Pharmacovigilance Market Size, Share & Trends Report

Pharmacovigilance Market Size, Share & Trends Analysis Report By Service Provider (In-house, Contract Outsourcing), By Product Life Cycle, By Therapeutic Area, By Process Flow, By End-Use, By Type, And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-327-0
  • Number of Pages: 298
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2023
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the pharmacovigilance market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for pharmacovigilance market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of pharmacovigilance market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Pharmacovigilance Market Categorization:

The pharmacovigilance market was categorized into seven segments, namely product life cycle (Pre-clinical, Phase I, Phase II, Phase III, Phase IV), service provider (In-house, Contract Outsourcing), type (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining), process flow (Case Data Management, Signal Detection, Risk Management System), therapeutic area (Oncology, Neurology, Cardiology, Respiratory Systems), end-use (Pharmaceuticals, Biotechnology Companies, Medical Device Manufacturers), regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The pharmacovigilance market was segmented into product life cycle, service provider, type, process flow, therapeutic area, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The pharmacovigilance market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Russia; Japan; China; India; Brazil; Mexico; Argentina, South Africa; Saudi Arabia, UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Pharmacovigilance market companies & financials:

The pharmacovigilance market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • ACCENTURE - Accenture is a publicly operated multinational organization involved in management consulting and technological and outsourcing services. Accenture provides solutions for health management, health services, procurement, insurance, marketing, supply chain, and infrastructure services. In addition to the U.S., the company also operates in Europe and Asia. The company's offshore facilities located in India and China are instrumental in providing PV services globally. Accenture, along with Oracle, provides PV consulting services. Accenture offers end-to-end PV services related to medical review, case processing, risk-benefit management, aggregate safety reporting, and operational workflow. The company processes 500,000 ADR and 300 reports annually. For instance, PV consulting, PV technology, and PV outsourcing are three types of services provided by the company.

  • CLINQUEST GROUP B.V. (LINICAL AMERICAS) - Clinquest Services B.V. is Accelovance, Inc. acquired a CRO services provider of Clinquest Group B.V. Clinquest Services B.V. in December 2015. Later, in July 2018, Accelovance, Inc. and Linical merged to create Linical Accelovance Group, a midsized, global CRO offering services across Europe, Asia Pacific, and North America. In May 2020, the parent company's name was changed to Linical Americas. The company offers PV services, post-marketing surveillance, and clinical surveillance services. In addition, the company provides extensive therapeutic expertise in areas ranging from cardiology to reproductive systems.

  • IQVIA - The company was previously known as QuintilesIMS and is now renamed IQVIA. The company provides and serves solutions that allow life sciences companies to maximize opportunities, innovate, and drive human health-related outcomes forward. It focuses on a human data science approach that advances the understanding of human health and allows stakeholders to make insightful, better decisions and discover breakthroughs. The solutions offered by the company include domain expertise, transformative technology, advanced analytics, and unparalleled data.

  • COGNIZANT  - Cognizant is involved in business process outsourcing and consulting services. It provides IT system integration and solutions pertaining to finance, healthcare, manufacturing, retail, logistics, communications, media, and entertainment. Cognizant serves the healthcare industry via its two business segments: healthcare and life sciences. It provides consulting services about life sciences, such as drug safety, process consistency, and safety data integration. Cognizant Life Sciences division provides pharmacovigilance services via four platforms: consulting, outsourcing, IT integration, and prebuilt tools.

  • LABORATORY CORPORATION OF AMERICA HOLDINGS - Laboratory Corporation of America Holdings is a clinical laboratory company. Labcorp offers a wide range of procedures and clinical laboratory tests, such as Pap tests, blood chemistry analyzers, substance abuse tests, blood cell counts, and urinalysis. It also offers specialty testing services in cardiovascular diseases, toxicology, diagnostic genetics, and other areas. In addition, the company provides drug development and laboratory testing services. The company serves many hospitals, academic institutions, and universities. In February 2023, LabCorp announced the launch of a new company, Fortrea, a spin-off of its clinical development business. Fortrea will operate as an independent global CRO. It will offer phase I–IV clinical trial services and various commercialization solutions to biotechnology and pharmaceutical organizations.

  • IBM CORPORATION - The company designs, manufactures, and markets software solutions, hardware, hosts, and services. The company operates in over 170 countries. IBM serves its consumers from varied industries, such as automotive, banking, life sciences, retail, chemical and petroleum, and communication. Life science services offered by the company include R&D, supply chain, process, and regulatory compliance. The company also provides healthcare database services.

  • ARISGLOBAL - ArisGlobal is a software solutions provider of cloud-based software solutions to the life sciences industry. ArisGlobal is involved in solutions and products related to various segments, such as Pharmacovigilance (PV) and safety, regulatory affairs, clinical research, and medical information. The company is present globally through registered UK, France, Germany, Ireland, India, and Japan offices. Its cloud-based software platforms are helpful in clinical trials and safety and regulatory information management. SAP-certified solutions provide end-to-end support from data entry to complete automated case submission and the data warehouse system.

  • ICON PLC.  - ICON plc is a public limited Contract Research Organization (CRO). It provides services for drug development, such as biometrics, clinical research, data management, interactive technologies, imaging, clinical pharmacology, and consulting and market access solutions. The company is operational in more than 37 countries. ICON Plc has categorized all of its services and solutions under four divisions: laboratory services, early phase services, clinical research services, and DOCS.

  • CAPGEMINI - Capgemini offers technology, consulting, and outsourcing services. The company develops technology projects and provides IT application development, system integration services, and maintenance services. In addition to aerospace and defense, chemicals, automotive, life sciences, healthcare, banking, consumer products, retail, oil & gas, insurance, and telecommunications, the company serves various industries. It provides consulting services in big data and analytics, supply chain management, digital transformation, and sales. The company operates in over 50 countries worldwide.

  • ITCLINICAL - ITClinical is a multinational organization specializing in consulting and information technologies for the health and pharmaceutical industries. The company assists in each step of clinical development and regulatory stages (pre- and postapproval). The primary operational portfolio includes software for clinical trial randomization, PV activities, and clinical trial eCRF. ITClinical provides end-to-end PV services related to medical review, case processing, risk-benefit management, aggregate safety reporting, and operational workflow. The PV system comprises five modules: information, product dictionary, reporting, thesaurus, and management modules.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Pharmacovigilance Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Pharmacovigilance Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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