Pharmacovigilance Market – Industry Analysis and Forecast (2023-2029)

Pharmacovigilance Market is anticipated to reach US$ 16.86 Bn .by 2029 from US$ 7.86 Bn. in 2022 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).To know about the Research Methodology :- Request Free Sample 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 2022, 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 2022. 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 2022, 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 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 2029. 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 2029. 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 2029. 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.
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Pharmacovigilance Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 7.86 Bn.


Forecast Period 2023 to 2029 CAGR:
11.5 %
Market Size in 2029:
US $ 16.86  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
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Pharmacovigilance Market, Key Players
1. Umbra Global
2. United Biosource Corporation
3. Sparta Systems, Inc
4. Sarjen Systems Pvt. Ltd
5. Oracle Corporation.
6. Online Business Applications, Inc
7. Ennov
8. Extedo GMBH.
9. AB-Cube
10. Max Application
11. Relsys
12. ArisGlobal
13. 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 7.86 billion in 2022 and is projected to reach USD 16.86 billion by 2029, 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.