Pharmacovigilance Market Size, Share & Trends Analysis Report By Service Provider (In-house, Contract Outsourcing), By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End Use- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Pharmacovigilance market gathered revenue around USD 6.0 Billion in 2020 and market is set to grow USD 13.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 10.7% during the prediction period 2021 to 2027.
The increasing incidence of Adverse Drug Reactions (ADR) is the key growth factor. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.
According to the World Health Organization's (WHO) report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in non-hospital setups. Hence, there has been a significant rise in the number of medicines made available to healthcare consumers. The rising demand for drugs has significantly heightened the need for the development of novel therapeutics via extensive clinical trials, which is expected to serve this market with lucrative opportunities.
Moreover, leading pharma companies in developed countries are focusing on outsourcing PV services to reduce costs and minimize operational expenses. This is anticipated to serve as an opportunity for contact research organizations in developing regions to gain more revenue share. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.
Industry participants are focusing on increasing R&D activities to develop better pharmacovigilance services. Companies are also adopting strategies including new product launches and mergers & acquisitions to gain a competitive advantage.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Pharmacovigilance market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Pharmacovigilance market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 13.9 Billion by 2027|
|Growth Rate||CAR 10.7% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Segments Covered||Service provider, product life cycle, type, process flow, therapeutic area, end-use and Region|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Companies Mentioned||Accenture; Linical Accelovance; Cognizant; Laboratory Corporation of America Holdings; IBM Corporation; ArisGlobal; ICON plc.; Capgemini; ITClinical; FMD K&L; IQVIA; TAKE Solutions Ltd.; PAREXEL International Corporation; BioClinica Inc.; Wipro Ltd.; United BioSource Corporation..|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Pharmacovigilance market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America held the largest revenue share of 33.20% in 2020 owing to the presence of key pharmaceutical and medical device players, contributing to the overall revenue in this region. The rising level of drug abuse and associated adverse drug reactions is a leading cause of morbidity and death. This acts as a high-growth rendering factor for the market growth in North America. Rising investment in novel drug development by major players is also anticipated to propel the regional market growth. Consequentially, as a result of the large production of drugs, the number of clinical trials and the need for post-marketing surveillance have increased, thereby contributing to the overall growth of the regional market.
Asia Pacific is expected to register a lucrative CAGR of 12.9% during the forecast period owing to the availability of various outsourcing organizations. Consequentially, there is improved productivity, cost efficiency, and resource sharing that is anticipated to propel the regional demand for pharmacovigilance in the forthcoming years. Furthermore, increasing awareness among patients, rising investments, and supportive government initiatives for meeting the requirements of the population are the factors driving the regional market.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Pharmacovigilance Market include: Accenture; Linical Accelovance; Cognizant; Laboratory Corporation of America Holdings; IBM Corporation; ArisGlobal; ICON plc.; Capgemini; ITClinical; FMD K&L; IQVIA; TAKE Solutions Ltd.; PAREXEL International Corporation; BioClinica Inc.; Wipro Ltd.; United BioSource Corporation.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- By Service Provider
- Contract Outsourcing
- By Product Life Cycle
- 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
- Respiratory Systems
- By End-use
- Biotechnology Companies
- Medical Device Manufacturers
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Pharmacovigilance market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Pharmacovigilance market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Pharmacovigilance markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Pharmacovigilance market Study:
- Growth of Pharmacovigilance in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Pharmacovigilance and How to Navigate
- Key Product Innovations and Regulatory Climate
- Pharmacovigilance Consumption Analysis
- Pharmacovigilance Production Analysis
- Pharmacovigilance and Management