According to the latest analysis by Future Market Insights (FMI), the global pharmacovigilance market is set to experience substantial growth, with projections indicating a surge from USD 6.87 billion in 2023 to USD 23.31 billion by 2033. This impressive growth reflects a robust Compound Annual Growth Rate (CAGR) of 13% over the forecast period.
The expansion of the pharmacovigilance market is driven by several key factors, including increased emphasis on drug safety and regulatory compliance across the pharmaceutical industry, heightened awareness of the importance of monitoring adverse drug reactions (ADRs), and significant technological advancements in data processing and analysis.
Key Drivers of Market Growth:
- Rising Prevalence of Chronic Diseases: The growing incidence of chronic conditions such as diabetes, cancer, and cardiovascular diseases is fueling the development of new pharmaceuticals, thereby driving the need for effective pharmacovigilance practices.
- Growing Awareness of Adverse Drug Reactions: Increased awareness of ADRs and higher patient medication consumption are propelling the demand for advanced pharmacovigilance services.
- Stringent Regulatory Frameworks: Strict regulations mandating comprehensive drug safety monitoring by pharmaceutical companies and regulatory bodies are further contributing to market expansion.
Regional Insights:
- North America: Dominates the market with over 30% share in 2021, driven by major pharmaceutical and medical device players, and a significant focus on drug abuse and ADRs. The United States, as a global leader in pharmaceuticals, held a 30.9% share of the global market in 2022, benefiting from stringent regulations and a patient-centric approach to pharmacovigilance.
- Europe: Shows potential for growth, with the UK leading due to an increase in clinical trials. Germany’s adoption of advanced pharmacovigilance tools like AI and big data is enhancing its market presence.
- Asia Pacific: Expected to witness the fastest CAGR during the forecast period, driven by the proliferation of outsourcing companies offering cost-effective solutions. Rapid growth in the pharmaceutical industries of China and India highlights the need for stringent pharmacovigilance measures.
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Competitive Landscape:
Key players in the pharmacovigilance industry, including pharmaceutical companies, regulatory authorities, and specialized service providers, are actively working to monitor and assess drug safety. They invest in advanced technologies and data analytics to improve pharmacovigilance processes and maintain compliance with regulations.
Recent developments include:
- Qinecsa Solutions Ltd.: Acquired Commonwealth Informatics, Inc. in December 2022, establishing a comprehensive vigilance platform that combines top-tier pharmacovigilance services with a powerful digital platform.
- Italian Medicines Agency: Launched the National Pharmacovigilance Network (RNF) in June 2022, featuring an international standard format for adverse reaction data collection and enhanced report management capabilities.
Key Market 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.
Market Segmentation:
- 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)
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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