Pharmacovigilance Market Research Report - Forecast till 2027

Pharmacovigilance Market Research Report: By Clinical Trial Phase (Phase IV, Phase III, Phase II, Phase I, Pre-clinical), By Service Provider (In-house, Contract Outsourcing), By Type (Spontaneous Reporting, Cohort Event Monitoring, Intensified ADR Reporting, EHR Mining) and By End-User (Hospitals, Research Organizations, Pharmaceutical Companies)- Forecast to 2027

ID: MRFR/HC/6979-HCR | February 2021 | Region: Global | 111 pages

Pharmacovigilance Market Overview


In 2020, the global pharmacovigilance market value is registered as USD 10,881.03 Million and is expected to reach a significant growth rate of 14.1% CAGR with the pharmacovigilance market size of USD 14.95 billion during the forecast period (2021-2028).


Pharmacovigilance is a disciplined innovation in the pharmaceutical industry. This is the inevitable part of drug discovery and its developed procedures. It identifies the risk factors for the development of adverse drug reactions (ADRs) and pharmacovigilance pharmacist provides safe and appropriate use of drugs. It also promotes the detection of previously unknown ADRs and their interactions with known ADRs. The growing incidence of various diseases like hypertension, cardiac disorders, and others is accelerating the market players to introduce the latest innovative and efficient drugs in the pharmacovigilance market. Globally, The International Society of Pharmacovigilance (ISoP) is predicted to facilitate the adoption and enhances the proper and safe usage of drugs.


COVID-19 Analysis:


The COVID-19 pandemic hammered the overall business sectors worldwide. This pandemic impacts businesses, communities, industries, the education sector, transportation, and lives across the globe. Various potential therapies are used to treat coronavirus infection, safety reporting and medical monitoring are needed for these therapies. The medicines like Remdesivir and other old drugs like hydroxychloroquine (HCQ) and Lopinavir are used for treating the coronavirus. Some of these medicines have chances of suspected ADRs are submitted to the individual case safety reports database. Even though pharmacovigilance is also impacted by the COVID-19 pandemic, due to its benefits it regains its market growth.


Market Dynamics:


Drivers:


The growing prevalence of chronic conditions is predicted to propel the growth of the market. The rising adoption of outsourcing services, increasing drug consumption, and drug development rates are boosting the market growth. The high spending by the pharmaceutical industry, increasing cases of adverse drug reactions (ADRs), and medication errors are accelerating the pharmacovigilance market growth. Rising awareness related to pharmacovigilance by non-profit organizations may increase market growth.


Patient expiration of branded drugs and a growing number of new drug developments are increasing the pharmacovigilance market growth. Increasing expenditure on oncology medicine and research, continuous demands for cancer drugs are escalating the demand for the pharmacovigilance market. Worldwide, Cancer is said to be the second leading cause of death. The IMS Institute for Healthcare Informatics report states that globally the oncology medicines spending was USD 107 billion in 2015 and by 2020 it increases by USD 150 billion.


Restraint:


Maintaining compliance levels is very expensive which is hindering the market growth.


Opportunities:


A growing number of fatalities due to ADRs is actively facilitating the growth. The growing advanced technologies may increase the growth of the market. One of the most popular key players Accenture introduced the advanced innovation INTENT that supports the delivery of ground-breaking treatments for patients. The government has been making efforts to improve the management of pharmacovigilance practices which may create an opportunity to propel the growth of the market.


Challenges:


The shortage of skilled healthcare professionals is a challenging factor of the market growth.


Study Objectives -


To provide detailed information about the pharmacovigilance guidelines market structure along with various forecast segments and sub-segments for the next 10 years.


To provide the factors that are affecting the growth of the pharmacovigilance global market value.


To analyze the pharmacovigilance market industry analysis based on porter’s five force analysis, factors-price analysis, supply chain analysis, etc.


To provide history and forecast revenue segments and sub-segments of the pharmacovigilance global market revenue for the main geographies.


To provide the country-level analysis of the current pharmacovigilance market size and future prospective. 


To provide country-level analysis of the pharmacovigilance global market industry growth by region, form, and application.


To provide a strategic profile of the prominent key players in the market, analyze their core competencies, and draw a global pharmacovigilance market growth landscape.


To track and analyze new product developments, strategic alliances, and global pharmacovigilance market research.


Segment Overview:


The global pharmacovigilance software market has been divided into segments based on clinical trial phase, service provider, type, end-user, and region.


Based on Clinical Trial Phase


By the clinical trial phase, the global pharmacovigilance market is classified into five types such as phase IV, phase III, phase II, phase I, and pre-clinical. Out of these phases, phase IV is holding the largest pharmacovigilance market as adverse drug reactions are majorly detected in this phase. Moreover, phase I is aiming to find the best dose of a new drug with very low side effects. This drug is tested for 15 to 30 patients.


Based on Service Provider


The global pharmacovigilance software market based on the service provider is bifurcated into two types as In-house and contract outsourcing. Out of these two, contract outsourcing is predicted to witness the fastest growth for serving multiple customers that can acquire raw materials at very low costs which benefits from the economies of scale. Having control over the complete process is the major benefit of in-house manufacturing. This segment has the potential to quickly advance and between design, product development, engineering, and production.


Based on Type


Based on the type, the global pharmacovigilance market analysis is categorized into five types such as coherent event monitoring, spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, EHR mining. Among them, spontaneous reporting is holding the largest market share as it acts as a passive approach. This reporting entirely relies on the motivation of individuals for reporting susceptible ADRs to local or national pharmacovigilance centers. Moreover, coherent event monitoring is expected to witness the fastest growth for monitoring adverse events in patients who receive particular medication and to assess causality.


Based on End-user


By the end-user, the global pharmacovigilance market is analyzed into three types like hospitals, research organizations, and pharmaceutical companies. Out of these, the hospital’s segment is dominating the largest market share for the rise in the number of hospital admissions due to ADRs. Research organizations are estimated to witness the fastest growth as increasing research funding to develop effective drugs. Pharmaceutical companies are introducing new products for effective treatment which boosts the market growth.


Based on Region


Region-wise, the global pharmacovigilance market is divided into four main geographies like Asia-Pacific, Europe, America, and the Middle East & Africa. Out of these regions, America is holding the largest market share due to the presence of major market players is strongly expanding the market.


Regional Analysis -


Geographically, the pharmacovigilance market is segmented into four major regions such as Asia-Pacific, Europe, America, and the Middle East & Africa.  Due to the presence of the major market players, America is leading the pharmacovigilance market share. One of the leading players, ArisGlobal introduced the new pharmacovigilance software and a drug safety platform to transcend all traditional safety data management and reporting processes.


Asia-Pacific is predicted to witness the fastest-growing region for its world’s largest population and fast-developing healthcare industry. Due to the factors like low labor costs, large-scale manufacturing capacities, low raw material costs, and low manufacturing costs, Asian countries like India and China continue to draw a significant amount of outsourcing work from developed countries. Europe is witnessing a significant share for the presence of the best healthcare services in the world. Growing healthcare expenditure is the major driving factor in this region. According to the report of the European Commission in 2017, the total government expenditure in the European Union accounts for 45.8% of the GDP, and the government expenditure on health was 7.0% GDP.


Competitive Landscape


The prominent key players in the pharmacovigilance market outlook are the following:



  • ArisGlobal (US)

  • Accenture (Ireland)

  • BioClinica (US)

  • Capgemini (France)

  • Clinquest Group BV (Netherlands)

  • Cognizant (US)

  • ICON plc. (Ireland)

  • IBM Corporation (US)

  • IMEDGlobal (US)

  • ITClinical (Portugal)

  • PAREXEL International Corporation (US)

  • Laboratory Corporation of America Holdings (US)

  • Wipro Ltd (India)

  • TAKE Solutions Ltd (India)

  • United BioSource Corporation(US)


Recent Developments


In December 2019, the two popular enterprises Accenture and UCB collaborated to increase data processing and improve patient safety and widens their businesses in their respective markets.


Report Overview:


This global pharmacovigilance reporting market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the pharmacovigilance market drivers, restraints, challenges, and opportunities. The pharmacovigilance global market forecast segments are service provider, type, end-user, clinical trial phase, and region.


Segmentation Table


Globally, the Pharmacovigilance market trends have been segmented into five types based on the clinical trial phase, service provider, type, end-user, and region.


By Clinical Trial Phase


Phase IV, phase III, phase II, phase I, and pre-clinical are the five phases of the pharmacovigilance market.


By Service Provider


In-house and contract outsourcing.


By Type


Coherent event monitoring, spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, EHR mining.


By End-user


Hospitals, research organizations, and pharmaceutical companies.


By Region


Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the Pharmacovigilance market.



Report Scope:
Report Attribute/Metric Details
  Market Size   2025: USD 10,881.03 Million
  CAGR   14.1% (2019-2025)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Clinical Trial Phase, Service Provider, Type and End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Accenture (Ireland), ArisGlobal (US), BioClinica (US), Capgemini (France), Clinquest Group BV (Netherlands), Cognizant (US), IBM Corporation (US), ICON plc. (Ireland), IMEDGlobal (US), ITClinical (Portugal), Laboratory Corporation of America Holdings (US), PAREXEL International Corporation (US), TAKE Solutions Ltd (India), United BioSource Corporation (US), Wipro Ltd (India)
  Key Market Opportunities   increasing number of fatalities due to ADRs is actively facilitating the growth
  Key Market Drivers

  • Increasing adoption of outsourcing services
  • Growing technological advancements
  • Rising expenditure on oncology medicine and research


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    Frequently Asked Questions (FAQ) :


    Pharmacovigilance is a relatively new discipline in the pharmaceutical industry. It supports the safe and appropriate use of drugs by identifying risk factors for the development of adverse drug reactions (ADRs), promoting the detection of previously unknown ADRs and their interactions with known ADRs. The increasing incidence of lifestyle diseases, such as hypertension, cardiac disorders, and others, is strongly motivating market players to introduce new efficient drugs in the market.

    The valuation of the global Pharmacovigilance market is estimated to reach USD 10,881.03 MN by 2025.

    The global Pharmacovigilance market is projected to grow at approximately 14.1% CAGR during the forecast period (2019-2025).

    North America holds the largest share in the global Pharmacovigilance market, followed by Europe and the Asia Pacific, respectively.

    ArisGlobal (US), Accenture (Ireland), BioClinica (US), Clinquest Group BV (Netherlands), Capgemini (France), Cognizant (US), ICON plc. (Ireland), IBM Corporation (US), IMEDGlobal (US), Laboratory Corporation of America Holdings (US), ITClinical (Portugal), PAREXEL International Corporation (US), United BioSource Corporation (US), TAKE Solutions Ltd (India), and Wipro Ltd (India), are some of the major players operating in the Pharmacovigilance market.



    This table of content is tentative and subject to change as the research progresses.

    Please Note:  Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.