Overview
The primary objective of pharmacovigilance is to analyze the adverse effects and efficacy of drugs or medical products. It consists drug discovery, development, clinical research, preclinical research, and post marketing surveillance.
Statistics:
The global pharmacovigilance market is projected to account for US$ 5,656.8 Mn in terms of value by the end of 2020.
Global Pharmacovigilance Market: Drivers
Growing emphasis on pharmacovigilance orientation and advocacy for healthcare workers is expected to boost the global pharmacovigilance market growth over the forecast period. For instance, in September 2020, The Zambia Medicines Regulatory Authority (ZAMRA) has embarked on Pharmacovigilance orientation and advocacy for healthcare workers in public and selected health facilities across the country.
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Global Pharmacovigilance Market: Restraints
However, lack of skilled personnel is expected to restrain growth of the global pharmacovigilance market during the forecast period. Pharmacovigilance requirements are needed to be fulfilled in given time, which requires highly skilled personnel to satisfy stringent regulatory policies. Growing number of biotechnology and pharmaceutical companies is expected to accelerate the product launch in the market. As products get older, the companies are obligated to conduct pharmacovigilance activities and fulfill the existing regulatory requirements. These activities require skilled workforce.
Key Takeaways:
In 2019, the global pharmacovigilance market was valued at US$ 5,008.2 Mn and is expected to reach a value of US$ 13,284.0 Mn by 2027 at a CAGR of 13.0% between 2020 and 2027. This is owing to rising R&D activities for novel drug molecules.
On the basis of Type of Clinical Trial Phases, Post Marketing Surveillance or Phase IV segment accounted for the largest share of 75.7% in the global pharmacovigilance market in 2019. This is owing to rising number of product approval and launches.
Market Trends
Major regulatory bodies are laying emphasis on providing adequate training pertaining pharmacovigilance. For instance, in January 2020, the U.S. Food and Drugs Authority trained Over the Counter Medicine Sellers (OTCMS) in the Upper West Region on Pharmacovigilance and Patients Safety to ensure optimum public safety.
Growing adoption of pharmacovigilance is expected to accelerate growth of the global pharmacovigilance market during the forecast period. For instance, in January 2019, ArisGlobal announced that China-based Fosun Pharma has selected LifeSphere Safety MultiVigilance as its global pharmacovigilance system.
Global Pharmacovigilance Market: Competitive Landscape
Major players operating in the global pharmacovigilance market include, Accenture Plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., GlaxoSmithKline, ICON, Plc, iGATE Corporation. Arriello, iMEDGlobal Corporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv Health Inc., APCER Life Sciences, ArisGlobal, and Johnson and Johnson.
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Global Pharmacovigilance Market: Key Developments
Major players in the global pharmacovigilance market are focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in May 2020, Ergomed plc announced PrimeVigilance’s strategic collaboration with Automation Anywhere, a provider of Robotic Process Automation (RPA) and DataRobot, a provider of enterprise artificial intelligence (AI), to accelerate the company’s intelligent automation strategy.
Major players in the market are also focused on launching new products to enhance their market share. For instance, in June 2018, ArisGlobal and APCER Life Sciences, an end-to-end pharmacovigilance services provider, launched an integrated cloud technology and pharmacovigilance services platform.
Segmentation
Scope of the report
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Global Pharmacovigilance Market, By Type of Clinical Trial Phases:
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Pre-clinical Studies
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Clinical Trial Phase I
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Clinical Trial Phase II
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Clinical Trial Phase III
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Post Marketing Surveillance or Phase IV
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Global Pharmacovigilance Market, By Type of Method:
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Spontaneous Reporting
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Intensified ADR Reporting
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Targeted Reporting
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Cohort Event Monitoring
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EHR Monitoring
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Global Pharmacovigilance Market, By Type of Service Providers:
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In-House
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Contract Outsourcing
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Global Pharmacovigilance Market, By Region:
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North America
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By Clinical Trail Phases:
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Pre-clinical Studies
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Clinical Trial Phase I
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Clinical Trial Phase II
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Clinical Trial Phase III
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Post Marketing Surveillance or Phase IV
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Type of Method
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Spontaneous Reporting
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Intensified ADR Reporting
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Targeted Reporting
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Cohort Event Monitoring
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EHR Monitoring
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Type of Service Providers
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In-House
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Contract Outsourcing
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By Country
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U.S.
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Canada
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Latin America
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By Clinical Trail Phases:
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Pre-clinical Studies
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Clinical Trial Phase I
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Clinical Trial Phase II
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Clinical Trial Phase III
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Post Marketing Surveillance or Phase IV
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Type of Method
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Spontaneous Reporting
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Intensified ADR Reporting
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Targeted Reporting
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Cohort Event Monitoring
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EHR Monitoring
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Type of Service Providers
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In-House
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Contract Outsourcing
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By Country
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Brazil
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Mexico
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Argentina
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Rest of Latin America
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Europe
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By Clinical Trail Phases:
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Pre-clinical Studies
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Clinical Trial Phase I
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Clinical Trial Phase II
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Clinical Trial Phase III
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Post Marketing Surveillance or Phase IV
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Type of Method
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Spontaneous Reporting
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Intensified ADR Reporting
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Targeted Reporting
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Cohort Event Monitoring
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EHR Monitoring
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Type of Service Providers
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In-House
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Contract Outsourcing
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By Country
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U.K.
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Germany
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France
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Spain
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Italy
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Russia
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Rest of Europe
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Asia Pacific
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By Clinical Trail Phases:
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Pre-clinical Studies
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Clinical Trial Phase I
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Clinical Trial Phase II
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Clinical Trial Phase III
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Post Marketing Surveillance or Phase IV
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Type of Method
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Spontaneous Reporting
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Intensified ADR Reporting
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Targeted Reporting
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Cohort Event Monitoring
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EHR Monitoring
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Type of Service Providers
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In-House
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Contract Outsourcing
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By Country
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China
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Japan
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India
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Australia
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South Korea
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ASEAN
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Rest of Asia Pacific
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Middle East
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By Clinical Trail Phases:
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Pre-clinical Studies
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Clinical Trial Phase I
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Clinical Trial Phase II
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Clinical Trial Phase III
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Post Marketing Surveillance or Phase IV
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Type of Method
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Spontaneous Reporting
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Intensified ADR Reporting
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Targeted Reporting
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Cohort Event Monitoring
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EHR Monitoring
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Type of Service Providers
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In-House
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Contract Outsourcing
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By Country
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GCC Countries
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Israel
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Rest of Middle East
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Africa
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By Clinical Trail Phases:
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Pre-clinical Studies
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Clinical Trial Phase I
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Clinical Trial Phase II
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Clinical Trial Phase III
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Post Marketing Surveillance or Phase IV
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Type of Method
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Spontaneous Reporting
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Intensified ADR Reporting
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Targeted Reporting
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Cohort Event Monitoring
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EHR Monitoring
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Type of Service Providers
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In-House
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Contract Outsourcing
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By Country
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North Africa
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Central Africa
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South Africa
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Company Profiles
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Accenture Plc *
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Company Overview
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Product Portfolio
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Key Highlights
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Financial Overview
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Strategies
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Bristol-Myers Squibb
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Clinquest Group B.V.
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Cognizant Technology Solutions
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Covance, Inc.
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GlaxoSmithKline
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ICON, Plc
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iGATE Corporation
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Arriello
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iMEDGlobal Corporation
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Diamond Pharma Services
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Infosys
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Ergomed plc
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inVentiv Health Inc.
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APCER Life Sciences
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ArisGlobal
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Johnson and Johnson
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