The global pharmacovigilance market size is expected to reach USD 14.95 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.5% from 2021 to 2028. The increasing incidence of Adverse Drug Reactions (ADR) is the key growth factor. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.
According to the World Health Organization's (WHO) report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in non-hospital setups. Hence, there has been a significant rise in the number of medicines made available to healthcare consumers. The rising demand for drugs has significantly heightened the need for the development of novel therapeutics via extensive clinical trials, which is expected to serve this market with lucrative opportunities.
Moreover, leading pharma companies in developed countries are focusing on outsourcing PV services to reduce costs and minimize operational expenses. This is anticipated to serve as an opportunity for contact research organizations in developing regions to gain more revenue share. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.
Industry participants are focusing on increasing R&D activities to develop better pharmacovigilance services. Companies are also adopting strategies including new product launches and mergers & acquisitions to gain a competitive advantage. Moreover, they are undertaking collaborations with the PV service providers to gain access to medical information and manage PV workflows. For instance, in September 2019, Accenture collaborated with Bayer to implement the company's INTIENT Clinical platform to simplify and speed up its drug development processes, thereby widening its business. The company collaborated with BioCelebrate in 2017 to develop a platform for aggregating and analyzing clinical information for improved drug development efficiency, thus enhancing its R&D capabilities. Such initiatives help companies maintain their market position.
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By product life cycle, phase IV held a dominant share of 75.61% in 2020 owing to the extensive post-marketing surveillance of pharmaceuticals and an increasing number of ADR incidences in the market
In terms of service provider, contract outsourcing held a significant share of 59.24% as of 2020 owing to the shift in the focus of pharmaceutical companies to outsourcing services to reduce operational cost
Based on type, spontaneous reporting held the largest revenue share in 2020 due to its wide application in pharmacovigilance and benefits such as easy simulation of data sets for better drug comparison
On the basis of end-use, the biotechnology companies segment is anticipated to exhibit a lucrative CAGR of 12.6% over the forecast period owing to the increasing R&D for the development of novel biologics
Asia Pacific is anticipated to exhibit a lucrative CAGR of 13.2% in the forthcoming years. This is attributed to the availability of low-cost labor and the rising number of outsourcing companies in this region
Grand View Research has segmented the global pharmacovigilance market on the basis of the service provider, product life cycle, type, process flow, therapeutic area, end-use, and region:
Pharmacovigilance Service Provider Outlook (Revenue, USD Million, 2016 - 2028)
Pharmacovigilance Product Life Cycle Outlook (Revenue, USD Million, 2016 - 2028)
Pharmacovigilance Type Outlook (Revenue, USD Million, 2016 - 2028)
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
Pharmacovigilance Process Flow Outlook (Revenue, USD Million, 2016 - 2028)
Case Data Management
Case Data Analysis
Medical Reviewing & Reporting
Adverse Event Logging
Adverse Event Analysis
Adverse Event Review & Reporting
Risk Management System
Risk Evaluation System
Risk Mitigation System
Pharmacovigilance Therapeutic Area Outlook (Revenue, USD Million, 2016 - 2028)
Pharmacovigilance End-use Outlook (Revenue, USD Million, 2016 - 2028)
Medical Device Manufacturers
Pharmacovigilance Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East and Africa
Kingdom of Saudi Arabia
List of Key Players of Pharmacovigilance Market
Laboratory Corporation of America Holdings
PAREXEL International Corporation
UNITED BIOSOURCE CORPORATION
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