According to Emergen Research, the global pharmacovigilance market size was USD 4,820.5 million in 2019 and is expected to reach USD 12.48 billion in 2027 and register a revenue CAGR of 12.5% during the forecast period, 2020-2027.
Emergen Research has published its latest report titled, “Pharmacovigilance Market By Type (Spontaneous Reporting, Intensified Adverse Drug Reaction (ADR) Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, Electronic Health Record (EHR) Mining), By Service Provider (In-House, Contract Outsourcing), By Clinical Trial Phase Pre-Clinical, Phase I, Phase II, Phase III, Phase IV), By End Use, and By Region, Forecasts to 2027”
According to Emergen Research, the global pharmacovigilance market size was USD 4,820.5 million in 2019 and is expected to reach USD 12.48 billion in 2027 and register a revenue CAGR of 12.5% during the forecast period, 2020-2027.
Market Dynamics:
Over the recent years, there has been a sudden surge in demand for novel drugs owing to increasing prevalence of various chronic and lifestyle-associated diseases such as cancer, neurological diseases, respiratory diseases, cardiovascular disorders, and cancer. However, this has also led to an increase in drug abuse and adverse drug reactions. Pharmacovigilance, also known as drug safety is the science and activities related to collection, detection, understanding, monitoring, and prevention of adverse drug effects or other drug-related problems. The primary aim of pharmacovigilance is to identify adverse drug effects not reported before in order to improve patient outcomes and lower the risk of side effects.
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Key factors such as increasing public awareness and demand for safer medications, increasing government initiatives to promote pharmacovigilance and high drug consumption rate across the globe are expected to fuel global market revenue growth. In addition, rising demand for personalized medicines, increasing adoption of pharmacovigilance outsourcing, and rising drug development activities and clinical trials across the globe are expected to fuel market growth during the forecast period.
However, dearth of skilled professionals to handle large data, lack of public awareness regarding adverse effects especially in the developing countries, and rising risks of data security are key factors expected to restrain global market growth to a certain extent going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Targeted Spontaneous Reporting Segment to Register Steady Revenue Growth:
The targeted spontaneous reporting segment is expected to register a steady revenue growth during the forecast period owing to growing inclination towards outsourcing pharmacovigilance, increasing demand for affordable and highly effective reporting for routine monitoring, and rising government initiatives.
Contract Outsourcing Segment to Account for Largest Revenue Share:
The contract outsourcing segment is expected to account for largest revenue share between 2020 and 2027. This can be attributed to high preference for cost-effective and better drug safety monitoring, increasing adoption of pharmacovigilance outsourcing by small to medium-sized companies, and rising need for decreasing operational and financial costs.
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North America to Lead In Terms of Revenue:
North America is expected to account for largest revenue share over the forecast period owing to increasing investments in novel drug development, rising incidence of Adverse Drug Reactions (ADR) and drug abuse across the region, and presence of leading pharmacovigilance companies. Other factors such as rising preference for outsourcing services, increasing number of drug trials, and increasing investments in research and development activities are expected to fuel North America market growth during the forecast period.
Major Companies in the Market Include:
- ArisGlobal
- Accenture
- Cognizant
- Capgemini
- IBM Corporation
- IQVIA
- BoClinica Inc.
- Laboratory Corporation of America Holdings
- Linical Accelovance
- ITClinical
For the purpose of this report, Emergen Research has segmented the global pharmacovigilance on the basis of type, service provider, clinical trial phase, end use, and region:
Type Outlook (Revenue, USD Billion; 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 Billion; 2017-2027)
- In-House
- Contract Outsourcing
Clinical Trial Phase Outlook (Revenue, USD Billion; 2017-2027)
- Pre-Clinical
- Phase I
- Phase II
- Phase III
- Phase IV
End Use Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals
- Research Organizations
- Others
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2030
Chapter 3. Key Insights
Chapter 4. Pharmacovigilance Market Segmentation & Impact Analysis
4.1. Pharmacovigilance Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Continued…
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