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Global Pharmacovigilance Market Projected to Reach USD 12.38 Billion by the 2026

22-Mar-2021 | Facts and Factors

As per the report published by Facts & Factors, the global Pharmacovigilance market was estimated at USD 5.68 Billion in 2019 and is expected to hit USD 12.38 Billion by the end of 2026, expanding at CAGR by 11.5% between 2020 and 2026.

The science and practices engaged in the identification, interpretation, evaluation, and preference of adverse drug effects or other issues relating to drug surveillance shall be Pharmacovigilance. The unintended and unwelcome effect of a medication that arises during therapeutic use is the adverse medical reaction (ADR). The increasing number of ADRs is a big issue for Pharmacovigilance and will lead over the projected timeframe to a considerable rise in demand for clinical data management services. The NCBI notes that the number of deaths attributed to ADRs increased almost twice in 2014, leading to more increases in hospitalizations. The growing need for ongoing drug monitoring for reliable ADR monitoring would provide a number of opportunities for business development.

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Due to and a number of adverse drug reactions, secondary effects combined with potentially threatened users, the pharmaceutical industries have seen extraordinary changes. A number of public health safety acts preceded the introduction of pharmacovigilance in developing countries in the earlier 1970s, including the US and UK. The growing number of drugmakers and global harmonization practices will help support industry developments.

Increasing acceptance and adoption of outsourcing services by healthcare companies is driving the market

Growing recognition and implementation by healthcare firms of outsourcing services would stimulate demand growth for pharmacovigilance in the years to come. The risk of overhead expenses for companies and usage of pharmacovigilance services is reduced. Outsourcing strategies enhance cost savings by reducing manufacturing firms' resource pressure. In future years, the optimistic change in trends in outsourcing pharmacovigilance due to rising advantages will lead to market growth.

In the near future, increased demand for customized drugs would encourage market growth. Personalized medication innovations would provide the industry with growth opportunities in order to improve and measure the costs and advantages of personalized drugs. Rising advances in targeted medicines such as the emergence of new clinical trial steps would further fuel pharmacovigilance demand in the coming years.

North America region is projected to be dominating in Pharmacovigilance market

The pharmacovigilance industry is largely dominated by North America and is predicted to continue for a few more years. The pharmacovigilance framework in the United States is changing from a passive to a positive position of healthcare systems due to the change of high expense of in-house pharmacovigilance practices against CROs. According to the study released in March 2020 by the Institute of Medicine, almost 98,000 Americans died last year because of prescription errors. Annual mortality estimates for patients have since gradually increased to 440,000 lives, making medicine errors the third leading cause of death in the world. Therefore, it is essential to reinforce the need to amend existing protocols for rapid coordination between health care services and the FDA.

Browse the full“Pharmacovigilance Market By Service Provider (In-house, and Contract Outsourcing), By Product Life Cycle (Pre-clinical, Phase I, Phase II, Phase III, and Phase IV), By Type (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, and EHR Mining), By Process Flow (Case Data Management, Signal Detection, and Risk Management System), By Therapeutic Area (Oncology, Neurology, Cardiology, Respiratory Systems, and Others), and By End-user (Pharmaceuticals, Biotechnology Companies, Medical Device Manufacturers, and Others)Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/pharmacovigilance-market

Global Pharmacovigilance Market: Competitive Players

Some of the key players in the Pharmacovigilance Market are Wipro Ltd, United BioSource Corporation, PAREXEL International Corporation, TAKE Solutions Ltd., Linical Accelovance, ITClinical, IQVIA, ICON PLC, IBM Corporation, Foresight Group International AG, FMD K&L Inc., Cognizant, Capgemini, BioClinica, ArisGlobal, Accenture, and Others.

The global Pharmacovigilance Market is segmented as follows:

By Service Provider:

  • In-house
  • Contract Outsourcing

By Product Life Cycle:

  • Pre-clinical
  • Phase I
  • Phase II
  • Phase III
  • Phase IV

By Type:

  • Spontaneous Reporting
  • Intensified ADR Reporting
  • Targeted Spontaneous Reporting
  • Cohort Event Monitoring
  • EHR Mining

By Process Flow:

  • Case Data Management
    • Case Logging
    • Case Data Analysis
    • Medical Reviewing & Reporting
  • Signal Detection
    • Adverse Event Logging
    • Adverse Event Analysis
    • Adverse Event Review & Reporting
  • Risk Management System
    • Risk Evaluation System
    • Risk Mitigation System

By Therapeutic Area:

  • Oncology
  • Neurology
  • Cardiology
  • Respiratory Systems
  • Others

By End-user:

  • Pharmaceuticals
  • Biotechnology Companies
  • Medical Device Manufacturers
  • Others

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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