Pharmacovigilance Market Size 2022-2028- Increasing Incidence Of Adverse Drug Reactions And Increasing Investments In Research And Development Activities Are Factors Driving Global Market Growth
Increasing pharmaceutical spending, rising incidence of adverse drug reactions, and growing inclination towards outsourcing pharmacovigilance are key factors fueling global market growth
The global pharmacovigilance market is expected to reach USD 17.01 Billion in 2028 and register a steady revenue CAGR of 13.1% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are increasing prevalence of chronic conditions, rising investments in research & development activities, and technological advancements in pharmacovigilance services.
Increasing prevalence of chronic illnesses and various types of cancers is compelling various major pharmaceutical companies for developing and launching new medicines and drugs. These drugs undergo clinical trials for evaluating drug efficacy and safety. Pharmacovigilance, also known as drug safety, is a process related to collection, detection, monitoring, and prevention of adverse reactions of drugs and medicines, and plays a vital role in identifying adverse drug effects. Increasing incidence of adverse drug effects is leading to rising demand for outscoring pharmacovigilance, as it provides accurate information about potential benefits and threats of the drug to healthcare professionals as well as patients. Factors such as technological advancements in pharmacovigilance field, increasing investments in drug development and rapid increase in the production of various drugs and medicines are driving global market growth. In addition, various market players are focusing on developed platforms for automation of Adverse Drug Reaction (ADR) reporting and streamlining manufacturing operations which is supporting market revenue growth.
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However, factors such as high risks of data leakage and concerns with data security, and misreporting of adverse events are factors that could hamper market growth during the forecast period. In addition, shortage of skilled professionals to handle excess workload and high investments required for maintaining compliance levels are factors that can restrain the global pharmacovigilance market growth to some extent.
Some key highlights of the report:
- Based on type, the spontaneous reporting segment is expected to account for largest revenue share over the forecast period. High revenue growth of the segment is attributed to factors such as increasing cases of adverse drug reactions and drug toxicity, rising demand for cost-effective reporting methods, and high usage of spontaneous reporting for detecting novel, and rare ADRs.
- Based on service providers, the contract outsourcing segment is expected to account for significantly large revenue share between 2021 and 2028. Increasing adoption of outsourcing services, rising demand for affordable drug safety monitoring and increasing inclination of pharmaceutical companies towards outsourcing pharmacovigilance to third party organizations for handling large data volumes are key factors driving revenue growth of the segment.
- Among the end use segments, the research organizations segment is expected to register rapid revenue CAGR over the forecast period owing to increasing prevalence of adverse drug reactions, rising focus on identifying and evaluating possible adverse effects, and ongoing research on developing enhanced pharmacovigilance services.
- North America is expected to account for largest revenue share over the forecast period owing to rising prevalence of adverse drug reactions, high mortality rate due to drug abuse, and increasing preference for outsourcing pharmacovigilance. In addition, increasing prevalence of chronic diseases, rising cancer cases, presence of well-developed healthcare infrastructure, increasing production of drugs, and rising number of clinical trials are expected to drive revenue growth of the market in the region.
- Asia Pacific market is expected to register fastest revenue CAGR of 13% during the forecast period owing to rising prevalence of chronic and lifestyle diseases, stringent regulatory guidelines for clinical trials, and increasing investments in research & development activities. In addition, increasing production of drugs and rising cases of drug toxicity and adverse drug reactions are driving revenue growth of the Asia Pacific market.
- Accenture, Linical Accelovance, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, ICON plc., Capgemini, ITClinical, FMD K&L, IQVIA, TAKE Solutions Ltd., Parexel International Corporation, BioClinica Inc., Wipro Ltd., United BioSource Corporation, Novartis, Sanofi S.A, ArisGlobal, and Ennov Solutions Inc., are companies profiled in the global market report.
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For the purpose of this report, Reports and Data has segmented the global pharmacovigilance Market on the basis of type, service provider, clinical trials, end use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Spontaneous Reporting
- Intensified Adverse Drug Reaction (ADR) Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Electronic Health Record (HER) Mining
Service Provider Outlook (Revenue, USD Billion; 2018-2028)
- Contract Outsourcing
Clinical Trial Phase Outlook (Revenue, USD Billion; 2018-2028)
- Phase I
- Phase II
- Phase III
- Phase IV
End Use Outlook (Revenue, USD Billion; 2018-2028)
- Research Organizations
- Pharmaceutical Companies
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Regional Outlook (Revenue, USD Billion, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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