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 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.
Industry Definition and Application:
Pharmacovigilance (PV) refers to the pharmacological science dealing with the assessment, detection and prevention of unfavorable effects associated with pharmaceutical products. It plays a crucial role in identifying previously unknown adverse effects, recognizing changes in the severity or frequency, and assessing the risks and benefits of drugs to ascertain required actions. PV also certifies the accuracy of communicated information to patients and healthcare professionals. As a result, it is widely used to understand the effects of drugs on individuals worldwide.
Market Trends:
The growing incidences of lifestyle diseases, such as diabetes, hypertension, cardiac disorders, etc., have resulted in the growing consumption of drugs. This, along with the rising cases of adverse drug reactions (ADRs), is primarily driving the market growth. Additionally, the sudden outbreak of COVID-19 has resulted in the urgent need for a vaccine, which has created numerous opportunities for the market players. Moreover, several key manufacturers are introducing advanced platforms to ensure automated ADR reporting, thereby further contributing to the market growth. Besides this, various pharmaceutical manufacturers are increasingly outsourcing pharmacovigilance operations to third parties in order to increase internal resource flexibility and enhance productivity over shorter periods.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- 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.
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Service Provider:
- In-house
- Contract Outsourcing
Breakup by Product Life Cycle:
- Pre-clinical
- Phase I
- Phase II
- Phase III
- Phase IV
Breakup by Type:
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
Breakup by Process Flow:
- Case Data ManagementCase Logging
- Case Data Analysis
- Medical Reviewing and Reporting
- Signal DetectionAdverse Event Logging
- Adverse Event Analysis
- Adverse Event Review and Reporting
- Risk Management SystemRisk Evaluation System
- Risk Mitigation System
Breakup by Therapeutic Area:
- Oncology
- Neurology
- Cardiology
- Respiratory Systems
- Others
Breakup by End Use:
- Pharmaceuticals Companies
- Biotechnology Companies
- Medical Device Companies
- Others
Breakup by Region:
- 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
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