Pharmacovigilance Market is projected to reach US$ 24.32 Billion by 2032 at a CAGR of 13.1%

The most recent industry report from Future Market Insights predicts that the Pharmacovigilance Market will increase from US$ 6.28 billion in 2022 to US$ 24.32 billion by 2032. According to FMI, the market is projected to expand at a CAGR of 13.1% over the anticipated time frame.

According to FMI’s analysis, the market is anticipated to grow by double digits and post an outstanding CAGR over the course of the projected year. The market has a track record of solid growth, hitting US$ 6 billion in 2020 and growing at a CAGR of more than 14%. With pharmaceutical companies rushing to start clinical studies for novel treatment options in response to the COVID-19 pandemic, growth prospects were significantly enhanced.

To improve current pharmacovigilance operations and save costs from drug delivery through post-marketing clearances, prominent pharmaceutical corporations are forming long-term collaborations and service agreements with contract research organisations and business processing outsourcing units. Thermo Fisher Scientific Inc. announced in April 2021 that it would buy Pharmaceutical Product Development (PPD) Inc. for US$ 17.4 billion. This acquisition will help PPD expand its pharmacovigilance portfolio.

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Key Takeaways from FMI’s Pharmacovigilance Market Study

• By phase of drug development, stage IV clinical trials pharmacovigilance solutions account for over 3 out of 4 applications
• Based on method type, targeted spontaneous reporting to make maximum use of pharmacovigilance solutions
• By service provider type, contract outsourcing to generate almost two out of five pharmacovigilance solutions uptake
• US experiencing robust pharmacovigilance solutions providers presence amid prevalence of good PV practices
• Forthcoming clinical trials for numerous drug candidates through 2021 to widen UK’s growth prospects
• India to emerge as an emerging pharmacovigilance hub amid growing trends of medical operations outsourcing
• China to experience growth on the back of recent amendments to render pharmacovigilance implementation stronger

“Rising prevalence of chronic and infectious ailments is prompting multiple pharmaceutical giants to initiate widespread clinical trials for potential drug molecules, generating a highly competitive environment and generating major revenue pools,” says the FMI analyst.

Competitive Landscape

Prominent pharmacovigilance solutions providers are relying on collaborating with prominent biopharmaceutical and pharmaceutical companies to offer their digital solutions to facilitate effective patient care solutions. Also, offering advanced solutions is another prominent strategy. Some prominent faces include F. Hoffmann- La Roche, GlaxoSmithKline Plc., Covance Inc., ICON Plc. and iGATE Corporation among others.

Covance Inc. is a prominent pharmacovigilance solutions providing, offering end-to-end PV services spanning clinical and post-marketing phases from medical contract centers to ICSRs to medical reviews to electronic regulatory submissions. The system helps track weekly, daily and monthly metrics for quality, productivity and efficiency.

In April 2020, ICON Plc. initiated efforts to enhance pharmacovigilance practices, considering the onset of COVID-19. A webinar conducted on this issue by the company called for key pharmaceutical companies to automate their workflows by installing proactive and dedicated intelligence processes, forging detailed business and continuity plans and a virtually globally distributed footprint.

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More Insights on the Global Pharmacovigilance Market

In its latest report, FMI offers an unbiased analysis of the global pharmacovigilance market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of phase of drug development (preclinical studies, phase I, phase II, phase III and phase IV), type of methods (spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining), service type provider (in-house pharmacovigilance and contract outsourcing) and region (North America, Latin America, Europe, Asia-Pacific and Middle East & Africa).

Forecast for Segmentation

Why is the market for pharmacovigilance giving Phase-IV Clinical Trials more importance?

The phase IV (post-marketing) segment “caught the whole industry by storm in 2021, accounting for a revenue share of more than 75.0%.”

These procedures add an additional level of security to the drugs undergoing clinical trials. It is anticipated that the data acquired and assessed at this stage is of highest value due to the extensive drug testing on a large demographic patient group of the highest significance following the commercialization of the drug.

Why Are Large Investments Being Attracted to the Pharmacovigilance Industry by Targeted Spontaneous Reporting?

The largest portion in 2021, at almost 30%, was accounted for through spontaneous reporting.

This is due to the technique’s widespread application in the identification of new, serious, and unusual ADRs, as well as its efficiency and low cost. Another element influencing the segment’s quick growth is the pharmaceutical industries and regulatory authorities’ substantial usage of monitoring reports created using this methodology.

Key Players

• Accenture Plc.
• Bristol-Myers Squibb
• Clinquest Group B.V.
• Cognizant Technology Solutions
• Covance Inc.
• F. Hoffmann-La Roche Ltd.
• GlaxoSmithKline Plc.
• ICON Plc
• iGATE Corporation
• iMED Global Corporation
• inVentiv Health Inc.
• Novartis AG

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Pharmacovigilance Market – Key Segments Covered

Phase of Drug Development

• Preclinical Studies
• Phase I
• Phase II
• Phase III
• Phase IV

Type of Methods

• Spontaneous Reporting
• Intensified ADR Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring
• EHR Mining

Service Type Provider

• In-house Pharmacovigilance
• Contract Outsourcing

Geography

• North America (US and Canada)
• Europe (Germany, UK, France, Italy, Spain, Russia and Rest of Europe)
• Asia-Pacific (China, India, ASEAN, Japan and Rest of APAC)
• Latin America (Brazil, Mexico and Rest of LATAM)
• Middle East & Africa (GCC, South Africa and Rest of MEA)

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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