by The pharmacovigilance market is estimated to be valued at US$ 6.70 Bn in 2022 and is expected to exhibit a CAGR of 7.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pharmacovigilance refers to monitoring the safety of medicines to improve patient care and safety. It plays a key role in the development, authorization and monitoring of medicines. Increasing regulatory requirements globally mandating safety monitoring and reporting of adverse drug reactions is driving demand for pharmacovigilance services. For instance, in the US and Europe, increased regulatory oversight and safety guidelines have boosted the adoption of pharmacovigilance practices.
Market Dynamics:
Rising prevalence of chronic diseases globally is increasing thesales of medicines, bringing more drugs under safety monitoring purview,boosting marketgrowth.Furthermore, increasing outsourcing of pharmacovigilance services by pharmaceutical companies to specialized providers due to cost benefits and expertise is also fueling market expansion. Large pharmaceutical companies are outsourcing pharmacovigilance servicesespecially post marketing surveillance activities toContract Research Organizations to focus on their core business areas. Growing development of targeted therapiesand biologics has also increased safety profiling needs, acting as another key growth driver.
Segment Analysis:
The pharmacovigilance market is dominated by contract outsourcing segment. In recent years, owing to increasing regulatory requirements, complexities involved in drug safety monitoring and evaluation, various pharmaceutical companies and CROs are outsourcing their pharmacovigilance activities to specialized PV service providers. This is due to lack of adequate internal resources and expertise required for effective pharmacovigilance. Therefore, the contract outsourcing segment holds the major share of over 60% in the global pharmacovigilance market.
PEST Analysis
Political: Stringent safety regulations for drugs approval and management of adverse drug reactions by international regulatory bodies like FDA is driving the demand for effective pharmacovigilance.
Economic: Growing generics market and biosimilars development has increased the need for comprehensive pharmacovigilance programs to strengthen product safety portfolios of pharmaceutical firms.
Social: Increasing awareness about drug safety amongst patients and healthcare providers is prompting pharmaceutical sponsors to efficiently manage drug life cycle risks and ensure product safety.
Technological: Adoption of advanced technologies like AI and machine learning for signal detection, analytics of large structured and unstructured datasets helps improve timelines, quality, and cost of pharmacovigilance activities.
Key Takeaways
The global Pharmacovigilance Market Share is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period 2022-2030, due to increasing regulatory stringency requiring safety reporting and risk management throughout the product life cycle. Regionally, North America dominates currently with over 35% share due to concentration of leading drug makers and presence of experienced CROs. Asia Pacific region is anticipated to register highest CAGR owing to availability of lower-cost PV services, favorable government initiatives and rising generic drug development in countries such as India and China.
Key players operating in the Pharmacovigilance are Accenture Plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., GlaxoSmithKline, ICON, Plc, iGATE Corporation, Arriello, iMEDGlobal Corporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv Health Inc., APCER Life Sciences, ArisGlobal, and Johnson and Johnson. These players are focusing on expanding their capabilities and footprint in emerging markets through partnerships and acquisitions to gain extensive domain knowledge and expertise.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
