Pharmacovigilance Market to Reach USD 12.48 bn by 2027 growing at a CAGR Of 12.5% during 2020 – 2027

Market Size – USD 4,820.5 Million in 2019, Market Growth - CAGR of 12.5%, Market Trends –Rise in the development and consumption rate of drugs

The global pharmacovigilance market is expected to be worth USD 12.48 Billion by 2027, according to a current analysis by Emergen Research. The market for pharmacovigilance is experiencing rapid growth attributed to a rise in application for spontaneous reporting, electronic health record (HER) mining, cohort event monitoring, and intensified adverse drug reaction (ADR) reporting, among others. The pharmacovigilance primarily emphasizes on on ADR (adverse drug reactions) and cases of drug toxicity. According to the statistic released by WHO, about 5.0% of hospitalized patients in the developed nations are admitted into the hospital due to adverse drug reactions, and 6.0% to 10% of in-patients are anticipated to observe a severe adverse reaction for the duration of hospitalization.

A rise in demand for outsourcing services by players in the healthcare industry is anticipated to boost the forecast period's pharmacovigilance market growth. A spiraling inclination to outsource eliminates the issues pertaining to overhead costs and the pharmacovigilance resources’ deployment. Outsourcing is beneficial in enhancing the cost-effectiveness and output efficiency by releasing pressure associated with the procurement of resources on firms, therefore encouraging market growth. Leading pharmaceutical firms are substantially involved in extensive R&D ingenuities for novel therapeutic drug molecules to get superior outcomes, thereby successfully leading to a rise in drug development activities.

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Key Highlights From The Report

In December 2019, UCB and Accenture made an announcement about signing of a partnership agreement to build a safety solution on INTIENT™ pharmacovigilance, by Accenture, to accelerate patient safety case reports’ processing. The agreement is intended to help UCB in discovering the influence of existing treatments on patient’s safety and therefore managing the novel drugs’ risk in a better way.

Spontaneous reporting is a crucial type in pharmacovigilance by providing information from real clinical settings in the course of a drug’s life. Physicians and many other healthcare specialists contribute immensely to improving public health by supposed adverse drug reactions’ reporting.

Several firms support in-house reporting management to healthcare authorities, as in-house reporting is possibly the major contact entity for any kind of in and out deliberation.

The escalating sophistication of biologics & therapeutic agents and the growing deployment of novel agents makes it essential to identify any undesired and unforeseen adverse events and other toxicities as early as possible. Popular instances associated with the withdrawal of a drug from the market after receiving sanction, verify Phase IV pharmacovigilance requirement.

Hospital pharmacists are indispensable in reporting adverse drug reactions, as many adverse drug events occur in hospitals, with adverse drug reactions being accountable for a substantial proportion of hospitalizations.

The APAC region's pharmacovigilance market is anticipated to have the fastest CAGR of 13.7% in the period 2020-2027, due to strict legislative regulations for ADR reporting and several firms offering outsourcing services pharmacovigilance. Besides, increased clinical trials’ funding is causative of driving pharmacovigilance market demand in the region.

Key players in market include ArisGlobal, Accenture, Cognizant, Capgemini, IBM Corporation, IQVIA, BoClinica Inc., Laboratory Corporation of America Holdings, Linical Accelovance, and ITClinical, among others.

Scope of the report:         

In addition, the study on the Pharmacovigilance market for the forecast period, 2020 – 2027 quantifies the share occupied by the prominent players of the industry and enlightens the business owners from the fast-growing investment pockets and competitive landscape. Furthermore, the industry is classified into various segments with a detailed assessment of each and every aspect such as gross margin, profits, import and export status and others. All vital statistics are presented with the help of charts, tables and graphic images, which can be easily incorporated into any business presentation.

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Type Outlook (Revenue, USD Million; 2017-2027)

1. Spontaneous Reporting
2. Intensified Adverse Drug Reaction (ADR) Reporting
3. Targeted Spontaneous Reporting
4. Cohort Event Monitoring
5. Electronic Health Record (HER) Mining

Service Provider Outlook (Revenue, USD Million; 2017-2027)

1. In-House
2. Contract Outsourcing

Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)

1. Pre-Clinical
2. Phase I
3. Phase II
4. Phase III
5. Phase IV

End-Users Outlook (Revenue, USD Million; 2017-2027)

1. Hospitals
2. Research Organizations
3. Others

The market intelligence report further offers hard to find data derived from attractiveness analysis that narrates a lot about the products, regions and applications expected to generate more revenue. The research contains the details about the latest events in the Pharmacovigilance market including but not limited to the product launches, acquisition and mergers, collaborations and technology advancements with an aim to help business evangelists, product owners and marketing personnel understand what the future demands, customer preferences, consumption volume, production capacity and supply chain management of the Pharmacovigilance market will be like.

The global Pharmacovigilance market is geographically categorized into:

1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa

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