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Global Pharmacovigilance Market to Grow at a CAGR of 11.3% During 2022-2027, Aided by the Growing Need to Mitigate the Risk of Adverse Effects of Drugs

According to a new report by EMR titled, ‘Global Pharmacovigilance Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 6.4 billion in 2021. The industry is expected to grow at a CAGR of 11.3% between 2022 and 2027, driven by the growing need to mitigate or control the risk of adverse effects of the drugs.

The pharmacovigilance market is driven by the growing need to mitigate or control the risk of adverse effects of the drugs. These effects might include constipation, skin rash or dermatitis, dizziness, dry mouth and headache, among others. Some long term side-effects of the drug may include birth defect among infants, abnormal heart rhythms, and cancer. Therefore, this has propelled the need for pharmacovigilance in the forecast period.

North America is likely to account for a significant share in the market owing to the thriving pharmaceutical industry in the United States of America and Canada. The growing R&D activities, coupled with the growing efforts of expansion by the major drug manufacturers in the region, will provide significant opportunities for pharmacovigilance in the region. Over the forecast period, the market in the region will further be aided by the growing level of drug abuse and its associated reactions among the youth. Furthermore, the growing cases of chronic diseases, such as oncological diseases, diabetes, cardiovascular, and respiratory disorders, are likely to provide impetus to the market growth in the region, owing to the anticipated rise in the drug consumption.

In December 2019, Accenture plc (NYSE: ACN) collaborated with UCB, a leading pharmaceutical company to build a safety solution based on Accenture’s INTIENT Pharmacovigilance to bolster the processing of individual patient safety case reports. This collaboration is likely to help UCB in uncover the adverse effects of the drug, medicines, or any kind of previous treatments a patient has went through. Accenture’s INITIENT pharmacovigilance leverages artificial intelligence to collect, manage and learn from UCB’s structured and unstructured data source. This will enhance the monitoring process of the adverse effects of drugs.

Market Breakup by Service Providers, Types, Product Life Cycles, Process Flows, Therapeutic Area, End-Uses, and Region:

  • The market is segmented on the basis of service provider into in-house and contract outsourcing.
  • The types can be divided into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring (CEM), and EHR Mining.
  • The different types of lifecycles in the market include Pre-Clinical, Phase I, Phase II, Phase III, and Phase IV, among others.
  • On the basis of process flow, the market is segmented into case data management, signal detection, and risk management system.
  • Based on therapeutic area, the market is divided into oncology, neurology, cardiology, and respiratory systems, among others.
  • The major end-uses of the product include pharmaceuticals, biotechnology companies, and medical device manufacturers, among others.
  • The regions for pharmacovigilance can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for pharmacovigilance is being driven by the favourable government policies towards mitigating the risk of adverse effects of drugs.
  • The rising cases of chronic diseases, especially among the geriatric population, is likely to propel the market growth by accelerating the sale of drugs and medicines.
  • The market is anticipated to be augmented by the technological advancements for providing safety solutions, equipped with artificial intelligence, in order to optimise the monitoring process of the adverse effects.
  • The market will further be aided by the thriving pharmaceutical industry in the developed and emerging economies of the world, along with the growing efforts by the major drug manufacturers towards the expansion of the companies.

Key Offerings of the Report:

  • The EMR report gives an overview of the global pharmacovigilance industry for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the service provider, type, product life cycle, process flow, therapeutic area, end-uses, and regions of pharmacovigilance.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global pharmacovigilance market include Accenture plc, Linical Americas, IQVIA, Cognizant, Laboratory Corporation of America Holdings, and IBM Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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