The global post-marketing pharmacovigilance and medical information market size was valued at USD 2.02 billion in 2014. Rising demand for new drug development coupled with presence of technologically advanced, easily accessible medical information system is expected to boost the market growth over the forecast period.
Post-marketing pharmacovigilance penetration and future growth opportunities, bytype of reporting
As per the ISMP (Institute for Safe Medication Practices), approximately two of every three patients who visit a doctor leave with at least one prescription drug. Drug consumption has increased substantially owing to rapidly growing disease prevalence rates. Approximately 6.4 billion drugs were dispensed in the U.S. alone in 2014. Rise in the prevalence of chronic diseases such as cardiovascular & respiratory disorders, oncology, and diabetes have increased the consumption of drugs worldwide.All the aforementioned factors are attributing to the post-marketing pharmacovigilance and medical information market growth in near foreseeable future.
Furthermore, increasing incidences of adverse drug reactions impose a substantial burden on healthcare systems and is one of the prominent reasons of morbidity in developed countries. According to the ISMP, currently, more than 10,000 prescription drugs and 300,000 over-the-counter (OTC) medications are available in the U.S. It has also been stated that nearly 1.5 million preventable ADRs (Adverse Drug Reactions) occur in the U.S. each year. Growing instances of ADRs resulting in drug withdrawals is expected to drive market growth during the forecast period.
Post marketing surveillance (PMS) information is collected via methods such as spontaneous reporting, cohort event reporting, targeted spontaneous reporting, intensified ADR reporting, and EHR Mining. Spontaneous reporting dominated the product segment as of 2014, owing to wide application in post market surveillance activities. Cohort event monitoring is expected to grow with lucrative CAGR of 13.5% during the forecast period due to introduction of technologically advanced cloud-based platforms and reliability on information obtained by this system.
The product segment constitutes books, online media, and journals. Books on pharmacovigilance held the largest share of over 39.0% in 2014. Increasing usage of printed books in academics and research institutes is attributing to its higher penetration. Technological advancements such as digitalization of medical information, for easy access are responsible for the growth of the online media segment. It is expected to grow at a CAGR of over 13.0% over the forecast period.
Post-marketing pharmacovigilance and medical information services are used in research organizations for monitoring & regulating drug safety guidelines, hospitals for adverse drug effects reporting. The research organization segment is expected to show a lucrative growth rate of over 13.0% in the coming years due to increasing R&D for the development of novel drugs and medical devices. Advancements in cloud-based medical information system such as Argus safety by Oracle and ARIS safety suite by ArisGlobal, are further growth propellers for this market.
North America held the largest revenue share of the overall industry in 2014 at over 38.0%. Increasing demand for new drug development coupled with incidences of adverse drug reporting are key drivers for this regional market. Rising adoption of Electronic Health Records (EHR), supportive infrastructure and healthcare expenditure is further expected to fuel the growth of this regional industry. Asia Pacific region is expected to show lucrative growth in future due to increasing outsourcing activities, improving healthcare infrastructure, and rising demand for pharmacovigilance activities.
Post-marketing pharmacovigilance and medical information market is catered by players such Accenture Plc, Clinquest Group, B.V., Cognizant Technology Solutions Corp., Covance Inc., iMEDGlobal Corp., inVentiv Health Clinical, Parexel International Corporation, Pharmaceutical Product Development Inc, PRA Health Sciences, Quintiles Transnational Corporation, F. Hoffmann-La Roche Ltd. Sanofi, Synowledge, Wipro Ltd., ArisGlobal, and Ergomed.
The market is highly competitive in nature and manufacturers are focusing on strategies such as merger & acquisition, collaborative agreements, and new product development for sustaining the competition and gain more industry share. Presence of a competitive environment has led to the streamlining of R&D, manufacturing operations, medical writing, pharmacovigilance, and clinical data management. Manufacturers are rapidly adhering to outsourcing as a viable cost curbing tool.
Report Attribute |
Details |
Market size value in 2020 |
USD 44.3 billion |
Revenue forecast in 2022 |
USD 5.3 billion |
Growth Rate |
CAGR of 15.1% from 2019 to 2027 |
Base year for estimation |
2015 |
Historical data |
2013 - 2015 |
Forecast period |
2016 - 2022 |
Quantitative units |
Revenue in USD million and CAGR from 2016 to 2022 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Type, product, end-use, region |
Regional scope |
North America; Europe; APAC; Latin America; MEA |
Country scope |
U.S.; Canada; U.K.; Germany; France; Japan; China; India; Brazil; Mexico; South Africa |
Key companies profiled |
Accenture Plc; Clinquest Group, B.V.; Cognizant Technology Solutions Corp.; Covance Inc.; iMEDGlobal Corp.; inVentiv Health Clinical; Parexel International Corporation; Pharmaceutical Product Development Inc; PRA Health Sciences; Quintiles Transnational Corporation; F. Hoffmann-La Roche Ltd. Sanofi; Synowledge; Wipro Ltd.; ArisGlobal; Ergomed |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
b. The global post-marketing pharmacovigilance and medical information market size was estimated at USD 3.67 billion in 2019 and is expected to reach USD 44.3 billion in 2020.
b. The global post-marketing pharmacovigilance and medical information market is expected to grow at a compound annual growth rate of 15.1% from 2019 to 2027 to reach USD 4.15 billion by 2027.
b. North America dominated the post-marketing pharmacovigilance and medical information market with a share of 33.9% in 2019. This is attributable to increasing demand for new drug development coupled with incidences of adverse drug reporting, supportive infrastructure, and healthcare expenditure.
b. Some key players operating in the post-marketing pharmacovigilance and medical information market include Accenture Plc, Clinquest Group, B.V., Cognizant Technology Solutions Corp., Covance Inc., iMEDGlobal Corp., inVentiv Health Clinical, Parexel International Corporation, Pharmaceutical Product Development Inc, PRA Health Sciences, Quintiles Transnational Corporation, F. Hoffmann-La Roche Ltd. Sanofi, Synowledge, Wipro Ltd., ArisGlobal, and Ergomed.
b. Key factors that are driving the market growth include rising demand for new drug development coupled with the presence of a technologically advanced, easily accessible medical information system.
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