The global Pharmacovigilance market is estimated to be valued at US$ 6.70 billion in 2022 and is expected to exhibit a CAGR of 7.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Pharmacovigilance refers to the monitoring of drugs for adverse effects, identification of new risks, appropriate use of medications and risk communication to healthcare professionals and patients. The growing complexity of regulations around drug safety has led pharmaceutical and biopharmaceutical companies to outsource pharmacovigilance activities to contract research organizations. IT solutions for pharmacovigilance help in safety data collection, case processing, risk management and medical review which drive their adoption.
Market key trends:
One of the key trends in the pharmacovigilance market is the increasing IT adoption driven by the need to efficiently manage large volumes of safety data. CROs are developing advanced IT systems integrated with artificial intelligence and machine learning capabilities to streamline pharmacovigilance processes. For example, data mining and AI allow for early detection of unknown adverse drug reactions. Cloud-based PV systems also provide regulatory compliant data capture and reporting features. Furthermore, block-chain technology is gaining attention for facilitating transparency and real-time data sharing across supply chains. Global standards like ISO IDMP are also accelerating digital transformation of pharmacovigilance.
Market key trends:
The pharmacovigilance market has been witnessing increased adoption of AI and blockchain technologies. AI systems are helping in sorting and analyzing large amounts of data from various sources to detect safety signals faster. Blockchain technologies are improving transparency and allowing data sharing in a secure manner across different stakeholders involved in pharmacovigilance processes. This is expected to help regulators and companies in identifying risks early on and improving patient safety.
Strengths: AI and blockchain adoption is helping automate processes and improve efficiency of pharmacovigilance activities. This is reducing costs and enhancing capabilities of players.
Weaknesses: Legacy systems in many small players are challenging to integrate with advanced technologies. Skill shortage is also an issue to be addressed.
Opportunities: Growth in clinical trials and post marketing surveillance requirements present major opportunities. Expansion in Asia and Latin America also offers scope for growth.
Threats: Stringent regulations and scrutiny around drug safety poses compliance challenges. Cyber threats to sensitive patient data can impact brands and reputation.
The global Pharmacovigilance Market Share was valued at US$ 6.70 billion in 2022. The market is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing complexities in drug development and focus on safety.
North America dominated the Pharmacovigilance market in 2021 with highest revenue share of around 35%, owing to presence of majority of market players and stringent regulatory requirements in the region.
Asia Pacific is projected to witness fastest growth during the forecast period, driven by low-cost operations and expanding biopharmaceutical industry in the region along with rising R&D outsourcing.
Key players operating in the Pharmacovigilance market are Accenture Plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., GlaxoSmithKline, ICON, Plc, iGATE Corporation, Arriello, iMEDGlobal Corporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv Health Inc., APCER Life Sciences, ArisGlobal, and Johnson and Johnson.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it