Pharmacovigilance Market to Reach $12.03 Billion by 2031, Driven by Increased Drug Manufacturing and Focus on Safety

The Pharmacovigilance Market is expected to reach USD 12.03 Bn by 2031 and was valued at USD 7.05 Bn in 2023 and simultaneously grow at a CAGR of 6.9% over the forecast period of 2024-2031.

Market Scope:

Pharmacovigilance Market is said to be a necessary factor in the pharma industry. Recently, the rise in the manufacturing of new drugs and rising R&D activities has introduced several threats related to the quality of the drugs and the after-effects of the same. In this, the demand for Pharmacovigilance has grown rapidly as SNS Insider analysis dictates the market growth to expand looking at the future trends of development in drugs. The market scope explains to us how the market will be growing in the future concentrating on the growing prevalence of the disease and its correlation with the manufacturing of drugs. The Pharmacovigilance Market scope also includes how the companies are experiencing demand in the current scenarios versus what will be the future landscape. The future demand will be mostly high as SNS Insider’s official sources have stated the drug development process to grow by 52.30% in the coming years.

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Market analysis:

The value proposition which is been associated with the Pharmacovigilance Market is mainly, monitoring of the intense side effects done by the drugs. The minimisation of risks which is possible because of the Pharmacovigilance will be encouraging the demand for the market. According to WHO (World Health Organization), the importance of monitoring the safety and the prevention of usage of drugs and vaccines is the key factor for every drug manufacturer. Hence, this will make the market attractive in the future as the market’s growth is completely dependent on how the new drug manufacturers are adapting to this process. The challenging factor for the Pharmacovigilance Market will be, to go through the process of Pharmacovigilance as it requires high competencies and good knowledge. In recent times, emerging economies and undeveloped nations are facing the problems related to lack of adequate resources. This will surely prove to be the challenging element of Pharmacovigilance Market.

Key Segments Covered in Report:

By product Life Cycle

• Pre-Clinical
• Phase I
• Phase II
• Phase III
• Phase IV

By Service Provider Outlook

• In-house
• Contract Outsourcing

By Type Outlook

• Spontaneous reporting
• Intensified ADR Reporting
• EHE mining

Process Flow Outlook

• Case Data management
• Signal Detection
• Risk Management System

Therapeutic Outlook

• Oncology
• Neurology
• Cardiology
• Respiratory systems
• Others

End Use Outlook

• Pharmaceuticals
• Medical Device manufacturers
• Others

Segment analysis:

The Pharmacovigilance Market is segmented on the bases of six segments, they are by product life cycle, service provider outlook, type outlook, process flow outlook, therapeutic outlook and end use outlook.

The major segments which are worth concentrating on during the forecasted period will be by end-use outlook, where the segment is been divided into three major subsegments. Pharmaceutical sub-segment will be holding the share of 65% and the medical device manufacturer will be holding the share of 25%. The interesting fact here is the medical device manufacturers will be growing at the highest CAGR. As per the industry metrics, the medical device manufacturer is continuously assigned and surrounded by the data analytical part. This will thus improve the demand for Pharmacovigilance for the sub-segment.

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Major Key Players Covered in Pharmacovigilance Market Report:

• Accenture
• IQVIA
• Cognizant
• IBM Corp
• Wipro Ltd
• BioClinica Inc
• Capgemini
• ArisGlobal
• ClinChoice
• United BioSource LLC
• Parexel International Corp.
• TAKE Solutions Ltd.
• ICON plc.
• Laboratory Corporation of America Holdings

Regional Analysis:

The major region which will have the highest growth rate during the forecasted period will be North America. The share estimated by SNS Insider will be 48%. The government support and the initiative taken by private organisations to improve the overall landscape will drive the growth of the market in North America regions. For instance, the FDA (Food and Drug Administration) has approved several frameworks which are associated with Pharmacovigilance and which improve the overall testing of the drugs assuring the safety of vaccines and drugs.

The laws imposed by the EU (European Union) for Pharmacovigilance are the reason why the drug development process will be impactful. SNS insider has analysed that Europe will be holding the second largest share, a share of 28%. The initiatives and the improvement done by the EU to improve the overall landscape and make it optimal for the key players are attracting opportunities for the international and domestic players.

Key Takeaways:

• The rising government support as we mentioned the initiatives by FDA and EU to improve the overall feasibility for the players will be enhancing the growth opportunities.
• The rising drug development trends which further invite the safety risk and the after effects, which should be monitored to improve the overall experience will be making the Pharmacovigilance Market grow in the future.
• North America and Europe will be the regions holding the maximum share, as the key players have experienced maximum revenue from these regions. To be precise, the U.S. will be the economy from where key players have gained maximum revenue and will be experiencing the same during the forecasted period.

Recent Developments:

• The rising collaborations among the incumbents and the startups which are data-focused and have the offerings of health analytics. For instance, the collaboration between the UCB and Accenture to enhance the portfolio of data processing and improve the patient’s safety.
• Also, the implementation of AI practices will be encouraging the growth of the market. Deloitte announced a deal with Sanofi, the strategy is mainly helping the company to expand its offerings in the field of AI and expand the marketplace.

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