The global pharmacovigilance market is expected to be worth USD 12.48 Billion by 2027, according to a current analysis by Emergen Research. The market for pharmacovigilance is experiencing rapid growth attributed to a rise in the application for spontaneous reporting, electronic health record (HER) mining, cohort event monitoring, and intensified adverse drug reaction (ADR) reporting, among others. The pharmacovigilance primarily emphasizes on ADR (adverse drug reactions) and cases of drug toxicity. According to the statistic released by WHO, about 5.0% of hospitalized patients in the developed nations are admitted into the hospital due to adverse drug reactions, and 6.0% to 10% of in-patients are projected to observe a severe adverse reaction for the duration of hospitalization.
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A rise in demand for outsourcing services by players in the healthcare industry is expected to boost the forecast period’s pharmacovigilance market growth. A spiralling inclination to outsource eliminates the issues pertaining to overhead costs and the pharmacovigilance resources’ deployment. Outsourcing is beneficial in enhancing the cost-effectiveness and output efficiency by releasing pressure associated with the procurement of resources on firms, therefore encouraging market growth. Leading pharmaceutical firms are substantially involved in extensive R&D ingenuities for novel therapeutic drug molecules to get superior outcomes, thereby successfully leading to a rise in drug development activities.
Key Highlights From The Report
- In December 2019, UCB and Accenture announced the signing by Accenture of a partnership agreement to create an INTIENTTM pharmacovigilance security solution to speed up the processing of patient safety case reports. The agreement is intended to help UCB discover the impact of existing treatments on patient safety and thus better manage the risk of novel drugs.
- A crucial form of pharmacovigilance is spontaneous reporting by providing information in the course of a drug’s life from real clinical settings. By reporting supposed adverse drug reactions, doctors and many other healthcare specialists contribute immensely to improving public health.
- Several companies support healthcare authorities with in-house reporting management, as in-house reporting may be the main contact entity for any type of deliberation in and out.
- The increasing sophistication of biologics & therapeutic agents and the increasing deployment of novel agents make it vital to identify as early as possible any undesired and unforeseen adverse events and other toxicities. Popular cases associated with the withdrawal from the market of a drug after receiving a sanction verify the requirement for pharmacovigilance in Phase IV.
- Hospital pharmacists are essential for reporting adverse drug reactions, as many adverse drug events occur in hospitals, with a substantial proportion of hospitalizations being responsible for adverse drug reactions.
- The pharmacovigilance market in the APAC region is expected to have the fastest CAGR of 13.7 percent in the period 2020-2027 due to strict legislative regulations for ADR reporting and several companies offering pharmacovigilance outsourcing services. In addition, enhanced funding for clinical trials is responsible for driving market demand for pharmacovigilance in the region.
- Key players in the market include ArisGlobal, Accenture, Cognizant, Capgemini, IBM Corporation, IQVIA, BoClinica Inc., Laboratory Corporation of America Holdings, Linical Accelovance, and ITClinical, among others.
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Emergen Research has segmented the global pharmacovigilance on the basis of type, service provider, clinical trial phase, end-user, and region:
Type Outlook (Revenue, USD Million; 2017-2027)
- Spontaneous Reporting
- Intensified Adverse Drug Reaction (ADR) Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Electronic Health Record (HER) Mining
Service Provider Outlook (Revenue, USD Million; 2017-2027)
- Contract Outsourcing
Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)
- Phase I
- Phase II
- Phase III
- Phase IV
End-User Outlook (Revenue, USD Million; 2017-2027)
- Research Organizations
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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