The latest report by IMARC Group, titled “Pharmacovigilance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. offers a comprehensive analysis of the industry, which comprises insights on the global pharmacovigilance market research. The global market size reached US$ 7.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8.4% during 2023-2028.
Pharmacovigilance (PV) is a critical component of the pharmaceutical and healthcare industries that focuses on the systematic monitoring, detection, assessment, and prevention of adverse effects or any other problems related to pharmaceutical products, including drugs, vaccines, and medical devices once they are in the market and used by patients. It ensures the safety and efficacy of these products throughout their lifecycle. It involves the collection and evaluation of adverse event reports from healthcare professionals, patients, and consumers, which is essential in identifying potential safety concerns. Additionally, pharmacovigilance experts analyze the collected data to identify signals or patterns that may suggest a previously unrecognized safety issue, which involves statistical analyses and data mining techniques to detect potential risks associated with a particular drug or medical device. Consequently, pharmacovigilance professionals assess the identified risks by considering factors such as the severity and frequency of adverse events, which helps determine the appropriate regulatory actions, including labeling updates, restrictions, or even product recalls.
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Pharmacovigilance Market Trends and Drivers:
The pharmacovigilance market is primarily driven by the growing pharmaceutical and healthcare sectors. Pharmacovigilance, which involves the monitoring, assessment, and reporting of adverse drug reactions (ADRs) and the safety of pharmaceutical products, is essential in ensuring the well-being of patients and the effectiveness of medications. In addition, the drug development process, with the emergence of novel therapies, biologics, and personalized medicines with unique safety concerns, requires comprehensive pharmacovigilance efforts, influencing market growth. Also, regulatory agencies require thorough safety assessments throughout a drug’s lifecycle, from pre-clinical trials to post-marketing surveillance, which is escalating the demand for pharmacovigilance services, augmenting the market growth. Along with this, the prevalence of chronic ailments led to an increased volume of pharmaceutical products being developed and marketed, and the growing global healthcare expenditure, driven by the geriatric population, is further propelling the market growth. Furthermore, the widespread adoption of advanced technologies, such as artificial intelligence (AI) and data analytics, is transforming pharmacovigilance practices, which enable more efficient signal detection, data analysis, and automation of routine tasks, making pharmacovigilance processes faster and more accurate, thus creating a positive market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
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 Management
- Case Logging
- Case Data Analysis
- Medical Reviewing and Reporting
- Signal Detection
- Adverse Event Logging
- Adverse Event Analysis
- Adverse Event Review and Reporting
- Risk Management System
- Risk 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
Market 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
Competitive Landscape with Key Player:
- 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.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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