Pharmacovigilance Market: Industry Analysis and Forecast 2021-2027: By Clinical Trial Phase, Type, Service Provider, End-User and Region

Pharmacovigilance Market is anticipated to reach US$ 12.16 Bn .by 2027 from US$ 6.33 Bn. in 2020 at a CAGR of 11.5% during a forecast period. Rising acceptance and usage of outsourcing services by healthcare firms is likely to boost the market growth. Furthermore, the increased popularity of outsourcing PV services due to cost savings is expected to fuel market growth throughout the forecast period. The growing danger of COVID-19 infection is having a positive impact on market growth. Because multiple possible medications are being tried to treat COVID-19-induced infection, medical monitoring and safety reporting are critical. COVID-19 infection is being treated with drugs including hydroxychloroquine (HCQ), Remdesivir, and Lopinavir/Ritonavir. The possibility of potential adverse drug reactions for some of these drugs has previously been reported to the Uppsala Monitoring Centre's case safety reporting database, VigiBase (UMC). Pharmacovigilance Market To know about the Research Methodology :- Request Free Sample Report In report, 2020 is considered a base year however 2020’s numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Pharmacovigilance Market Dynamics

Government laws governing drug administration, as well as an increase in the number of adverse events caused by medicine, are driving up demand for pharmacovigilance services, which in turn drives market growth. Increasing medical mistakes, expanding healthcare infrastructure, and increasing pharmaceutical output are all helping to reduce fatal ADR events and boost the pharmacovigilance market. Chronic diseases such as cancer, diabetes, and others are becoming more common, necessitating the development of more complex and effective pharmaceutical medications. Healthcare firms are constantly implementing pharmacovigilance services to reduce the risk of Adverse Medication Reactions (ADR) and drug toxicity. Furthermore, several consumer health protection measures in various countries are fuelling the market's growth. Pharmacovigilance is focused on detecting the risks associated with pharmaceutical goods and reducing the likelihood of patient damage. The program assists in identifying new safety problems as well as assessing existing dangers. It also aids in keeping track of a drug's benefit-to-risk ratio. Any change in the benefit-to-risk ratio is expected to modify the drug's safety profile. Artificial Intelligence (AI) approaches are poised to take over the healthcare pharmacovigilance operating market, thanks to advancements in the automation of mechanical operations. Cora Pharmacovigilance is a tool provided by Genpact, a worldwide digital transformation platform for industries, for gaining quality insights and analyzing, customizing, and alerting adverse occurrences, ultimately prioritizing patient safety. This technology can be integrated with leading systems using AI and machine learning operations because of its potential to deliver end-to-end pharmacovigilance services.

Pharmacovigilance Market Segmentation Analysis

By Clinical Trial Phase, in 2020, the phase IV or post-marketing clinical trial segment dominated the market, with 75.61 percent of the market share. These technologies provide as an extra layer of protection for medications in clinical studies. Phase IV is a critical step in clinical trials because it allows for the detection of unexpected adverse medication effects. As a result of thorough drug testing on large patient demographics of the highest significance following commercialization of the medicine, the data collected and reviewed during this stage is expected to be of the highest relevance. Over the forecast period, the phase III segment is expected to grow at a healthy rate. Phase III studies are used to assess and confirm a drug's effectiveness. Before a medicine is commercialised, these studies give further information about probable drug interactions, drug safety, and efficacy. Over the forecast period, the aforementioned factors are likely to boost revenue growth in the segment. By Service Provider, Contract outsourcing and in-house service providers are the two types of pharmacovigilance service providers. In-house service providers can account for about 43.3 percent of the pharmacovigilance market in terms of revenue by 2020. This is owing to the advantages of outsourcing, which include risk minimization, resource flexibility, fewer fixed costs, and cheaper upfront investments. Process design Standard Operating Procedure (SOP), PV audits, and other specialised services are provided by contract outsourcing firms. In-house pharmacovigilance is becoming more popular across the world. This is owing to the multiple worries about contract outsourcing services' trustworthiness, including data confidentiality and accountability, among other things. By End User, Hospitals had the largest revenue share in 2020, accounting for 42.63 percent. Hospitals firms outsource the pharmacovigilance process to avoid large upfront expenditures and fixed overhead costs, boost resource flexibility, and gain extra capacity. For small and medium-sized businesses, outsourcing pharmacovigilance is a cost-effective option. Pharmacovigilance Market 1

Pharmacovigilance Market Regional Insight

In the forecast period, APAC is the fastest-growing region in the Pharmacovigilance and Drug Safety Software Market, followed by North America and Europe. The pharmacovigilance market in North America is expected to increase at a 7.4% annual pace through 2027. One of the leading causes of morbidity and death is the rising rate of drug misuse and its related adverse drug responses. This is a high-growth rendering factor for the North American PV market. Major firms' increasing investment in innovative medication research is also expected to boost regional growth. As a consequence of the enormous volume of pharmaceuticals produced, the number of clinical studies and the demand for post-marketing surveillance has grown, adding to the regional market's overall growth. Furthermore, the region's advanced healthcare infrastructure, along with strict pharmacovigilance requirements, is expected to accelerate regional advancement. The Pharmacovigilance Market in APAC would be fuelled by an increase in research outsourcing by pharmaceutical giants and increased public and private expenditures in pharmaceutical R&D in emerging countries such as India and China. Due to strict healthcare laws across the region, Asia-Pacific now dominates the market and is expected to grow at the fastest rate until 2027. This can be ascribed to several variables, including an ever-increasing population, a high geriatric population, rising chronic illness incidence, and greater R&D spending. The Asia Pacific pharmacovigilance market is expected to grow at a CAGR of over 8% by the end of 2027. The region also has a big patient pool, increasing clinical studies. India and China, for example, have huge clinical research spaces and provide excellent potential for healthcare.

Report Objectives:

• Landscape analysis of the Pharmacovigilance Market • competitive benchmarking • Past and current status of the industry with the forecasted market size and trends • Evaluation of potential key players that include market leaders, followers, and new entrants • Technology trends • Potential impact of micro-economic factors of the market • External and Internal factors affecting market have been analyzed The report also helps in understanding the Pharmacovigilance Market dynamics, structure by analysing the market segments and project the Pharmacovigilance Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Pharmacovigilance Market make the report investor’s guide.

Pharmacovigilance Market Scope: Inquire before buying

Pharmacovigilance Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 6.33  Bn.
Forecast Period 2021 to 2027 CAGR: 11.5 % Market Size in 2027: US $ 12.16  Bn.
Segments Covered: by Clinical Trial Phase • 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 Service Provider • In-house • Contract Outsourcing
by End-User • Hospitals • Research Organizations • Industrial

Pharmacovigilance Market, by Region

• North America • Asia pacific • Europe • Middle East and Africa • South America

Pharmacovigilance Market Key Players

• Umbra Global • United Biosource Corporation • Sparta Systems, Inc • Sarjen Systems Pvt. Ltd • Oracle Corporation. • Online Business Applications, Inc • Ennov • Extedo GMBH. • AB-Cube • Max Application • Relsys • ArisGlobal • Umbra Global LLC

Frequently Asked Questions

1. What is the projected market size & growth rate of Pharmacovigilance Market? Ans- Pharmacovigilance Market was valued at USD 12.16 billion in 2020 and is projected to reach USD 6.33 billion by 2027, growing at a CAGR of 11.5% during the forecast period. 2. What are the key driving factor for the growth of Pharmacovigilance Market? Ans- Government laws governing drug administration, as well as an increase in the number of adverse events caused by medicine, are driving up demand for pharmacovigilance services, which in turn drives market growth. 3. Which Region accounted for the largest Pharmacovigilance Market share? Ans- In the forecast period, APAC is the fastest-growing region in the Pharmacovigilance and Drug Safety Software Market, followed by North America and Europe. 4. What makes Asia Pacific a Lucrative Market for Pharmacovigilance Market? Ans- the Pharmacovigilance Market in APAC would be fuelled by an increase in research outsourcing by pharmaceutical giants and increased public and private expenditures in pharmaceutical R&D in emerging countries such as India and China. 5. What are the top players operating in Pharmacovigilance Market? Ans- Umbra Global, United Biosource Corporation, Sparta Systems, Inc, Sarjen Systems Pvt. Ltd, Oracle Corporation., and Online Business Applications, Inc.
1. Global Pharmacovigilance Market: Research Methodology 2. Global Pharmacovigilance Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Pharmacovigilance Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Pharmacovigilance Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Pharmacovigilance Market Segmentation 4.1 Global Pharmacovigilance Market, By Clinical Trial Phase (2020-2027) • Pre-clinical • Phase I • Phase II • Phase III • Phase IV 4.2 Global Pharmacovigilance Market, By Type (2020-2027) • Spontaneous Reporting • Intensified ADR Reporting • Targeted Spontaneous Reporting • Cohort Event Monitoring • EHR Mining 4.3. European Pharmacovigilance Market, By Service Provider (2020-2027) • In-house • Contract Outsourcing 4.4. European Pharmacovigilance Market, By End User (2020-2027) • Hospitals • Research Organizations • Industrial 5. North America Pharmacovigilance Market (2020-2027) 5.1 North American Pharmacovigilance Market, By Clinical Trial Phase (2020-2027) • Pre-clinical • Phase I • Phase II • Phase III • Phase IV 5.2 North America Pharmacovigilance Market, By Type (2020-2027) • Spontaneous Reporting • Intensified ADR Reporting • Targeted Spontaneous Reporting • Cohort Event Monitoring • EHR Mining 5.3. European Pharmacovigilance Market, By Service Provider (2020-2027) • In-house • Contract Outsourcing 5.4. European Pharmacovigilance Market, By End User (2020-2027) • Hospitals • Research Organizations • Industrial 5.5. North America Pharmacovigilance Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Pharmacovigilance Market (2020-2027) 6.1. Asia Pacific Pharmacovigilance Market, By Clinical Trial Phase (2020-2027) 6.2. Asia Pacific Pharmacovigilance Market, By Type (2020-2027) 6.3. European Pharmacovigilance Market, By Service Provider (2020-2027) 6.4. European Pharmacovigilance Market, By End User (2020-2027) 6.5. Asia Pacific Pharmacovigilance Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Pharmacovigilance Market (2020-2027) 7.1. Middle East and Africa Pharmacovigilance Market, By Clinical Trial Phase (2020-2027) 7.2. Middle East and Africa Pharmacovigilance Market, By Type (2020-2027) 7.3. European Pharmacovigilance Market, By Service Provider (2020-2027) 11.5. European Pharmacovigilance Market, By End User (2020-2027) 7.5. Middle East and Africa Pharmacovigilance Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Pharmacovigilance Market (2020-2027) 8.1. Latin America Pharmacovigilance Market, By Clinical Trial Phase (2020-2027) 8.2. Latin America Pharmacovigilance Market, By Type (2020-2027) 8.3. European Pharmacovigilance Market, By Service Provider (2020-2027) 8.4. European Pharmacovigilance Market, By End User (2020-2027) 8.5 Latin America Pharmacovigilance Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Pharmacovigilance Market (2020-2027) 9.1. European Pharmacovigilance Market, By Clinical Trial Phase (2020-2027) 9.2. European Pharmacovigilance Market, By Type (2020-2027) 9.3. European Pharmacovigilance Market, By Service Provider (2020-2027) 9.4. European Pharmacovigilance Market, By End User (2020-2027) 9.5. European Pharmacovigilance Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. Umbra Global 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Umbra Global 10.3. United Biosource Corporation 10.4. Sparta Systems, Inc 10.5. Sarjen Systems Pvt. Ltd 10.6. Oracle Corporation. 10.7. Online Business Applications, Inc 10.8. Ennov 10.9. Extedo GMBH. 10.10. AB-Cube 10.11. Max Application 10.12. Relsys 10.13. ArisGlobal 10.14. Umbra Global LLC

About This Report

Report ID 39235
Category Healthcare
Published Date Dec 2019
Updated Date Nov 2021
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