New York, October 08, 2021 – Reports and Data has published its latest report titled “pharmacovigilance market, By Type (Spontaneous Reporting, Intensified Adverse Drug Reaction Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, Electronic Health Record Mining), By Service Provider (In-house, Contract Outsourcing), By Clinical Trial Phase (Pre-clinical, Phase I, Phase II, Phase III, Phase IV), By Process Flow (Case Data Management, Signal Detection, Risk Management System), By Therapeutic Area (Oncology, Neurology, Cardiology, Others), By End-use (Pharmaceutical Companies, Biotechnology Companies, Others), And Region – Global Forecast To 2028”
Rising demand for novel drug therapeutics and growing need for pharmacovigilance among pharmaceutical and biotechnology companies are some of the key factors driving market growth
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According to Reports and Data, the global pharmacovigilance market size was USD 6.33 billion in 2020 and is expected to reach USD 17.01 billion in 2028 and register a revenue CAGR of 13.1% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Pharmacovigilance is aimed at improving patient care by determining the safety and efficacy of medicines. Growing significance of pharmacovigilance in drug development processes, increasing incidences of adverse drug reactions (ADRs) and drug toxicity, growing rate of hospitalization due to adverse drug reactions, and rising adoption of healthcare outsourcing services by pharmaceutical and biotechnology companies worldwide are among the major factors driving revenue growth of the global pharmacovigilance market. Moreover, growing geriatric populace, surging prevalence of chronic diseases including diabetes, cardiovascular disorders, oncological diseases, and respiratory problems, increasing patient pool, and growing consumption of medicines are other key factors expected to bolster market revenue growth in the near future.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Spontaneous Reporting Type Segment to Account for Largest Revenue Share:
Based on type, the spontaneous reporting segment is projected to account for the largest revenue share in the global pharmacovigilance market over the forecast years. Growing significance of pharmacovigilance in early detection and spontaneous reporting of new – and often rare – adverse drug reactions, and growing acceptance of the method in the healthcare sector owing to its efficacy are key factors expected to drive this segment’s growth.
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Oncology Segment Dominated Other Therapeutic Area Segments in 2020:
Based on therapeutic area, the oncology segment accounted for the fastest revenue CAGR in 2020. Growth of this segment is mainly attributed to rising prevalence of cancer worldwide, growing need for monitor the safety of cancer drugs and therapeutics, increasing occurrences of side effects or ADRs associated with cancer drugs, and rising demand for pharmacovigilance services among pharmaceutical companies. Increasing R&D activities and clinical trials of new cancer therapeutics and latest technological advancements in cancer treatments further boost this segment’s growth.
North America Accounted for a Significantly Large Revenue Share in 2020:
Among regional markets, the North America pharmacovigilance market reached the largest revenue share in the global market in 2020. Major factors contributing to the regional market growth are rising cases of adverse drug reactions, increasing cases of morbidity and death caused by ADRs, growing rate of emergency hospitalizations, and increasing adoption of pharmacovigilance services to improve drug quality and safety. High investments in new drug development, rising number of clinical trials, surging need for post-marketing surveillance, and favorable government policies further boost the North America market growth.
Major Companies in the Market Include:
- Linical Accelovance
- Laboratory Corporation of America Holdings
- IBM Corporation
- ICON Plc
- FMD K&L
- TAKE Solutions Ltd.
- PAREXEL International Corporation
- BioClinica Inc.
- Wipro Ltd.
- United BioSource Corporation
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For the purpose of this report, Reports and Data has segmented the global pharmacovigilance market based on type, service provider, clinical trial phase, process flow, therapeutic area, end-use, and region:
Type Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Spontaneous Reporting
- Intensified Adverse Drug Reaction (ADR) Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Electronic Health Record (HER) Mining
Service Provider Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Contract Outsourcing
Clinical Trial Phase Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Phase I
- Phase II
- Phase III
- Phase IV
Process Flow Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Case Data Management
- Signal Detection
- Risk Management System
Therapeutic Area Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Respiratory Disease
End-use Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Pharmaceutical Companies
- Biotechnology Companies
- Medical Device Manufacturers
Regional Outlook (Revenue, USD Billion; Volume, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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