Product ID: SQMIG35J2052
Global PharmaCovigilances Market Size, Share, Growth Analysis, By Type(In-House Pharmacovigilance and Contract Outsourcing Pharmacovigilance), By Application(Spontaneous Reporting, Intensive Monitoring Programs), By End-User(Pharmaceutical Companies, Contract Research Organizations (CROs) and Other Healthcare Providers.) - Industry Forecast 2024-2031
Report ID:
SQMIG35J2052 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
90 |
Figures:
76
Global PharmaCovigilances Market Insights
Global Pharmacovigilance Market size was valued at USD 9.07 billion in 2022 and is poised to grow from USD 9.75 billion in 2023 to USD 17.39 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).
The global pharmacovigilance market has experienced significant growth in recent years, driven by the rising focus on patient safety, increasing regulatory requirements, and the expanding pharmaceutical industry. This market analysis provides an overview of the global pharmacovigilance market, including key trends, drivers, challenges, and regional dynamics. One of the key drivers fueling the growth of the global pharmacovigilance market is the growing need for drug safety monitoring. With the increasing complexity of drug development and the introduction of novel therapeutics, there is a heightened demand for robust pharmacovigilance systems to detect, assess, and prevent adverse drug reactions.
Regulatory authorities across the globe are imposing stringent guidelines, mandating pharmaceutical companies to implement effective pharmacovigilance practices, thus driving market growth. Furthermore, the rising prevalence of chronic diseases and the increasing consumption of medications have amplified the importance of pharmacovigilance. Adverse drug reactions and medication errors can have severe consequences on patient health, leading to increased healthcare costs and potential legal liabilities. Healthcare providers and regulatory bodies are emphasizing the need for effective pharmacovigilance systems to identify and manage adverse events, enhancing patient safety and improving overall healthcare outcomes.
US PharmaCovigilances Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global PharmaCovigilances Market Segmental Analysis
The global pharmacovigilance market is segmented on the basis of type, application, end-user and region. Based on type, the market can be segmented into In-House Pharmacovigilance and Contract Outsourcing Pharmacovigilance. Based on application, the market is segmented into Spontaneous Reporting, Intensive Monitoring Programs, Post-Marketing Surveillance, Risk Management, Signal Detection and Evaluation, Benefit-Risk Assessment and Safety Database Management. By End - user it can be segmented into Pharmaceutical Companies, Contract Research Organizations (CROs) and Other Healthcare Providers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Regarding dominance, in-house pharmacovigilance has traditionally been the most dominant type in the global pharmacovigilance market. Pharmaceutical companies, especially large multinational corporations, tend to establish their pharmacovigilance departments to ensure strict control and compliance with regulatory requirements. In-house pharmacovigilance allows companies to have direct oversight and control over their safety data, enhancing their ability to respond swiftly to emerging safety concerns.
However, contract outsourcing pharmacovigilance is witnessing substantial growth and is considered the fastest-growing type in the global pharmacovigilance market. The outsourcing model offers advantages such as cost-efficiency, access to specialized resources, and the ability to leverage the expertise of CROs with extensive experience in pharmacovigilance. Additionally, outsourcing allows pharmaceutical companies to focus on their core competencies and allocate resources strategically.
Analysis by Application
Post-marketing surveillance is the most dominant one in pharmacovigilance. It involves the systematic monitoring and evaluation of the safety and efficacy of pharmaceutical products after they have been approved and made available to the general population. This application plays a central role in detecting and assessing adverse drug reactions (ADRs) and other safety concerns that may arise once the drug is in widespread use. Post-marketing surveillance enables regulatory authorities and pharmaceutical companies to gather real-world data on drug safety and make informed decisions regarding product labeling, safety warnings, and potential regulatory actions.
On the other hand, signal detection and evaluation is the fastest growing application within the field of pharmacovigilance. It involves the identification and assessment of signals, which are potential safety concerns or new information about known risks associated with pharmaceutical products. Signal detection and evaluation employ various methods, such as data mining, statistical analysis, and pattern recognition, to identify potential signals from large volumes of data. This application is gaining prominence due to advancements in data analytics, increased availability of healthcare data, and a growing emphasis on proactive risk management. By detecting and evaluating signals early on, stakeholders in pharmacovigilance can take timely actions to mitigate risks and ensure patient safety.
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Global PharmaCovigilances Market Regional Insights
North America emerges as the dominant region in the global pharmacovigilance market. This can be attributed to several factors, including the presence of a well-established healthcare infrastructure, stringent regulatory frameworks, and a high level of awareness regarding drug safety. Countries like the United States and Canada have robust pharmacovigilance systems and experienced service providers. Moreover, the region's emphasis on technological advancements, strong collaborations between industry stakeholders, and the presence of key pharmaceutical companies contribute to the dominance of North America in the global pharmacovigilance market.
While North America holds the leading position, the Asia Pacific region is the fastest growing market for pharmacovigilance. The region's pharmaceutical industry has been witnessing significant growth due to factors such as a large patient population, rising healthcare expenditure, increasing focus on research and development, and expanding regulatory requirements. Countries like China and India have emerged as major contributors to the growth of the pharmacovigilance market in the Asia Pacific region. These countries have a vast pool of clinical trial participants, growing investments in healthcare infrastructure, and increasing adoption of pharmacovigilance practices
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Global PharmaCovigilances Market Dynamics
Drivers
Rising Number of Adverse Drug Reactions (ADRs)
- The global pharmacovigilance market is driven by the escalating incidence of adverse drug reactions (ADRs) on a global scale. As the utilization of pharmaceutical products continues to expand, the probability of encountering unexpected adverse events also increases. Pharmacovigilance plays a critical role in the surveillance and reporting of ADRs, facilitating early identification, risk evaluation, and appropriate measures to safeguard patient well-being. The demand for pharmacovigilance services and solutions is fueled by the imperative to address the mounting occurrence of ADRs. This drives the growth of the pharmacovigilance market.
Restraints
Lack of Awareness and Infrastructure in Developing Regions
- One of the restraints in the global pharmacovigilance market is the lack of awareness and infrastructure in developing regions. These regions encounter difficulties in establishing and implementing robust pharmacovigilance systems. Limited awareness regarding the significance of pharmacovigilance, inadequate regulatory frameworks, and resource constraints impede the adoption of effective pharmacovigilance practices. Insufficient infrastructure, a scarcity of skilled personnel, and inadequate data management systems further hinder the growth of the pharmacovigilance market in these regions.
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Global PharmaCovigilances Market Competitive Landscape
The global pharmacovigilance market is highly competitive, driven by the increasing focus on drug safety, stringent regulatory requirements, and the growing volume of adverse drug events reported worldwide. The market encompasses a diverse range of participants, including pharmaceutical companies, contract research organizations (CROs), business process outsourcing (BPO) firms, and technology solution providers. The competitive landscape of the global pharmacovigilance market is characterized by strategic collaborations, partnerships, and mergers and acquisitions. Companies seek to enhance their pharmacovigilance capabilities, expand their geographical presence, and leverage technological advancements. Additionally, there is a growing trend towards outsourcing pharmacovigilance activities to specialized service providers, allowing pharmaceutical companies to focus on core research and development functions.
Top Player’s Company Profiles
- QuintilesIMS (US)
- Accenture (Ireland)
- Cognizant (US)
- IBM Corporation (US)
- Oracle Corporation (US)
- PAREXEL International Corporation (US)
- ArisGlobal (US)
- ICON plc (Ireland)
- IQVIA (US)
- PRA Health Sciences (US)
- Wipro Limited (India)
- Capgemini SE (France)
- Tata Consultancy Services Limited (India)
- BioClinica, Inc. (US)
- Sciformix Corporation (US)
- Covance Inc. (US)
- Bioclinica (US)
- HCL Technologies Ltd. (India)
- Foresight Group International AG (Switzerland)
- TAKE Solutions Ltd. (India)
Recent Developments
- In February 2022, Cognizant formed a collaboration with Medable Inc. to jointly provide clinical research solutions utilizing Medable's software-as-a-service platform for decentralized clinical trials.
- In February 2022, LINK Medical and Viedoc established a partnership aimed at enhancing trial efficiency. The collaboration allows for an ongoing exchange of experiences, requirements, and ideas, as well as the testing of new features.
- In October 2021, Syneos Health completed the acquisition of RxDataScience, a company specializing in data analytics and artificial intelligence. This acquisition strengthens Syneos Health's capabilities in large data sets for decentralized trials and improving the patient journey.
- In May 2021, Cognizant was recognized for providing top-tier pharmacovigilance services in the industry. The company offers advanced pharmacovigilance services that prioritize patient safety and minimize drug adverse events.
- In April 2022, Novartis AG released clinical data for JDQ443, an investigational orally bioavailable KRASG12C inhibitor, at the annual meeting of the American Association for Cancer Research. The KontRASt-01 study (NCT04699188) is a phase Ib/II trial evaluating JDQ443 in patients with advanced solid tumors harboring the KRAS G12C mutation, including non-small cell lung cancer (NSCLC) and colorectal cancer.
Global PharmaCovigilances Key Market Trends
- In recent years, there has been a significant increase in the consumption and development of drugs. However, this heightened drug intake, particularly over extended periods and among a large population, poses a risk of unwanted and potentially harmful side effects for patients. As an example, in October 2022, Aurobindo Pharma USA recalled Quinapril and Hydrochlorothiazide Tablets USP 20 mg/12.5mg from the US market due to the presence of Nitrosamine Drug Substance Related Impurity (NDSRI) and N-Nitroso-Quinapril. Consequently, the escalating demand for medical information from regulatory authorities serves as an additional driver for the growth of the pharmacovigilance market. Moreover, the pharmaceutical industry has been increasingly adopting pharmacovigilance services, contributing to the segment's growth during the forecast period. A case in point is the collaborative partnership established in September 2021 between IQVIA and NRx Pharmaceuticals. This collaboration aimed to provide pharmacovigilance services and medical information, ensuring preparedness for potential regulatory actions. These developments in the industry highlight the growing recognition of the importance of pharmacovigilance and its role in ensuring drug safety and regulatory compliance.
Global PharmaCovigilances Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global pharmacovigilance market analysis, this industry plays a crucial role in ensuring the safety and effectiveness of pharmaceutical products throughout their lifecycle. The market report provides a detailed overview of the global pharmacovigilance market, including key trends, growth drivers, and challenges. It offers valuable insights into various segments of the market. The report highlights the increasing demand for pharmacovigilance services due to the rising number of adverse drug reactions (ADRs) and the need for effective drug safety monitoring. As the pharmaceutical industry continues to evolve and new drugs enter the market, there is a growing requirement for robust pharmacovigilance systems to detect, assess, and prevent potential risks associated with medications.
In terms of service providers, the report identifies both in-house and outsourced pharmacovigilance services as significant segments. The market analysis highlights the dominant presence of North America and in the global pharmacovigilance market. These regions have well-established healthcare systems, robust pharmacovigilance regulations, and a high focus on patient safety. However, emerging economies in Asia Pacific are witnessing rapid growth due to expanding pharmaceutical industries, rising healthcare expenditure, and increasing awareness of drug safety.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.07 billion |
| Market size value in 2031 | USD 17.39 billion |
| Growth Rate | 7.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global PharmaCovigilances Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global PharmaCovigilances Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global PharmaCovigilances Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global PharmaCovigilances Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global PharmaCovigilances Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global PharmaCovigilances Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global PharmaCovigilances Market Report Snapshots
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