The pharmacovigilance (phv) market is anticipated to grow at a compound annual growth rate of 13.5% for the forecasted period (2023 – 2030). As the world's population ages, chronic diseases have increased; and more adverse drug reactions mean more pharmacovigilance. Pharmacovigilance (drug safety) is the healthcare industry's effort to ensure that pharmaceutical companies' claims are accurate and supported by scientific evidence. This report covers all the quantitative and qualitative aspects of pharmacovigilance market and also talks about its key drivers, the challenges it faces, the growth opportunities present in the market, and its future prospects.

Post Marketing Surveillance Phase Takes the Largest Slice

The market has been segmented on basis of Clinical Trial Phases, Service Providers, End Users, Methods, and Regional Basis. On the basis of Clinical Trials, Phase IV i.e.  Post Marketing Surveillance Phase has a presiding share of about 75.6% for the year 2020 whereas On the basis of Service Provider, Contract Outsourcing has a presiding share of about 59.2%. Spontaneous Reporting has a dominant share of 30.3% for the year 2020 because of its usefulness in detecting new, serious and rare adverse drug reaction cases and moreover it is an efficient and inexpensive method of reporting ADRs. After Spontaneous Reporting, Cohort Event Monitoring is expected to show growth exponentially over a forecast period. While viewing Phv Market on basis of therapeutic areas, oncology (The study and Treatment of Tumours) dominates the market with a share of about 26.5% whereas while viewing it on basis of end Users, pharmaceuticals dominates the market with a share of 42.6%. 

Pharmacovigilance Market: Drivers and Challenges

The surge in cases of Adverse drug reaction (ADR), the increasing occurrence of Chronic Diseases (Diabetes, Cancer, etc.) which in turn lead to increased drug consumption are a few of the main underlying forces driving the growth of the Phv Market. 5% of hospitalizations in Europe and the U.S.in the year 2019 were due to adverse drug reaction cases.  Iatrogenic disease is the most common disease caused due to adverse drug reactions.

According to a study by Tufts University, 40% of Adverse Drug Events are never reported by Healthcare Professionals. Another major problem in Spontaneous Reporting of Adverse drug events (ADE) is misreporting and miscoding of reports. The data mentioned in reports under the fields of dosage, formulation type, time, and length of exposure to ADE is not clearly stated.

Pharmacovigilance Market: Key Player and Market

For the year 2020, North America dominated the Pharmacovigilance Market with a fair share of about 34% due to the presence of key pharmaceuticals and MDMs (Medical Device Players) whereas the Asia Pacific is anticipated to have a compound annual growth rate of 13.5% attributable to its accessibility of various outsourcing organizations.  Industry leaders are targeting on developing research and development activities, new product launches, collaborating with leading Pharmaceutical companies in order to spread awareness about proper use of medicines and having access to medical information.Few of the pharmacovigilance market’s key players are- BoehringerIngelheim, Bristol-Myers Squibb, Clinquest Group B.V., EcronAcunova Ltd., F. Hoffmann-La Roche Ltd., GlaxoSmithKline, HCL Technologies, Accenture, Cognizant, IBM Corporation, Wipro Limited.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Pharmacovigilance market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Pharmacovigilance market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Pharmacovigilance market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Pharmacovigilance market?
• Which is the largest regional market for Pharmacovigilance market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Pharmacovigilance market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Pharmacovigilance market worldwide?