Rising prevalence of chronic and lifestyle associated diseases, increasing investments in drug development, rapid technological advancements in the field of pharmacovigilance are key factors driving global market growth
The global pharmacovigilance market is expected to reach USD 17.01 Billion in 2028 and register a steady revenue CAGR of 13.1% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are increasing production of various drugs, rising investments in research development activities, and increasing number of clinical trials.
Increasing prevalence of cardiovascular diseases, cancer, respiratory, and neurological disorders has led to introduction of various drugs and medications. All drugs undergo vigorous testing through clinical trials for safety and efficacy of the drug before being authorized for utilization. Pharmacovigilance plays a vital role in clinical trials. It is a process of collecting, identifying, and monitoring adverse events, drug reactions, and potential risks and benefits of drugs and medications. Factors such as increasing pharmaceutical expenditure, rising need and consumption of drugs to treat various conditions, stringent regulatory guidelines for clinical trials, and increasing investments in research development activities are boosting global market revenue growth.
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The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.
Key companies operating in the market and profiled in the report include:
America Holdings, IBM Corporation, ArisGlobal, ICON plc., Capgemini, ITClinical, FMD KL, IQVIA, TAKE Solutions Ltd., Parexel International Corporation, BioClinica Inc., Wipro Ltd., United BioSource Corporation, Novartis, Sanofi S.A, ArisGlobal, and Ennov Solutions Inc.
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The Pharmacovigilance market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.
Segments Covered in the report
Type Outlook (Revenue, USD Billion; 2018-2028)
- Spontaneous Reporting
- Intensified Adverse Drug Reaction (ADR) Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Electronic Health Record (HER) Mining
Service Provider Outlook (Revenue, USD Billion; 2018-2028)
- Contract Outsourcing
Clinical Trial Phase Outlook (Revenue, USD Billion; 2018-2028)
- Phase I
- Phase II
- Phase III
- Phase IV
End Use Outlook (Revenue, USD Billion; 2018-2028)
- Research Organizations
- Pharmaceutical Companies
Key Regions Analyzed in the Report include:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Furthermore, it consists information about individual segment of the Pharmacovigilance market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.
Some key highlights of the report:
- Based on type, the cohort event monitoring is expected to account for largest revenue share over the forecast period owing to increasing cases of drug abuse and adverse drug reactions. Cohort event monitoring offers various advantages such as longitudinal health records, monitoring adverse effects in patients with specific medication, and detection and assessment of risk factors.
- Based on service providers, the contract outsourcing segment is expected to account for largest revenue share between 2021 and 2028. Robust revenue growth of the segment is attributed to increasing preference for outsourcing services, high spending by the pharmaceutical sector, increasing prevalence of adverse drug reactions, and rising demand for cost-effective drug safety monitoring services for better handling and compliance of large data volumes.
- Among the clinical trial phases, the phase IV segment is expected to account for a significantly large revenue share over the forecast period. Phase IV is a post marketing surveillance clinical trial phase that acts as a bonus drug safety method and assesses risks and benefits associated with the drugs.
- The hospital segment is expected to account for largest revenue share between 2021 and 2028 owing to increasing number of hospital admissions due to adverse drug effects, and increasing reporting of adverse drug effects by hospital pharmacists.
- The pharmacovigilance market in Asia Pacific is expected to register rapid revenue CAGR over the forecast period owing to factors such as increasing prevalence of chronic disorders, stringent regulations for reporting Adverse Drug Reactions (ADRs), rising adoption of outsourcing services, and constant investments in research development activities.
- North America accounted for largest revenue share in 2020 and is expected to maintain its leading position between 2021 and 2028. This can be attributed to factors such as large patient pool, increasing preference for outsourcing pharmacovigilance, presence of leading pharmaceutical and biotechnology companies, and high reporting of drug abuse and drug toxicity. In addition, strict pharmacovigilance guidelines, increasing production of drugs, and rising number of drug trials are other factors fueling market growth in North America.
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