Pharmacovigilance Market by Clinical Trial Phase (Pre-Clinical, Phase I, Phase II, Phase III, and Phase IV), Service Provider (In-House and Contract Outsourcing), Type of Method (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, and EHR Mining), End User (Hospitals, Research Organizations, and Pharmaceutical and Biotechnology Companies): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00027073 | Pages: 100 | Industry: Pharmaceuticals | Date: Oct 2022 | Type: Global

The market crossed the US$ 6.78 billion mark in 2022 and is expected to hit US$ 13.90 billion by 2030, recording a CAGR of 9.4% during the forecast period.

Demand for drug monitoring will drive the market’s growth.

The rising incidence of lifestyle-related diseases, such as diabetes, hypertension, cardiac disorders, lack of physical activity, changing lifestyle patterns, and poor diets, leads to the increased consumption of drugs. For instance, in 2021, as per the International Diabetes Federation, approximately 537 million adults (20-79 years) were living with diabetes across the globe 2021. The total number of diabetics is expected to rise to 643 million by 2030 and 783 million by 2045, with 3 out of every four adults living in low-and middle-income countries. In addition, as per the American Cancer Society, in 2020, approximately 1.8 million new cancer cases were reported, and about 606,520 cancer deaths were reported in the United States. Thus, the surge in the burden of a diverse range of diseases among all age groups globally drives the demand for therapeutic drugs to treat these disorders. With the increasing consumption of drugs, the need for regular monitoring of drugs has also augmented, eventually boosting the pharmacovigilance market.

Within the report, the market Is categorized into clinical trial phase, service provider, type of method, and end user. Based on the clinical trial phase, the market is segmented into Pre-Clinical, Phase I, Phase II, Phase III, and Phase IV. Similarly, based on service type, the market is bifurcated into in-house and contract outsourcing. The market is segmented based on the kind of method such as spontaneous reporting, intensified ADR reporting, targeted automatic reporting, cohort event monitoring, and EHR mining. Based on end-user, the market is categorized into hospitals, research organizations, and industries. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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The increasing number of clinical trials will empower the growth of the market.

Adverse drug or vaccine reactions are expected to drive the market's growth. For instance, AstraZeneca, in September 2020, voluntarily paused a randomized clinical trial of its coronavirus vaccine, owing to a volunteer's development of an unexplained illness. Moreover, an increasing number of clinical trials is expected to aid in the growth of the global pharmacovigilance market. For instance, in the U.S. National Library Medicine, the number of clinical trials in the U.S. increased from 30,978 in 2018 to 32,523 in 2019.

The rising adoption of pharmacovigilance services is the major factor accelerating the market growth.

Pharmaceutical companies adopt pharmacovigilance services to reduce environmental pollution. In the study published in Frontiers in Drug Safety and Regulation, titled "A New Era of Pharmacovigilance: Future Challenges and Opportunities" in February 2022, eco-pharmacovigilance has become an important issue recently, and it's critical for lowering the risk of pharmaceutical pollutants polluting the environment. Pharmaceutical companies' rising adoption of pharmacovigilance services propels the segment's growth. For instance, in September 2021, IQVIA entered a transformative collaboration with NRx Pharmaceuticals to provide pharmacovigilance services and medical information in preparation for potential regulatory actions, thereby driving the market's growth. Pharmaceutical companies' rising adoption of pharmacovigilance services propels the segment's growth.

Recent strategic developments in the pharmacovigilance market

The pharmacovigilance market has undergone several significant developments, and a few of these have been mentioned below:

  • On 9 April 2021, Cognizant announced that it has been named one of the leading companies in the pharmacovigilance market, offering an end-to-end spectrum of patient safety services in a new report by analyst firm Everest Group.
  • In February 2022, LINK Medical and Videos entered a partnership established by Video and designed to improve trial efficiency for LINK Medical and its clients. The partnership allows for a continuous exchange of experience, needs, and ideas and testing new features.

Several players drive the pharmacovigilance market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Bristol-Myers Squibb Company, Accenture, Linical Accelovance, Cognizant, Covance Inc; F. Hoffmann-La Roche Ltd; GlaxoSmithKline plc; ICON plc; Capgemini (IGATE Corporation), and Novartis AG. are among the prominent players operating in the market.

The target audience for the report:

  • Raw material providers
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • End users
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

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

 

  • Service Provider:
  • In-House
  • Contract Outsourcing
  • Type of Method:
  • Spontaneous Reporting
  • Intensified ADR Reporting
  • Targeted Spontaneous Reporting
  • Cohort Event Monitoring
  • EHR Mining
  • End User:
  • Hospitals
  • Research Organizations
  • Pharmaceutical
  • Biotechnology Companies
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Bristol-Myers Squibb Company
    • Accenture
    • Linical Accelovance
    • Cognizant
    • Covance Inc
    • F. Hoffmann-La Roche Ltd
    • GlaxoSmithKline plc
    • ICON plc
    • Capgemini (IGATE Corporation)
    • Novartis AG

The List of Companies
- Bristol-Myers Squibb Company
- Accenture
- Linical Accelovance
- Cognizant
- Covance Inc
- F. Hoffmann-La Roche Ltd
- GlaxoSmithKline plc
- ICON plc
- Capgemini (IGATE Corporation)
- Novartis AG


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