Pharmacovigilance Market to Reach USD 23.31 Billion is anticipated to grow at a CAGR of 13%

Pharmacovigilance Market

It is projected that the pharmacovigilance market would grow from USD 6.87 billion in 2023 to USD 23.31 billion in 2033. Over the course of the anticipated period, the market is anticipated to grow at a CAGR of 13%, according to FMI.

Novel medications developed through careful clinical research are in greater demand as a result of the rise in chronic illnesses, which call for the employment of pharmacovigilance more frequently.

As a result of the development of chronic illnesses, which necessitates the use of pharmacovigilance more frequently, there is an increased demand for novel pharmaceuticals that are created through meticulous clinical research.

It is anticipated that demand for pharmacovigilance services is likely to increase, as adverse drug reactions (ADRs) happen more frequently. Additionally, a combination of rising expectations for drug safety and rising patient consumption of medications is the main driver of the pharmacovigilance market expansion during the forecast period.

Moreover, clinicians must perform comprehensive tests and data analysis to assure minimal adverse effects, which forces big pharmaceutical companies to work with renowned pharmacovigilance service providers.

Furthermore, the advent of COVID-19 has given pharmaceutical companies a variety of opportunities to create novel vaccines, resulting at the beginning of multiple clinical trials. This function now makes it easier to enter the pharmacovigilance market, which is the most important stage of any medicine development process.

Therefore, during the anticipated time, the growth of the pharmacovigilance market is likely to be supported by such favorable initiatives.

What Is The Competitive Analysis Of The Pharmacovigilance Market?

The patent expiration of branded pharmaceuticals is encouraging new clinical trials to discover new candidates, which is causing prominent companies in the pharmacovigilance market to see an improvement in their revenue prospects. Some market participants use collaborations with top pharmaceutical companies as a key strategy.

Collaboration and Business Services

• In May 2023, JNPMEDI introduced its latest drug safety management solution, ‘Maven Safety.’ This innovative platform optimizes work efficiency while maintaining cost-effectiveness by offering a subscription-type SaaS solution. It allows users to select and utilize only the necessary functions based on the project’s scale.
• In March 2022, The Drug Safety Research Unit (DSRU) inaugurated the Institute of Pharmacovigilance Sciences on a global scale. This significant launch signifies a substantial expansion in the DSRU’s proficiency and its 40-year history of conducting methodological and pharmacovigilance research.
• In February 2022, Cognizant established a partnership with Medable Inc. to provide combined clinical research solutions utilizing Medable’s software-as-a-service platform, focused on decentralized clinical trials.
• In February 2022, LINK Medical and Viedoc joined forces in a partnership initiated by Viedoc with the aim of enhancing trial efficiency for both LINK Medical and its clients. This collaboration facilitates an ongoing exchange of experiences, requirements, and ideas, as well as the opportunity to test and implement new features.
• In December 2021, through a managed services agreement with Springer Nature, Wipro Limited revealed its plans to introduce regulatory literature monitoring services tailored for pharmaceutical companies. This move effectively expanded the range of services offered by the company.
• In September 2021, IQVIA and NRx Pharmaceuticals entered into a groundbreaking collaboration. The objective was to offer pharmacovigilance services and medical information in readiness for potential regulatory actions.
• In June 2021, SSI Strategy, LLC revealed its acquisition of Fiore Healthcare Advisors, LLC. The main goal of this acquisition is to bolster SSI’s already robust Clinical Research and Drug Safety services by integrating a team of skilled Safety Physicians and Clinical Research support professionals.
• In April 2021, ResoluteAI, the science research platform, unveiled a new set of tools designed to simplify post-market surveillance and Pharmacovigilance analysis processes.

• Accenture Plc. and UCB worked together to develop a safety solution based on Accenture’s INTIENTTM Pharmacovigilance in December 2019 to utilize artificial intelligence to speed up the process of submitting individual patient safety case reports.
• Given its significant influence in the pharmaceutical pharmaceuticals sector, Bristol-Myers Squibb (BMS) relocated a portion of its drug safety monitoring operations to India in 2017. Employees of Accenture are now running the pharmacovigilance center.

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 players like Accenture, Cognizant, and IQVIA are benefiting from improved pharmacovigilance management.

Market players are continuously developing safety services to increase the adoption of pharmacovigilance services while concentrating on technological progress. Analytics, AI, and automation have increased the effectiveness of the businesses offering pharmacovigilance services. Automation, machine learning, and artificial intelligence are likely to soon lead to a paradigm shift in pharmacovigilance due to their sophisticated technological capabilities.

Cognizant Technology Solutions, which offers a full range of patient safety services, was recently recognized as one of the top businesses in the pharmacovigilance market in April 2021. This follows the company’s ongoing efforts to improve its technologically enabled products in order to better assist clients with their digital transformation.

The market is expanding further due to rising Research and Development and the rising adoption of new technologies in clinical research. For instance, industry players like IQVIA and PRA Health Sciences are expected to boost demand in the upcoming years by incorporating virtual services into the clinical trial protocol.

Rising partnerships in the industry between software suppliers and pharmaceutical firms are also anticipated to fuel the demand for pharmacovigilance.

For instance, in November 2021, Deloitte and Sanofi worked together to develop ConvergeHEALTH Safety, a next-generation adverse events case intake platform powered by artificial intelligence (AI). This platform revolutionizes pharmacovigilance and tackles some of the most urgent operational safety issues facing the sector.

Additionally, eco-pharmacovigilance has gained prominence recently and is essential for reducing the likelihood that pharmaceutical pollutants affect the environment. As a result, pharmaceutical firms might use pharmacovigilance services to lessen environmental pollution, fueling the market’s expansion.

There is a significant demand for enhanced manufacturing processes, pharmacovigilance, clinical data management, streamlined Research and Development, and medical writing as a result of the market competition for the introduction of novel compounds. For EUR 1.5 million in 2020, the UK government collaborated with the American business Genpact to create an artificial intelligence tool for screening vaccine adverse drug response (ADR) data.

A Detailed Full Report

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)

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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