by The global pharmacovigilance market is estimated to be valued at US$ 6.70 billion in 2022 and is expected to exhibit a CAGR of 7.0% over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The pharmacovigilance market consists of products and services associated with the collection, detection, assessment, monitoring, and prevention of adverse effects in human drugs. Pharmacovigilance aims to enhance patient care and safety in clinical practice via the early detection, assessment, understanding and prevention of adverse effects. It plays a vital role in ensuring medication safety, efficacy, and quality. With the growing usage of prescription and OTC drugs worldwide, the need for effective pharmacovigilance is rising across different sectors including pharmaceutical companies, clinical research organizations (CROs), and business process outsourcing firms (BPOs).
Market key trends:
The growing outsourcing of pharmacovigilance services and rising usage of sophisticated technologies such as artificial intelligence (AI) are some of the major trends being witnessed in the global pharmacovigilance market.
– Growing outsourcing: To cut costs and focus on core competencies, stakeholders including pharmaceutical companies and regulatory authorities are outsourcing pharmacovigilance services to specialist CROs and BPOs. This is helping to expand outsourcing activities and market size.
– Rising AI implementation: Various AI-based tools are being adopted to make pharmacovigilance processes more effective and efficient. For instance, machine learning models are being used to analyze huge volumes of clinical and real-world data to detect unknown adverse effects and predict drug safety issues. This is supporting end-to-end automation of pharmacovigilance workflows.
Porter’s Analysis
Threat of new entrants: Low capital requirement and presence of large number of contract research organization (CROs) has increased the threat of new entrants in the pharmacovigilance market.
Bargaining power of buyers: Large pharmaceutical companies have high bargaining power over CROs and BPO Service providers due to the intensive price competition in pharmacovigilance outsourcing market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternatives and switching costs for pharmacovigilance service providers.
Threat of new substitutes: Low as pharmacovigilance services have no close substitute and are mandated by regulatory authorities.
Competitive rivalry: Intense due to presence of large global as well as regional players offering comprehensive pharmacovigilance services and capabilities.
Key Takeaways
The global Pharmacovigilance Market Share is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing drug failures and adverse drug reactions. Stringent safety regulations across the globe has increased the demand for pharmacovigilance services.
North America dominated the global pharmacovigilance market in 2021 due to stringent regulatory requirements for drug safety. Asia Pacific is expected to witness fastest growth over the forecast period owing to increasing clinical trials and outsourcing of pharmacovigilance activities to cut costs. Countries like India, China provide pharmacovigilance services at comparatively lower costs.
Key players operating in the Pharmacovigilance market are Accenture Plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., GlaxoSmithKline, ICON, Plc, iGATE Corporation, Arriello, iMEDGlobal Corporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv Health Inc., APCER Life Sciences, ArisGlobal, and Johnson and Johnson. These players are focusing on new product launches and partnerships with pharma companies to strengthen their positions in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
