Pharmacovigilance is a scientific field that involves the evaluation of a drug or medical product’s safety and effectiveness. This discipline focuses on gathering, detecting, evaluating, and preventing any negative effects associated with the use of the medication or drug.
Statistics:
Global Pharmacovigilance Market is estimated to be valued at US$ 5,008.2 Million in 2023 and is expected to exhibit a CAGR of 13.0% during the forecast period (2023-2030)
Drivers
The global pharmacovigilance market is anticipated to experience growth in the upcoming years due to the likelihood of negative reactions to drugs or vaccines. A prime example is the temporary suspension of a randomized clinical trial for AstraZeneca’s COVID-19 vaccine in September 2020 due to an unexplained illness in one of the volunteers.
In addition, the global pharmacovigilance market is anticipated to benefit from a rise in the number of clinical trials. The U.S. National Library of Medicine reports that there was an increase in the number of clinical trials conducted in the United States, from 30,978 in 2018 to 32,523 in 2019.
Statistics:
In 2019, North America occupied a leading position in the global pharmacovigilance market, with a share of 37.2% in terms of value. The regions of Asia Pacific and Europe followed next in line, respectively.
Market Restraints
The growth of the global pharmacovigilance market is likely to be impeded by obstacles in automating pharmacovigilance. As an example, Arriello, a company that provides regulatory affairs and pharmacovigilance solutions and services for the life sciences industry, revealed in September 2020 that although most organizations claimed to have introduced or intended to introduce some form of pharmacovigilance automation within the next year, they lacked the necessary IT knowledge and resources to automate the intake of adverse event cases effectively.
In addition, market growth is anticipated to be restricted by rigorous and diverse regulatory approval procedures. Safety concerns for both newly introduced and existing drugs are under increasing scrutiny by regulatory bodies. The US FDA, in particular, has imposed new regulations and guidelines such as RiskMap, the Amendments Act of 2007, and the Sentinel Initiative of 2008 to reduce the escalating number of adverse drug reactions. The creation of additional safety review resources within the FDA was the primary objective of the FDA Amendments Act of 2007. Additionally, in response to adverse drug reactions, safety agencies in Europe have implemented regulations and guidelines. The EU clinical trials directive specifies that failing to report adverse drug reactions during clinical trials is considered a criminal offense.
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Pharmacovigilance Market Report Coverage
| The market size value in 2023 |
Statistics:
The global pharmacovigilance market was worth US$ 5,008.2 million. Based on the estimated CAGR between 2023 and 2030, it is expected to increase to US$ 13,284.0 million by 2030.
Market Trends
Regulatory authorities are prioritizing the release of instructions concerning pharmacovigilance. For example, in September 2020, the Medicines and Healthcare Products Regulatory Agency (MHRA) in the United Kingdom released a set of instructions that outlined the necessary procedures for pharmacovigilance after the transition period and the obligations of having a responsible qualified person for pharmacovigilance (QPPV) and a pharmacovigilance system master file (PSMF) for products authorized in the United Kingdom.
The global pharmacovigilance market is predicted to experience growth as a result of efforts to encourage pharmacovigilance in academia. An example of this is the partnership between Parexel International and Chitkara University in India, which involves the introduction of a two-year M.Sc. Program in Pharmacovigilance & Clinical Research by the University in August 2020.
Regulations
Prominent players
Prominent players, including inVentiv Health Inc., Diamond Pharma Services, Accenture Plc, Clinquest Group B.V., Johnson & Johnson, Bristol-Myers Squibb, Cognizant Technology Solutions, ArisGlobal, Covance, Inc., APCER Life Sciences, Ergomed Plc, iMEDGlobal Corporation, Infosys, GlaxoSmithKline, Arriello, ICON, Plc, and iGATE Corporation, are operating in the global pharmacovigilance market.
Recent Developments
Top companies in the global pharmacovigilance market are concentrating on utilizing mergers and acquisitions tactics to boost their market dominance. As an illustration, Ergomed plc procured Ashfield Pharmacovigilance Inc. in January 2020, which is a proficient provider of pharmacovigilance services located in Cary in the Research Triangle, North Carolina (U.S.), from UDG Healthcare US Holdings, Inc.
The market’s leading participants are concentrating on utilizing M&A tactics to improve their market presence. As an example, Diamond PV Services, the pharmacovigilance division of Diamond Pharma Services, procured PharmaCentral in April 2020. PharmaCentral is a Dublin, Ireland-based enterprise providing pharmacovigilance services and medical affairs.
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Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Executive Summary
Market Overview
- Definition of Pharmacovigilance Market Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Pharmacovigilance Market Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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