Pharmacovigilance Market Size Worth USD 12.48 Billion by 2027

The global pharmacovigilance market is expected to be worth USD 12.48 Billion by 2027, according to a current analysis by Emergen Research. The pharmacovigilance market is likely to witness considerable growth in the years to come owing to the rising incidence of Adverse Drug Reactions (ADRs) and the stringency of regulations governing the safety of drugs. Furthermore, the increasing use of social media and patient-reported data in pharmacovigilance is expected to create new opportunities for market growth.

Pharmacovigilance is defined as the science and activities relating to the detection, assessment, understanding, and prevention of adverse effects or any other medicine-related problem. The primary purpose of pharmacovigilance is to protect the health and safety of patients taking medications. It helps in identifying previously undetected adverse reactions to medicines, along with minimizing the risk of these reactions.

A rise in demand for outsourcing services by small and medium-sized enterprises and the high cost of in-house development are driving the growth of the global pharmacovigilance market. In addition, a large number of clinical trials underway is also expected to spur market demand over the forecast period. Outsourcing is beneficial in enhancing the efficiency of the PV systems and also helps in regulatory compliance (FDA and EMA). Clinical data management, biostatistics, medical writing, and drug safety are some of the services that are outsourced by the pharmaceutical companies.

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In December 2019, UCB and Accenture (Ireland) announced a new strategic partnership to create the next generation Pharmacovigilance System. This system will be used to manage UCB’s global safety database and will help the company further strengthen its pharmacovigilance activities. The implementation of this system is expected to start in early 2020.

Some Key Highlights from the Report

• On the basis of type, the market is bifurcated into passive and active pharmacovigilance. The passive pharmacovigilance segment accounted for the largest share of the market in 2019 owing to the increasing number of reports of ADRs received from healthcare professionals.
• On the basis of service, the market is segmented into literature monitoring, adverse event case processing, risk management, and signal detection. The adverse event case processing segment is expected to grow at the fastest rate during the forecast period due to the increasing use of electronic health records (EHRs) and the need for efficient case processing.
• On the basis of application, the market is segmented into drug safety, clinical trials, and post-marketing surveillance. The drug safety segment accounted for the largest share of the market in 2019 owing to the increasing number of reports of ADRs and the stringent regulations governing drug safety.
• On the basis of end-use, the market is segmented into pharmaceutical and biotechnology companies, contract research organizations (CROs), and government agencies. The pharmaceutical and biotechnology companies segment is expected to grow at the fastest rate during the forecast period due to the increasing number of clinical trials and the need for pharmacovigilance services during the development of new drugs.
• The North American pharmacovigilance market is growing due to the rising prevalence of chronic diseases and the increasing number of clinical trials being conducted in the region. According to data published by the Centers for Disease Control and Prevention (CDC), in 2017, around 117.3 million adults in the United States were living with one or more chronic health conditions.
• Key players in market include ArisGlobal, Accenture, Cognizant, Capgemini, IBM Corporation, IQVIA, BoClinica Inc., Laboratory Corporation of America Holdings, Linical Accelovance, and ITClinical, among others.

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Emergen Research has segmented the global pharmacovigilance on the basis of type, service provider, clinical trial phase, end-users, and region:

Type Outlook (Revenue, USD Million; 2017-2027)

• Spontaneous Reporting
• Intensified Adverse Drug Reaction (ADR) Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring
• Electronic Health Record (HER) Mining

Service Provider Outlook (Revenue, USD Million; 2017-2027)

• In-House
• Contract Outsourcing

Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)

• Pre-Clinical
• Phase I
• Phase II
• Phase III
• Phase IV

End-Users Outlook (Revenue, USD Million; 2017-2027)

• Hospitals
• Research Organizations
• Others

Regional Outlook (Revenue, USD Billion; 2017-2027)

• • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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