The Global Pharmacovigilance Market is expected to grow at a high CAGR of 12% during the forecasting period (2022-2029).
Pharmacovigilance (PV) refers to the science and activities associated with the detection, understanding, assessment, and prevention of adverse effects or any other drug-related problem. The focus of pharmacovigilance is on ADR (adverse drug reactions) and drug toxicity. The pharmacovigilance market comprises all types of adverse events reporting conducted during clinical trials in hospitals, pharmacies, and other healthcare sectors.
The global pharmacovigilance market growth is driven by the rising incidences of lifestyle diseases, such as hypertension, cardiac disorders, and diabetes caused by sedentary lifestyles, lack of physical activities, and poor diets, leading to high consumption of drugs. Increasing consumption of drugs leads to high demand for monitoring of drugs, thus boosting the growth of the pharmacovigilance market.
The increasing trend of outsourcing pharmacovigilance services is driving the market growth
Outsourcing the pharmacovigilance process is implemented by pharma companies to avoid fixed overhead costs and high upfront investments, secure additional capacity and increase resource flexibility. Outsourcing pharmacovigilance proves to be a cost-effective endeavor for small and medium-sized companies. In recent years, drugs are being consumed and developed at significantly high rates. The intake of drugs for longer periods by a large population can lead to adverse effects not seen in clinical trials. For instance, in 2020, Dexmedetomidine HCL in 0.9% Sodium Chloride Injection by Fresenius Kabi USA was recalled due to cross-contamination of lidocaine, which could result in a potentially life-threatening allergic reaction. Thus, the growing need for medical information by the regulatory authorities is also anticipated to fuel the growth of this segment.
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By Service Provider
- Contract Outsourcing
By Type of Reporting
- Intensified ADR Reporting
- Spontaneous Reporting
- Cohort Event Monitoring
By Clinical Trial Phase
- Phase I
- Phase II
- Phase III
- Phase IV
By End User
- Pharmaceutical Companies
The pharmacovigilance market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Accenture, ArisGlobal, BioClinica, Capgemini, Cognizant, FMD K&L Inc., Foresight Group International AG, IBM Corporation, Wipro Limited, and IQVIA among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the pharmacovigilance market globally. For instance, in October 2020, Saama Technologies Inc. launched the new Active Safety Analytics for Pharma (ASAP) products. ASAP is the first validated pharmacovigilance solution to leverage the US Food and Drug Administration’s (FDA) Sentinel Common Data Model and the TreeScan methodology for detecting safety signals.
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