Pharmacovigilance Market Size, Share and Trends Analysis Report 2024-2031

The Global Pharmacovigilance Market Size is valued at 8.76 billion in 2023 and is predicted to reach 19.50 billion by the year 2031 at a 10.77% CAGR during the forecast period for 2024-2031.

 

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global Pharmacovigilance Market are:

• Increasing regulatory requirements
• Growing innovative pharmaceuticals
• Rising interest in tailored healthcare

The following are the primary obstacles to the Pharmacovigilance Market ‘s expansion:

• Standards for the safe administration of medications
• Concerns about data security
• Distressed healthcare workers

Future expansion opportunities for the global Pharmacovigilance Market include:

• More and more novel medications
• Rising tide of outsourcing
• Accelerating research and development efforts

 

Market Analysis:

The market is expected to grow rapidly because of the increasing number of pharmaceuticals used by patients and their increasing expectations regarding the safety of these medications. Outsourcing pharmacovigilance to a company that offers superior software and services might lead to more income and overall company growth.

 

List of Prominent Players in the Pharmacovigilance Market:

• Cognizant
• IBM Corporation
• ICON plc
• Pharmaceutical Development Group, Inc.
• Labcorp Drug Development
• ArisGlobal
• United BioSource LLC

 

Recent Developments:

• In January 2024, Cognizant and Microsoft released the Innovation Assistant, an AI-powered tool that will enhance Bluebolt, Cognizant’s internal innovation initiative. The tool is built on Microsoft Azure OpenAI Service and uses generative algorithms.
• In January 2024, ICON plc, a frontrunner in healthcare intelligence and clinical research, released a whitepaper titled “Optimising biotech funding. The present scenario and potential R&D tactics biotech companies might implement to entice and make the most of investment capital are discussed here.
• In November 2023, IBM announced that it had inked three MoUs with three entities linked to the Department of Computers and the Internet (MeitY) to support and accelerate innovation in quantum technology, AI, and semiconductors for the benefit of the Indian government.

 

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Pharmacovigilance Market Dynamics:

Market Drivers: Increasing Regulatory Requirements

The increasing regulatory requirements on clinical trials propel the drug safety solutions and pharmacovigilance industry. To ensure patient safety and the precision of the data collected from clinical trials, regulatory agencies worldwide have imposed more stringent regulations and rules. These regulations stress the importance of pharmacovigilance procedures and strong drug safety solutions for efficiently monitoring and reporting adverse events in clinical trials. The increasing investment in comprehensive pharmacovigilance systems and solutions by research institutes and pharmaceutical corporations to meet regulatory obligations is driving the expansion of drug safety solutions and pharmacovigilance.

 

Challenges: Standards for the Safe Administration of Medications

The pharmaceutical sector is subject to strict regulations governing its operations, including reporting and monitoring adverse drug reactions. The allocation of resources, infrastructure, and expertise are all areas where businesses struggle to comply with these intricate requirements. The resources required to adhere to regulatory requirements could make adopting and implementing pharmacovigilance systems and medication safety solutions challenging. One major obstacle to the expansion of this business is the difficulty of understanding and complying with the many different international regulations.

 

North America is Expected to Grow with the Highest CAGR During the Forecast Period

The North America Pharmacovigilance Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because of things like a dramatic increase in drug overdoses, a plethora of negative drug reactions, and massive money spent on drug research by big pharma. Strict reporting systems and steps to ensure the safety of drugs have been in high demand in the area for these reasons. The massive output of pharmaceuticals has boosted clinical trials and post-marketing monitoring demands, which have helped spur growth in the area’s marketplace.

 

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Segmentation of Pharmacovigilance Market-

By Service Provider-

• In-house
• Contract outsourcing

 

By Product Life Cycle-

• 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 Process Flow-

• Case Data Management
  • Case Logging
  • Case Data Analysis
  • Medical Reviewing & Reporting
• Signal Detection
  • Adverse Event Logging
  • Adverse Event Analysis
  • Adverse Event Review & Reporting
• Risk Management System
  • Risk Evaluation System
  • Risk Mitigation System

By Therapeutic Area-

• Oncology
• Neurology
• Cardiology
• Respiratory Systems
• Others

By End Use

• Pharmaceuticals
• Biotechnology Companies
• Medical Device Manufacturers
• Others

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

 

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