Home >> News >> Increasing Need for Regulatory Compliance to Lead the Global Pharmacovigilance Market Growth to a CAGR of 13.5%

Increasing Need for Regulatory Compliance to Lead the Global Pharmacovigilance Market Growth to a CAGR of 13.5%

The pharmacovigilance (phv) market is anticipated to grow at a compound annual growth rate of 13.5% for the forecasted period (2021 – 2029). As the world’s population ages, chronic diseases have increased; and more adverse drug reactions mean more pharmacovigilance. Increasing demands on pharmaceutical manufacturers and other intermediaries regarding early identification of drug adversities, growing concerns over drug safety and growing need for prompt compliance to regulatory guidelines have led to emergence of pharmacovigilance services. Moreover, withdrawals of several high profile drugs in the past have urged pharmaceutical manufacturers to closely observe GPvP practices to preserve their stronghold in the market. 

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The market has been segmented on basis of Clinical Trial Phases, Service Providers, End Users, Methods and Regional Basis. On the basis of clinical trials, phase IV i.e.  Post Marketing Surveillance Phase has a presiding share of about 75.6% for the year 2020 whereas On the basis of Service Provider, Contract Outsourcing has a presiding share of about 59.2%. Spontaneous Reporting has a dominant share of 30.3% for the year 2020 because of its usefulness in detecting new, serious and rare adverse drug reaction cases and moreover it is an efficient and inexpensive method of reporting ADRs.

Spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining are the major methods of pharmacovigilance reporting. Efficient identification of adverse effects that were previously unknown and less expensive processing are the major contributors to the market growth of this segment. Pharmacovigilance is conducted either in-house or through contract outsourcing. Between the two options, the later method is the most widely adopted by both large and mid-sized pharmaceutical companies. The trend of adopting in-house pharmaceutical is thus expected to be low in the future due to growing preference of pharmaceutical manufacturers towards cost containment of operations and their growing focus on developing core competencies.

Geographically, North America and Europe take over half the pharmacovigilance market. Asia-Pacific, on the other hand, is anticipated to be the fastest growing regional market for pharmacovigilance due to growing awareness in the emerging economies, and government initiatives regarding drug safety. For the year 2020, North America dominated the pharmacovigilance market with a fair share of about 34% due to the presence of key pharmaceuticals and MDMs (Medical Device Players) whereas the Asia Pacific is anticipated to have a compound annual growth rate of 13.5% attributable to its accessibility of various outsourcing organizations. 

This market is observed to be highly fragmented with several BPOs and CROs currently operational in the international markets. Industry leaders are targeting on developing research and development activities, new product launches, collaborating with leading Pharmaceutical companies in order to spread awareness about proper use of medicines and having access to medical information. Few of the pharmacovigilance market’s key players include BoehringerIngelheim, Bristol-Myers Squibb, Clinquest Group B.V., EcronAcunova Ltd., F. Hoffmann-La Roche Ltd., GlaxoSmithKline, HCL Technologies, Accenture, Cognizant, IBM Corporation, Wipro Limited. and so on.

Key Market Movements

  • Aging population and increasing prevalence of chronic diseases are key market drivers of pharmacovigilance market.
  • Post Marketing Surveillance Phase has a presiding share of about 75.6% for the year 2020.
  • Contract Outsourcing has a presiding share of about 59.2%.
  • Spontaneous Reporting has a dominant share of 30.3% for the year 2020.
  • For the year 2020, North America dominated the pharmacovigilance market with a fair share of about 34% due to the presence of key pharmaceuticals and MDMs.
  • Asia Pacific is anticipated to have a compound annual growth rate of 13.5% attributable to its accessibility of various outsourcing organizations. 
  • This market is observed to be highly fragmented with several BPOs and CROs
  • The key strategy of these companies includes research and development, mergers, acquisition, and product launches.

Pharmacovigilance Market Segmentation

ATTRIBUTEDETAILS
Research Period2019-2029
Base Year 2020
Forecast Period2021-2029
Historical Year2019
UnitUSD Million
Segmentation Clinical trial Phase (2019-2029; US$ Mn)
 Type of Method (2019-2029; US$ Mn)
 Type of End User (2019-2029; US$ Mn)
 Type of Service Provider (2019-2029; US$ Mn)
 Therapeutic Segment (2019-2029; US$ Mn)
 Geographic Segment (2019-2029; US$ Mn)
 Covid-19 Impact (2020-2021; US$ Mn)

*Detailed segments are available on the report page

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