Pharmacovigilance, also known as drug safety, is the scientific practice of monitoring the safety of medicines and ensuring their safe use. It ensures early detection, assessment, understanding, and prevention of adverse effects or any drug-related problems. With the growing complexities in drug substances and drug interactions, monitoring of adverse drug reactions is becoming increasingly important. Pharmacovigilance helps organizations address drug safety issues properly and take appropriate action.
The global pharmacovigilance market is estimated to be valued at US$ 3.59 Bn in 2023 and is expected to exhibit a CAGR of 37.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The opportunity to improve drug and patient safety is expected to drive the market growth over the forecast period. With increasing number of drugs in development and growing use of combination therapies, monitoring adverse drug reactions is extremely important. Pharmacovigilance helps in identification of unknown adverse effects and ensuring timely corrective actions. It plays a vital role in drug development by evaluating risk-benefit ratio of drugs. Stringent regulatory legislations requiring continuous monitoring as well as reporting of adverse events have increased outsourcing of pharmacovigilance services. This is expected to offer considerable growth opportunities to pharmacovigilance market players. They can capitalize on this opportunity by offering end-to-end safety services and technological solutions to facilitate robust pharmacovigilance programs.
Threat of new entrants: The pharmacovigilance market requires high capital investment and has stringent regulations which poses as a barrier for new players. Bargaining power of suppliers: Since there are many service providers in the market, suppliers have low bargaining power. Bargaining power of buyers: Buyers have high bargaining power due to large number of players and flexibility to switch between service providers. Threat of new substitutes: There are limited substitutes to pharmacovigilance services. Competitive rivalry: The market is highly competitive with presence of global and local players competing on basis of service quality and pricing.
Strength: Growing healthcare expenditure and stringent regulations. Weakness: High capital requirements and dependency on trained professionals. Opportunity: Emerging markets and outsourcing potential. Threats: Economic slowdowns and pricing pressures.
The Global Pharmacovigilance Market Share is expected to witness high growth during the forecast period of 2023 to 2030.
North America dominates the market due to strict regulations and sophisticated healthcare infrastructure. Europe holds a significant share of the market owing to presence of major players. Asia Pacific is expected to grow at fastest CAGR driven by emerging economies and increasing R&D activities.
Key players operating in the pharmacovigilance market are Collibra NV, SAP SE, SAS Institute Inc., Symantec Corporation (Norton Lifelock), TIBCO Software Inc., Informatica Inc., Alation Inc., IBM Corporation, Varonis Systems Inc., Alfresco Software Inc., Oracle Corporation, Talend SA and Microsoft Corporation. These players are focused on new product innovations and mergers & acquisitions to gain competitive advantage.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it