Global Pharmacovigilance Market - 2022-2029

Global Pharmacovigilance Market - 2022-2029

Market Overview

The Global Pharmacovigilance Market is expected to grow at a high CAGR of 12.43% during the forecasting period (2022-2029).

Pharmacovigilance (PV) refers to the science and activities associated with the detection, understanding, assessment, and prevention of adverse effects or any other drug-related problem. The focus of pharmacovigilance is on ADR (adverse drug reactions) and drug toxicity. The pharmacovigilance market comprises all types of adverse events reporting conducted during clinical trials in hospitals, pharmacies, and other healthcare sectors.

Market Dynamics

The global pharmacovigilance market growth is driven by the rising incidences of lifestyle diseases, such as hypertension, cardiac disorders, and diabetes caused by sedentary lifestyles, lack of physical activities, and poor diets, leading to high consumption of drugs. Increasing consumption of drugs leads to high demand for monitoring of drugs, thus boosting the growth of the pharmacovigilance market.

The increasing trend of outsourcing pharmacovigilance services is driving the market growth

Outsourcing the pharmacovigilance process is implemented by pharma companies to avoid fixed overhead costs and high upfront investments, secure additional capacity and increase resource flexibility. Outsourcing pharmacovigilance proves to be a cost-effective endeavor for small and medium-sized companies. In recent years, drugs are being consumed and developed at significantly high rates. The intake of drugs for longer periods by a large population can lead to adverse effects not seen in clinical trials. For instance, in 2020, Dexmedetomidine HCL in 0.9% Sodium Chloride Injection by Fresenius Kabi USA was recalled due to cross-contamination of lidocaine, which could result in a potentially life-threatening allergic reaction. Thus, the growing need for medical information by the regulatory authorities is also anticipated to fuel the growth of this segment.

Furthermore, recent advancements in cancer treatments, such as targeted therapy, have some serious adverse effects and can compromise a patient’s quality of life. For instance, from 2014 to 2018, monoclonal antibodies were ranked among the top ten entries for spontaneous adverse drug reaction reports, with approximately 406,352 records. Constantly emerging technologies and changing reporting systems in pharmacovigilance are driving the segment.

The lack of skilled healthcare professionals and the high risk for data security will hamper the market growth

However, the lack of skilled healthcare professionals and the high risk for data security that can be misused by the pharmacovigilance personnel are some of the factors hampering the growth of the market.

COVID-19 Impact Analysis

The evolving threat of COVID-19 infection is adversely affecting communities, industries, businesses, and lives around the world. Medical monitoring and safety reporting are essential as several potential therapies are being used in the treatment of coronavirus-induced infection. The medications like Lopinavir/Ritonavir, hydroxychloroquine (HCQ), and Remdesivir are being repurposed to treat coronavirus infection. The chances of suspected adverse drug reactions for some of these medicines have already been submitted to the individual case safety reports database named VigiBase, managed by Uppsala Monitoring Centre (UMC). Thus, the rising incidence of adverse drug reactions is anticipated to accelerate the demand for pharmacovigilance services amid pandemics.

Segment Analysis

The pharmaceutical companies segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The role of pharmaceutical companies is to invest in the R&D of new compounds, have the commitment to bring a new drug to the market to enhance patients’ health and quality of life, maintain strict governance to conduct clinical trials, and engage in product development activities and relations with patients and healthcare professionals in accordance with ethical and legal principles.

Outsourcing the pharmacovigilance process is implemented by pharma companies to avoid fixed overhead costs and high upfront investments, secure additional capacity and increase resource flexibility. Outsourcing pharmacovigilance proves to be a cost-effective endeavor for small and medium-sized companies.

In recent years, drugs are being consumed and developed at significantly high rates. The intake of drugs for longer periods by a large population can lead to adverse effects not seen in clinical trials. For instance, in 2020, Dexmedetomidine HCL in 0.9% Sodium Chloride Injection by Fresenius Kabi USA was recalled due to cross-contamination of lidocaine, which could result in a potentially life-threatening allergic reaction. Thus, the growing need for medical information by the regulatory authorities is also anticipated to fuel the growth of this segment.

Furthermore, recent advancements in cancer treatments, such as targeted therapy, have some serious adverse effects and can compromise a patient’s quality of life. For instance, from 2014 to 2018, monoclonal antibodies were ranked among the top ten entries for spontaneous adverse drug reaction reports, with approximately 406,352 records. Constantly emerging technologies and changing reporting systems in pharmacovigilance are driving the growth of the segment in the forecast period.

Geographical Analysis

North America region holds the largest market share of the global pharmacovigilance market

North America has the largest market share in the forecast period owing to the factors such as shifting high costs of in-house pharmacovigilance activities to CROs, the pharmacovigilance system in the United States is moving from a passive to a proactive role in the healthcare system.

As per the Institute of Medicine report published in March 2020, nearly 98,000 Americans were dying annually due to medication errors. Estimates of annual patient deaths due to medication errors have since risen steadily to 440,000 lives, which makes medication errors the country's third-leading cause of death. Therefore, a need to modify the current protocols for quick communication between healthcare providers and the FDA needs to be addressed.

Furthermore, the key players are also involved in product launches and strategic collaborations to strengthen their market positions. For instance, in 2019, Accenture launched INTENT, a technology platform that improves the continuity and flow of data across life sciences enterprises, supporting the delivery of innovative treatments for patients. Hence, all these factors are propelling market growth in the region.

Competitive Landscape

The pharmacovigilance market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Accenture, ArisGlobal, BioClinica, Capgemini, Cognizant, FMD K&L Inc., Foresight Group International AG, IBM Corporation, Wipro Limited, and IQVIA among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the pharmacovigilance market globally. For instance, in October 2020, Saama Technologies Inc. launched the new Active Safety Analytics for Pharma (ASAP) products. ASAP is the first validated pharmacovigilance solution to leverage the US Food and Drug Administration’s (FDA) Sentinel Common Data Model and the TreeScan methodology for detecting safety signals.

Cognizant

Overview:

Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology.

Product Portfolio:

Cognizant’s pharmacovigilance solutions: Cognizant’s pharmacovigilance solutions help some of the world’s leading pharmaceutical companies collect and integrate safety data from numerous sources, in real-time, while ensuring patient safety and compliance.

Why Purchase the Report?

Visualize the composition of the global pharmacovigilance market segmentation by the service provider, type of reporting, clinical trial phase, end-users, and region highlighting the key commercial assets and players.

Identify commercial opportunities in the global pharmacovigilance market by analyzing trends and co-development deals.

Excel data sheet with thousands of data points of global pharmacovigilance market-level 4/5 segmentation.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global pharmacovigilance market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 191 (approximate) pages.

Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Pharmacovigilance Market – By Service Provider

Contract Outsourcing

In-house

Global Pharmacovigilance Market - By Type of Reporting

Intensified ADR Reporting

Spontaneous Reporting

Cohort Event Monitoring

Targeted Spontaneous Reporting

EHR Mining

Global Pharmacovigilance Market – By Clinical Trial Phase

Preclinical

Phase I

Phase II

Phase III

Phase IV

Global Pharmacovigilance Market – By End User

Hospitals

Pharmaceutical Companies

Global Pharmacovigilance Market - By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America