Description
The Global Pharmacovigilance Market size was USD 7.5 billion in 2023 and is projected to reach USD 12.86 billion by 2031, with a CAGR of 7.1% during the forecast period.
Global Pharmacovigilance Market: Overview
The greater number of Adverse Drug Reactions (ADRs) resulting from drug abuse, in addition to the growing number of disorders that require combination treatment, constitute significant driver of the pharmacovigilance market. The United States FDA and EMA’s regulations ensure drug safety, bolstering the industry. Advances in ADR databases enhance reliability and make it easier study. The increased creation of personalised medications and biosimilars that are in addition to persistent illnesses such as cancer and Type 2 diabetes, drives up drugs utilisation and pharmacovigilance need. According to the World Health Organisation, nonhospital pharma consumption is driven by ongoing medical medications. Drug manufacturers are outsourcing pharmacovigilance services in order to save money, so Contract Research Organisations (CROs) as well Business Process Outsourcing (BPO) firms tend to be prominent competitors in this highly saturated marketplace, providing specialised services such as medical writing and information about clinical trials collection.
Global Pharmacovigilance Market: Covid-19 Impact
The COVID-19 pandemic underscored the vital function of pharmacovigilance for guaranteeing drug and vaccine safety. The swift growth of COVID-19 medicines and immunisations required operational pharmacovigilance systems to identify and react to adverse events. The worldwide epidemic has accelerated digital change in pharmacovigilance, leading to the application of AI and real-world evidence for improved tracking of safety. For instance, IQVIA utilised powered by artificial intelligence agents for handling inquiries from patients, and the WHO technical workshop offered methods to improve pharmacovigilance. These efforts highlight the significance of cutting-edge technology and strong structures for ensuring medicine as well as vaccine safety all through the pandemic.
Global Pharmacovigilance Market: Growth Drivers
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Regulatory Mandates:
Stringent regulations for pharmacovigilance activities, such as adverse incidents reporting and plans for risk management, are driving the pharmaceutical sector ahead. Pharmaceutical companies are obligated by regulatory organisations around the world to monitor the efficacy of their drugs once they are released onto the market and report any side effects as soon as feasible.
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Increasing Drug Complexity:
The expanding variety of medications, including biologics, biosimilars, and genetic treatments, has raised the need for pharmacovigilance services. These advanced drugs present distinct safety challenges, notably immunogenicity and long-term safety tracking, requesting thorough drug surveillance procedures.
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Globalization of Clinical Trials:
The globalisation of research studies has expanded the geographical reach of pharmaceutical surveillance efforts. Pharmaceutical companies perform studies in a wide range of characteristics and regions, necessitating an effective pharmacovigilance network to ensure research participants’ safety and compliance with regulations across jurisdictions.
Global Pharmacovigilance Market: Restraining Factors
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Data Management Challenges:
Managing and analysing enormous quantities of pharmacovigilance data poses substantial obstacles for drug manufacturers and regulatory agencies. Data integration, standardisation, & recognition of signals require complex technological infrastructures and skills, leading to resource restrictions and inefficiencies in operation.
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Reporting Burden:
The adverse event reporting obligations place a significant burden on pharma businesses, notably when it comes of time, resources, or regulatory expenses. To ease the strain and improve efficiency, reporting procedures must be streamlined and automated using contemporary pharmacovigilance technologies.
Global Pharmacovigilance Market: Opportunity Factors
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Technological Advancements:
The use of AI, deep learning, and processing of natural languages are transforming pharmacovigilance procedures. These advanced analytics techniques enable improved detection of signals, risk assessment, and trend analysis, increasing the accuracy and timeliness of safety surveillance.
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Real-world Evidence:
The increasing amount of real-world information and proof in pharmacovigilance creates customers for enhanced safety surveillance and risk control. Using electronic medical records (EHRs), social media tracking, and outcomes reported by patients might give helpful data about drug safety profile and patient outcomes in real-life situations.
Global Pharmacovigilance Market: Challenges
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Regulatory Compliance:
Pharmacovigilance suppliers and pharmaceutical companies face a problem in keeping up with the growing legal criteria and standards. Compliance that has several laws and regulations across locations demands ongoing education, expertise, and expenditure on regulation information tools.
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Resource Constraints:
Pharmacovigilance operations face issues due to limited personnel and finances, especially for medium-sized and small pharma businesses. Finding and keeping skilled pharmacovigilance experts, developing in IT infrastructure, and managing rising regulatory expenses require careful resource allocation and optimisation.
Global Pharmacovigilance Market: Segmentation
Based on Service Provider: The market is segmented into In-house pharmacovigilance and Contract Outsourcing. Contract outsourcing currently holds the largest market share.
Based on Product Type: The market is segmented into Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, and EHR Mining. Spontaneous Reporting is a major contributor to market revenue.
Global Pharmacovigilance Market: Regional Insights
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North America:
North America is the largest market for pharmacovigilance services, owing to robust regulations, an elevated incidence of chronic illnesses, and an important pharmaceutical industry presence. The region advantages from an established pharmacovigilance facilities cutting-edge technology uptake, and rigorous oversight by regulators. North America had the greatest market share in 2023, mitigating around 41.2%, thanks to its abundance of medical equipment and significant pharmaceutical companies. The surge in illicit drug use and associated Adverse Drug Reactions (ADRs) is an important contributor of death and disability, as well as attributing to the region’s outstanding growth potential. Public attention is increasing, and substantial competitors have begun taking offensives to expand the business.
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Asia Pacific:
The Asia Pacific pharmacovigilance business is experiencing rapid growth owing to growing pharmaceutical R&D, increasing expenditures on healthcare, and tighter oversight from regulators. Key countries like China, Japan, and India are fuelling this expansion. India’s pharmaceutical market is projected to reach $65 billion by 2024, making it an important market for contracted pharmacovigilance services. China’s stringent pharmaceutical security requirements, combined with a $160 billion market by 2023, promote demand for those services. Japan’s strong pharmacovigilance system its emphasis on sophisticated medicine expands the supply chain. The ASEAN area continues to grow due to increased R&D and healthcare spending. Contracting to qualified, inexpensive local Clinical research organisations and BPO businesses is a major trend.
Global Pharmacovigilance Market: Competitive Landscape
IQVIA Holdings Inc., PAREXEL International Corporation, ICON plc, Cognizant Technology Solutions Corporation, Accenture plc, IBM Corporation, Capgemini SE, and Oracle Corporation.
Global Pharmacovigilance Market: Recent Developments
- IBM: On March 6, 2024, both IBM India and C-DAC have planned to progress India’s processor designing to manufacturing to improve its High Performance Computing.