Market Research Report
Pharmacovigilance Market Size By Clinical Trial Phase, By Service Provider, COVID-19 Impact Analysis, Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027
|Pharmacovigilance Market Size By Clinical Trial Phase, By Service Provider, COVID-19 Impact Analysis, Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027|
Published: October 14, 2021
Global Market Insights Inc.
Content info: 150 Pages
Delivery time: 2-3 business days
The pharmacovigilance market is anticipated to register exponential growth by 2027 owing to the ongoing vaccination drives across the globe. In addition, surging emphasis on drug discoveries for the treatment of the COVID-19 disease is expected to further support market growth through the forecast period.
Pharmacovigilance refers to the science concerned with the assessment, detection, understanding, and prevention of adverse effects or other medication-related problems. The process of pharmacovigilance ensures the early detection of any pathological condition, such as an adverse drug reaction due to a particular drug, and prevent the occurrences of such effects, which has been favorable for industry expansion in recent years.
The ongoing COVID-19 outbreak has propelled the need for strengthening the pharmacovigilance sector by bringing drug safety into the spotlight. Growing concerns regarding the safety of the COVID-19 vaccine as well as fast-paced vaccination drives worldwide have emphasized the scope of improvement and adoption of new technologies in the pharmacovigilance market. Furthermore, the adoption of AI technologies to assist pharmacovigilance practices has reduced the burden on the healthcare infrastructure by offering accurate and timely results, which has augmented market uptake during the pandemic.
Notably, prominent companies have been implementing strategic initiatives to fortify their market standing, thereby enhancing overall business dynamics. For instance, in October 2021, IQVIA, a major firm in the life sciences space, inked a collaborative agreement with NRx Pharmaceuticals, a key biopharmaceutical company. As part of the deal, IQVIA agreed to provide NRx with pharmacovigilance services, along with medical information necessary for potential regulatory actions
The pharmacovigilance market has been segmented on the basis of service provider, clinical trials phase, and region. With respect to clinical trials phase, the market has further been classified into phase 1, phase 2, phase 3, phase 4, and pre clinical. The phase 2 sub-segment garnered a valuation of around USD 274.2 million in 2020 and is expected to progress at a robust pace over 2021-2027.
In terms of service provider, the pharmacovigilance market has been divided into contract outsourcing and in-house. The contract outsourcing sub-segment held a substantial share of more than 56.7% in the market in 2020 and is slated to witness optimistic growth through the forecast timeline.
From the regional point of view, the Latin America pharmacovigilance market is anticipated to exhibit significant growth by 2027, expanding at a CAGR of approximately 7.0% over the assessment period. Meanwhile, the Middle East & Africa pharmacovigilance market accounted for around 3.4% of the overall industry revenue in 2020 and is speculated to reach a sizable valuation by the end of 2027.