilance Market Scope
Market Research Future (MRFR) pharmacovigilance market trends report has estimated the industry size to be worth USD 6.52 billion in 2022 and is anticipated to rise to USD 15.86 billion by 2032, from USD 7.23 billion in 2023, with a compound annual growth rate (CAGR) of 8.6% over the forecast period (2023-2032).
Drivers and Restrains Impacting Pharmacovigilance Market Growth
Pharmacovigilance supports the safe and appropriate use of drugs and contribute to the identification of risk factors involved in the development and administration of adverse drug reactions (ADR). The need to for detecting unknown ADR is expected to support the growth of the pharmacovigilance market in the near future. The expansion of the pharmacovigilance market can also be attributed to the presence of well-established players involved in the design, development, and launching of products with strategic collaborations to strengthen their global presence. For instance, Accenture, an Ireland-based MNC service provider and consulting company, launched INTENT to enhance the continuity and flow of data across different life sciences enterprises that can supporting the delivery of effective treatments for patients.
Segment Analysis of Pharmacovigilance Market
The segment analysis of the global market of pharmacovigilance is done on the basis of clinical trial phase, end-user, service provider, and type.
The clinical trial phase-based segments of the of pharmacovigilance market are phase IV, phase II, phase III, pre-clinical, and phase I. The segment of Phase IV is expected to churn-up considerable revenue for the pharmacovigilance market owing to adverse drug reactions that can be detected in this phase. The segment of the phase III is likely to expand at high pace over the review tenure.
The service provider-based segments of the global market of pharmacovigilance market are contract outsourcing and in-house. The segment of contract outsourcing can acquire high revenue in the near future. The rise of the pharmacovigilance market can be attributed to the increase in number of contract manufacturing dedicated to serve multiple customers, acquiring raw materials at affordable prices to allow economic benefits.
The type-based segments of the global market of pharmacovigilance are spontaneous reporting, intensified ADR reporting, cohort event monitoring, EHR mining, and targeted spontaneous reporting. The segment of spontaneous reporting can hold the highest share of the global market owing to its passive approach to pharmacovigilance and its reliance on the motivation of patients to report suspected ADRs to any national or local pharmacovigilance center.
The end-user-based segments of the global pharmacovigilance market are hospitals, pharmaceutical companies, and research organizations among others. The segment of hospitals is expected to contribute considerably to the market upsurge owing to rise in number of hospital admissions from ADRs.
Regional Analysis of Pharmacovigilance Market
The market of pharmacovigilance is studied for key regions; the Americas, Europe, Asia Pacific, and the Middle East Asia and Africa to gain regional insights into the market. In the Americas the pharmacovigilance market rise can be attributed to the high expense on pharmaceutical industry. The study of the pharmacovigilance market in the Americas is done for Latin America and North America. North America pharmacovigilance market is assessed for the US and Canada. In Europe, the study of the market of pharmacovigilance is done for the Eastern Europe and the Western Europe. The regional assessment of the Western European is done across the UK, Germany, Italy, France, and Spain, along with the rest of Western Europe. In the Asia Pacific, the market of pharmacovigilance is studied for Japan, China, Australia, and the other regions of Asia Pacific to learn about demographic and geographic factors that is expected to influence the regional market in the region. The increasing increasing prevalence of infection and chronic conditions in the regions of APAC that has resulted due to adverse reaction of drugs and other medication errors can contribute to the regional market expansion. Asia Pacific market can thrive owing to the gradual increase in research and development in the large number of research organizations that are present. In the Middle East Asia and Africa region, the market of pharmacovigilance is likely to rise at a steady pace.
Pharmacovigilance Market Key Players
Accenture (Ireland), BioClinica (US), ArisGlobal (US), Capgemini (France), Cognizant (US), IBM Corporation (US), Conquest Group BV (Netherlands), ICON PLC (Ireland), ITClinical (Portugal), IMEDGlobal (US), Laboratory Corporation of America Holdings (US), TAKE Solutions Ltd (India), United BioSource Corporation (US), PAREXEL International Corporation (US), and Wipro Ltd (India) are some reputed companies that are listed by MRFR pharmacovigilance market outlook report.
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