The latest report, titled ‘Global Pharmacovigilance Market ,’ comprises a profound analysis of the fundamental parameters contributing to the global Pharmacovigilance market scenario. The research report provides the reader with an in-depth interpretation of the Pharmacovigilance market dynamics, including the crucial drivers, opportunities, threats, and challenges. The report also describes the key business strategies, demand and supply ratios, leading regions, and the renowned market players, in a nutshell, offering a futuristic outlook of the overall Pharmacovigilance industry.
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.
The SWOT analysis and Porter’s Five Forces Analysis are some of the most important components of this report that provide insight into the highly competitive environment of the industry. A detailed analysis of the global Pharmacovigilance market is presented in the report, including North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Aside from revenue growth drivers & restraints, production & consumption patterns, changing consumer preferences, and stringent regulatory standards, this report also examines other key aspects of regional markets.
Market Dynamics:
The report offers insightful information about the market dynamics of the Pharmacovigilance market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Pharmacovigilance market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Pharmacovigilance market.
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Target Audience of the Global Pharmacovigilance Market Report:
- Key Market Players
- Investors
- Venture capitalists
- Small- and medium-sized and large enterprises
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- Global market producers, distributors, traders, and suppliers
- Research organizations, consulting companies, and various alliances interested in this sector
- Government bodies, independent regulatory authorities, and policymakers
Major Geographies Analyzed in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Leading manufacturers profiled in the report:
ArisGlobal, Accenture, Cognizant, IBM Corp., Laboratory Corporation of America , Holdings, IQVIA, BoClinica Inc., Capgemini, Linical Accelovance, ITClinical
Some Key Highlights From the Report
- The spontaneous reporting segment accounted for a significant revenue share in 2021 owing to its relatively inexpensive method. Spontaneous reporting provides various built-in benefits over other active reporting methods. Major Adverse Drug Reactions (ADRs) that were missed by earlier trials or other pharmacovigilance techniques may be revealed owing to its extensive coverage. They are a realistic and appealing method for Low-Middle Income Countries (LMICs) due to their relative affordability and ease of use, coverage of whole patient populations, lifecycle follow-up of medications, non-interference with prescribing behaviors, and potential to enable follow-up studies. In addition, spontaneous reporting occurs throughout post-marketing phase and produces majority of drug safety data.
- The contract outsourcing segment accounted for a significant revenue share in 2021. This is primarily attributed to shifting Contract Research Organizations (CROs), which thereby drives flexibility and reduces cost of in-house processes. Increasing preference for outsourcing pharmacovigilance and increasing demand for accessible and effective drug safety monitoring are other factors driving revenue growth of this segment. Contract outsourcing offers Standard Operating Procedures (SOPs) and Pharmacovigilance (PV) audits, enabling better handling and compliance with massive data. These benefits significantly drive revenue growth of this segment during the forecast period.
- The North America market accounted for largest revenue share in 2021. Significant investments in healthcare facilities are a key factor driving market revenue growth. In addition, increasing cancer cases worldwide are contributing to market revenue growth in this region. For instance, according to American Cancer Society, in the U.S., an estimated one billion people with cancer were diagnosed in 2020.
- Some major companies in the global market report include Accenture, Cognizant, Laboratory Corporation of America Holdings, IBM, ArisGlobal, ICON plc., Capgemini, Wipro, IQVIA, and Parexel International Corporation.
Market Segmentation by Product Type:
Type Outlook (Revenue, USD Million; 2017-2027)
- Spontaneous Reporting
- Intensified Adverse Drug Reaction (ADR) Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Electronic Health Record (HER) Mining
Service Provider Outlook (Revenue, USD Million; 2017-2027)
- In-House
- Contract Outsourcing
Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)
- Pre-Clinical
- Phase I
- Phase II
- Phase III
- Phase IV
Research Report on the Pharmacovigilance Market Addresses the Following Key Questions:
- Who are the dominant players of the Pharmacovigilance market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Pharmacovigilance market?
- What are the key growth drivers and restraining factors of the Pharmacovigilance market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Pharmacovigilance market and its key segments?
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About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
