According to Future Market Insight, a certified Market Research and Consulting firm, a published market research study on Pharmacovigilance Market, the global market will hit a critical milestone by 2033, when its estimated value will reach US$ 23.31 billion. This estimate shows a striking CAGR of 13%. It’s important to remember that this estimate is much higher than the estimated US$ 6.87 billion for 2023.
The prevalence of chronic diseases like diabetes, cancer, respiratory conditions, and cardiovascular diseases has increased globally, increasing the demand for medications and the size of clinical trials to find new treatments. The importance of pharmacovigilance in assuring drug safety and keeping track of adverse drug reactions (ADRs) has boosted demand for pharmacovigilance services. Additionally, the market is anticipated to expand due to academic initiatives that support pharmacovigilance.
The healthcare industry is increasingly emphasizing patient safety and patient-reported outcomes. Pharmacovigilance plays a crucial role in ensuring patient safety throughout the drug lifecycle. As healthcare stakeholders prioritize patient-centric care, the demand for effective pharmacovigilance measures increases.
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The growing use of pharmaceutical products and complex treatment regimens increases the likelihood of encountering adverse events. This necessitates an efficient pharmacovigilance system to promptly monitor, detect, and report adverse drug reactions. As the number of ADRs rises, pharmaceutical companies must invest more in pharmacovigilance infrastructure, leading to market growth.
Regulatory agencies worldwide continuously update and enforce pharmacovigilance regulations to ensure patient safety. Pharmaceutical companies must comply with these requirements, leading to increased investments in pharmacovigilance infrastructure, processes, and technologies. The demand for pharmacovigilance solutions and services grows as companies strive to meet these stringent regulatory standards.
To manage the complexities of pharmacovigilance effectively, many pharmaceutical companies opt to outsource these tasks to specialized service providers. Outsourcing allows companies to access expertise, streamlined processes, and cost-effective solutions. The growing trend of outsourcing pharmacovigilance activities contributes to expanding the pharmacovigilance market.
The expanding number of drug development programs and clinical trials generates vast safety data. Pharmacovigilance is crucial during these phases to identify and manage potential risks to study participants and ensure drug safety. The demand for pharmacovigilance services increases as more drugs enter the development and clinical testing stages.
With increasing global access to pharmaceutical products, drug consumption has risen significantly. This surge in usage requires a robust pharmacovigilance system to monitor and report adverse events accurately. As a result, pharmaceutical companies invest in pharmacovigilance resources and solutions to manage the growing demand.
Technological advancements have transformed pharmacovigilance practices. These technologies enable more efficient and accurate identification of safety signals and adverse events, improving patient safety and more effective risk management. The adoption of these advanced tools drives the expansion of the pharmacovigilance market.
The rise of biologics presents unique safety challenges compared to traditional small-molecule drugs. Biopharmaceutical companies require specialized pharmacovigilance expertise to manage the safety of these complex therapies. As the biopharmaceutical industry expands, so does the demand for tailored pharmacovigilance services.
Precision medicine tailors treatments to individual patients based on genetic, environmental, and lifestyle factors. Pharmacovigilance must adapt to address individual variations in drug response and safety profiles. As precision medicine advances, so does the demand for specialized pharmacovigilance approaches, driving market growth.
Key Takeaways from the Pharmacovigilance Market
- The pharmacovigilance industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 12.1% through 2033, driven by the implementation of advanced artificial intelligence technologies for adverse event monitoring.
- The United States held a 30.9% share of the global pharmacovigilance industry in 2022, primarily attributed to the stringent regulatory framework and the increased focus on drug safety by the Food and Drug Administration.
- With a CAGR of 15.4% over the forecast period, India is predicted to develop rapidly in the pharmacovigilance industry, driven by the government’s initiatives to strengthen its healthcare infrastructure and streamline adverse drug reaction reporting mechanisms.
- In 2022, Japan had a 5.1% share of the pharmacovigilance industry globally, boosted by the country’s increasing focus on drug safety regulations and the implementation of a robust post-marketing surveillance system.
- The pharmacovigilance industry in China is expected to flourish speedily, registering a CAGR of 16.8% over the forecast period, fueled by the government’s efforts to strengthen its regulatory framework and enhance pharmacovigilance practices for ensuring drug safety in a rapidly expanding healthcare market.
- Germany accounted for 6.9% of the global pharmacovigilance industry in 2022, driven by the country’s robust healthcare infrastructure and the focus on efficient adverse drug reaction monitoring through its well-established national pharmacovigilance system.
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Competitive Landscape in the Pharmacovigilance Market
In the pharmacovigilance industry, key players, including pharmaceutical companies, regulatory authorities, and specialized service providers, are actively monitoring and assessing the safety of drugs and medical products. They collaborate to detect, evaluate, and manage adverse effects, ensuring patient safety and compliance with regulations. Additionally, these players invest in advanced technologies and data analytics to enhance pharmacovigilance processes and stay at the forefront of drug safety management.
Recent Developments by Key Players
Qinecsa Solutions Ltd. achieved a significant accomplishment in December 2022 by acquiring Commonwealth Informatics, Inc. This milestone has enabled Qinecsa to establish a comprehensive vigilance platform, bringing together outstanding pharmacovigilance services with a powerful digital platform.
In June 2022, the Italian Medicines Agency launched the new National Pharmacovigilance Network (RNF) along with an international standard format for gathering data on adverse reactions. The RNF serves as the system responsible for collecting, managing, and analyzing reports of suspected ADRs in Italy. The updated RNF incorporates advanced features to enhance the management and analysis of these reports.
Key Players:
- Accenture Plc.
- Bristol-Myers Squibb
- Clinquest Group B.V.
- Cognizant Technology Solutions
- Covance Inc.
- F. Hoffmann-La Roche Ltd.
- GlaxoSmithKline Plc.
- ICON Plc
- iGATE Corporation
- iMED Global Corporation
- inVentiv Health Inc.
- Novartis AG
- PAREXEL International Corporation
- Pfizer Inc.
- Pharmaceutical Product Development LLC. (PPD)
- PRA Health Sciences Inc.
- Quintiles Transnational Holdings Inc.
- Sanofi SA
- Synowledge LLC
- Wipro Ltd.
Key segments:
By Phase of Drug Development:
- Preclinical Studies
- Phase I
- Phase II
- Phase III
- Phase IV
By Type of Methods:
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
By Service Type Provider:
- In-house Pharmacovigilance
- Contract Outsourcing
By Geography:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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Other Published Source: Pharmacovigilance Market to Grow at a CAGR of 13.1% during 2022-2032 | Future Market Insights, Inc.
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The post Pharmacovigilance Vital Role in Healthcare Assurance and Projected Market Growth to US$ 23.31 Billion by 2033, Says FMI appeared first on Future Market Insights.
