February 28, 2024
Pharmacovigilance Market

Pharmacovigilance Market Propelled By Growing Regulatory Requirements In Drug Safety

Pharmacovigilance refers to the monitoring of approved drugs for adverse effects, safety and risk detection. It helps ensure the benefits outweigh the risks associated with drug usage. Pharmacovigilance plays a crucial role in public health by identifying new safety information from spontaneous reports and targeted studies, assessing risks and ensuring appropriate communication to health authorities and healthcare professionals. The global Pharmacovigilance Market is estimated to be valued at US$ 10 Billion in 2030 and is expected to exhibit a CAGR of 21% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

Growing regulatory requirements in drug safety is expected to be a major driver for the Pharmacovigilance Market over the forecast period. Stringent safety guidelines by regulatory bodies like FDA and EMA have made it mandatory for pharmaceutical companies to monitor drug safety even after approval. The extensive post-marketing surveillance is aimed at detecting any new safety risks or threats that may arise from long-term use of a medication in a large population. This drives the need for robust pharmacovigilance systems and outsourcing of drug safety services to specialized providers. With growing scrutiny around drug safety, companies focus more resources on compliance, which is fueling demand for pharmacovigilance solutions.

SWOT Analysis

Strength: The pharmacovigilance market has strong growth prospects due to rising demand for safety of drugs. Stringent regulations for recording adverse drug reactions also boost the market.

Weakness: High cost of pharmacovigilance services limits its adoption especially in low and middle-income countries. Lack of skilled workforce is also major challenge faced.

Opportunity: Emerging markets in Asia Pacific offer lucrative opportunities due to large patient population. Growing generic drugs market also spur opportunities.

Threats: Privacy and data security threats could hamper market demand. Decline in R&D investment during economic slowdowns are major threats.

Key Takeaways

The global Pharmacovigilance Market Growth is expected to witness high growth.

Regional analysis: North America dominates currently due to presence of majority of top pharmacovigilance service providers and stringent regulations for drug safety. Asia Pacific is fastest growing market propelled by low-cost operations and rising generics market. India and China are emerging hotspots.

Key players:

Key players operating in the pharmacovigilance market are Accenture, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, ICON plc. They have strong market presence across North America and Europe. The market is witnessing rise of Asian players catering to growing domestic demand. Partnerships are important strategies adopted.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it