Pharmacovigilance Market Size, Share & Trends Analysis Report By Service Provider, By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End Use And Segment Forecasts, 2021 - 2028

January 2021 •
265 pages •
Report ID: 6020570 •
Format: PDF

Summary
Table of contents

Pharmacovigilance Market Size, Share & Trends Analysis Report By Service Provider (In-house, Contract Outsourcing), By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End Use, And Segment Forecasts, 2021 - 2028

Pharmacovigilance Market Growth & Trends

The global pharmacovigilance market size is expected to reach USD 14.95 billion by 2028. 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.

Pharmacovigilance Market Report Highlights
• 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

Ahmad helps you find the right report:

+1 718 618 4302
Contact by email

FAQ

Testimonials

The market research advisor answered my questions quickly and professionally. ReportBuyer's team did their best to ensure that I felt comfortable before making the investment to purchase the report.

Cristian Nunez

Director of Corporate Development Chugach Alaska Corporation

My overall experience with ReportBuyer today has been very positive, and I must thank you for your patience (...). Also, the sample you sent me and the explanations provided were very helpful.

D. Lescuyer

Executive Vice President Oral Business at Skyepharma

The research specialist was very helpful, and proposed the best content for my needs. ReportBuyer also offered a great follow-up, thanks for everything !

P. Thompson

EMEA Managing Director

We were satisfied with the support that ReportBuyer's team provided. Thanks to their recommendations, the report we purchased provided exactly what we want.

Y. Wang

Business Analyst

We didn't have time to do the research internally, and thanks to ReportBuyer's team we were able to find the appropriate data.

S. Chen

Research Coordinator

I was impressed by the customer service: it was fast, responsive, and 100% professional !

D. Krivan

Market Research Analyst

The research specialist provided prompt and helpful service. He also followed up to ensure I had all the information to deliver my business development plan.

C. Adams

Senior Business Development Manager