The global pharmacovigilance market is expected to be worth USD 12.48 Billion by 2027, according to a current analysis by Emergen Research. The market for pharmacovigilance is experiencing rapid growth attributed to a rise in application for spontaneous reporting, electronic health record (HER) mining, cohort event monitoring, and intensified adverse drug reaction (ADR) reporting, among others. The pharmacovigilance primarily emphasizes on on ADR (adverse drug reactions) and cases of drug toxicity. According to the statistic released by WHO, about 5.0% of hospitalized patients in the developed nations are admitted into the hospital due to adverse drug reactions, and 6.0% to 10% of in-patients are anticipated to observe a severe adverse reaction for the duration of hospitalization.
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A rise in demand for outsourcing services by players in the healthcare industry is anticipated to boost the forecast period’s pharmacovigilance market growth. A spiraling inclination to outsource eliminates the issues pertaining to overhead costs and the pharmacovigilance resources’ deployment. Outsourcing is beneficial in enhancing the cost-effectiveness and output efficiency by releasing pressure associated with the procurement of resources on firms, therefore encouraging market growth. Leading pharmaceutical firms are substantially involved in extensive R&D ingenuities for novel therapeutic drug molecules to get superior outcomes, thereby successfully leading to a rise in drug development activities.
Global Pharmacovigilance Market COVID-19 Analysis
The report offers an extensive analysis of the factors that are likely to influence the growth of the industry. The research study considers the COVID-19 pandemic a key growth influencing factor. The pandemic has negatively impacted the Pharmacovigilance industry through disruptions in global supply chains and grueling economic conditions. The report extensively analyzes the impact of the pandemic on the Pharmacovigilance market on a global as well as regional scale. To be updated, the report is furnished with the latest impact of the currently unfolding coronavirus pandemic on the Pharmacovigilance industry. The pandemic began in late 2019 and hit the world in early 2020, disrupting the normal lives and affecting every segment of the world. The report covers the impact of the pandemic on the Pharmacovigilance market and its key segment. The report also offers an initial and future assessment of the impact of the pandemic on the Pharmacovigilance market and offers revenue estimations in a post-COVID-19 scenario.
Revenue and cost profit analysis of major player dominating the Pharmacovigilance market
The escalating sophistication of biologics & therapeutic agents and the growing deployment of novel agents makes it essential to identify any undesired and unforeseen adverse events and other toxicities as early as possible. Popular instances associated with the withdrawal of a drug from the market after receiving sanction, verify Phase IV pharmacovigilance requirement.
Hospital pharmacists are indispensable in reporting adverse drug reactions, as many adverse drug events occur in hospitals, with adverse drug reactions being accountable for a substantial proportion of hospitalizations.
The report also takes into consideration the effect of the different restrictions imposed in different regions on the Pharmacovigilance industry and its key segments. It also offers a current and future impact analysis of the pandemic on the overall Pharmacovigilance market.
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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The segmentation of the market is done on the basis of product types, application spectrum, and the key regions of the Pharmacovigilance market. Along with this, the report also provides extensive coverage of the key companies and their strategic schemes to gain a substantial market position.
- 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)
- Contract Outsourcing
- Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)
- Phase I
- Phase II
- Phase III
- Phase IV
- End-Users Outlook (Revenue, USD Million; 2017-2027)
- Research Organizations
The report offers a comprehensive overview of the global Pharmacovigilance market scenario pertaining to market value, volume, production and consumption rates, and market segmentation based on types, regions, and applications.
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The APAC region’s pharmacovigilance market is anticipated to have the fastest CAGR of 13.7% in the period 2020-2027, due to strict legislative regulations for ADR reporting and several firms offering outsourcing services pharmacovigilance. Besides, increased clinical trials’ funding is causative of driving pharmacovigilance market demand in the region.
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
- North America
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Key Questions Addressed in the Report:
- Who are the leading players of the Pharmacovigilance industry?
- Which region is expected to dominate the market in the coming years?
- What are the key applications of the Pharmacovigilance market?
- Which segment is expected to garner traction during the coming years?
- Report Overview
1.1 Research Scope
1.2 Key Pharmacovigilance market segments
1.3 Target players
1.4 Market analysis by type
1.5 Market analysis by application
1.6 Key learning objectives
1.7 Report timeline
- Global Growth Trends
2.1 Global Pharmacovigilance market size
2.2 Latest trends of the Pharmacovigilance market by region
2.3 Key corporate trends
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