Pharmacovigilance Market Size, Trends and Growth Analysis By Clinical Trial Phase (Phase IV, Phase III, Phase II, Phase I, Pre-clinical), By Service Provider (In-house, Contract Outsourcing), By Type (Spontaneous Reporting, Cohort Event Monitoring, Intensified ADR Reporting, EHR Mining) and By End-User (Hospitals, Research Organizations, Pharmaceutical Companies), Forecast to 2025
Pharmacovigilance Market Highlights
Market Research Future (MRFR) studied the worldwide pharmacovigilance market size for the evaluation period till 2025. The pharmacovigilance market can thrive at 14.1% CAGR from 2019 to 2025). By 2025, the market value can exceed USD 4321.86 Mn. COVID 19 impact study for the pharmacovigilance market is supplemented with the report. The surge in demand for pharmacovigilance due to rise in the introduction of new medications can favor expansion of the market in the analysis period. The growth demand for pharmacovigilance due to the need for identification and monitoring of risk factors of new formulations can also promote the market rise in the near future.
The need for extensive understanding of adverse drug reactions (ADR) can aid in R&D to develop effective therapeutic moiety. This can support expansion of the market in the near future. In addition, the growing demand for highly therapeutic solutions can support the pharmacovigilance market to thrive. The emergence of modern pharmacovigilance market trends and the impact of disruptive technologies, such as automation can work in favor the pharmacovigilance software market.
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Pharmacovigilance Market Segmentation
The segment evaluation of the worldwide pharmacovigilance market is based on end-user, service provider, clinical trial phase, and type.
Phase I, phase III, phase IV, phase II, and pre-clinical segments of the pharmacovigilance market that are based on clinical trial phase. The phase IV segment can acquire high revenue due to its decent traction.
Contract outsourcing and in-house are segments of the global pharmacovigilance market that are studied by service provider. The contract outsourcing segment can surge at exponential pace in the review period. The expansion of multiple customer service can be attributed to the rise in awareness about at-a-time benefit offered by different contract manufacturing.
Cohort event monitoring, intensified ADR reporting, spontaneous reporting, targeted spontaneous reporting, and EHR mining are segments that are studied for the pharmacovigilance market by type. The spontaneous reporting segment can thrive in the near future as the spontaneous reporting approach in pharmacovigilance assists in the effective analysis of ADRs that can impact the market expansion.
Pharmaceutical companies, research organizations, and hospitals among others are segments of the pharmacovigilance market studied by end-users. The increase in in-patient admission in hospitals suffering from ADRs can promote the hospital segment, thus can favor expansion of the market.
Pharmacovigilance Regional Analysis
Trends and cause influencing the expansion of the regional pharmacovigilance market is studied across APAC, Europe, Americas, and the Middle East & Africa. The pharmacovigilance market in the Americas can hold global foothold. The regional market can register at the highest pace. The rise in spending in the pharmaceutical sector and surge in R&D can favor expansion of the regional market. The rise of the pharmacovigilance market in Europe, led by the UK, can be attributed to enforcement of strict safety assessment norms. The robust guidelines for studying safety of new drugs issued by regulatory authorities that can promote expansion of the regional pharmacovigilance market in the analysis period. The pharmacovigilance market in Asia Pacific can be attributed to the rise in prevalence of chronic cases in the region.
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Pharmacovigilance Key Players
Capgemini (France), Accenture (Ireland), IMEDGlobal (US), United BioSource Corporation (US), IBM Corporation (US), ArisGlobal (US), ITClinical (Portugal), BioClinica (US), Laboratory Corporation of America Holdings (US), Conquest Group BV (Netherlands), ICON PLC (Ireland), Cognizant (US), PAREXEL International Corporation (US), TAKE Solutions Ltd (India), and Wipro Ltd (India) are some key companies in the worldwide pharmacovigilance market that are studied by MRFR for the market analysis.
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