Pharmacovigilance Market Size Analysis, DROT, PEST, Porter’s, Region & Country Forecast Till 2028
According to the most recent Emergen Research analysis, the global Pharmacovigilance (PV) market was worth USD 6.97 billion in 2021 and is expected to grow at a CAGR of 10.5% during the forecast period. Increased pharmacovigilance outsourcing is a major factor driving market revenue growth. Small-scale biotech and pharmaceutical companies have a few internal safety experts. Businesses can easily outsource safety services using modern PV applications without sacrificing control or data visibility. Furthermore, cloud technologies promote greater collaboration and transparency, resulting in better coordination and communication between pharmaceutical companies and service providers or Clinical Research Organizations (CROs). The amount of work that a company must outsource is determined by a number of factors, including the company’s size and the depth of its expertise. capabilities in pharmacovigilance and patient safety, as well as the nature of its current licence or research collaborations
The COVD-19 pandemic has a positive impact on the market. COVID-19 infection is wreaking havoc on businesses, communities, industries, and people all over the world. However, because several potential therapies are being used to treat the coronavirus-induced infection, safety reporting and medical monitoring are required. Remdesivir, as well as other old drugs like Lopinavir/Ritonavir and hydroxychloroquine (HCQ), are being repurposed to treat coronavirus infection. The possibility of suspected ADRs for some of these medications has already been reported to UMC’s individual case safety reports database, VigiBase. This demonstrates the surge in demand for PV services during the pandemic.
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Emergen Research has segmented the global pharmacovigilance market based on type, service provider, product life cycle, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
Electronic Health Record (EHR) Mining
Service Provider Outlook (Revenue, USD Billion; 2019-2030)
Product Life Cycle Outlook (Revenue, USD Billion; 2019-2030)
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Pharma and Biotech companies
Some Key Highlights From the Report
The spontaneous reporting segment accounted for a significant revenue share in 2021 owing to its relatively inexpensive method. Spontaneous reporting provides various built-in benefits over other active reporting methods. Major Adverse Drug Reactions (ADRs) that were missed by earlier trials or other pharmacovigilance techniques may be revealed owing to its extensive coverage. They are a realistic and appealing method for Low-Middle Income Countries (LMICs) due to their relative affordability and ease of use, coverage of whole patient populations, lifecycle follow-up of medications, non-interference with prescribing behaviors, and potential to enable follow-up studies. In addition, spontaneous reporting occurs throughout post-marketing phase and produces majority of drug safety data.
The contract outsourcing segment accounted for a significant revenue share in 2021. This is primarily attributed to shifting Contract Research Organizations (CROs), which thereby drives flexibility and reduces cost of in-house processes. Increasing preference for outsourcing pharmacovigilance and increasing demand for accessible and effective drug safety monitoring are other factors driving revenue growth of this segment. Contract outsourcing offers Standard Operating Procedures (SOPs) and Pharmacovigilance (PV) audits, enabling better handling and compliance with massive data. These benefits significantly drive revenue growth of this segment during the forecast period.
The North America market accounted for largest revenue share in 2021. Significant investments in healthcare facilities are a key factor driving market revenue growth. In addition, increasing cancer cases worldwide are contributing to market revenue growth in this region. For instance, according to American Cancer Society, in the U.S., an estimated one billion people with cancer were diagnosed in 2020.
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