Market Research Report
Pharmacovigilance Market Size, Share & Trends Analysis Report By Product Life Cycle, By Service Provider, By Type, By Process Flow, By Therapeutic Area, By End-use, By Region, And Segment Forecasts, 2022 - 2030
|Pharmacovigilance Market Size, Share & Trends Analysis Report By Product Life Cycle, By Service Provider, By Type, By Process Flow, By Therapeutic Area, By End-use, By Region, And Segment Forecasts, 2022 - 2030|
Published: January 11, 2022
Grand View Research, Inc.
Content info: 265 Pages
Delivery time: 2-10 business days
The global pharmacovigilance market size is expected to reach USD 17.36 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.5% from 2022 to 2030. Increasing incidence of Adverse Drug Reactions (ADRs) is the key growth driver. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.
COVID-19 has undoubtedly thrown up numerous challenges as well as opportunities for pharmacovigilance service providers. Various companies are developing innovative platforms to gain a competitive edge. For instance, in December 2020, ArisGlobal and EVERSANA declared a strategic partnership to digitally transform end-to-end pharmacovigilance services globally.
The community involved in a PV procedure has been quick to respond to the pandemic. Some companies are using big data analytics against COVID-19. Thus, this refers to the in-depth analysis of data from multiple sources. In April 2020, Saama Technologies offered its Life Science Analytics Cloud technology platform to support the consortium creation. The purpose is to fetch data from both current and future studies to slash the time required to discover a treatment by as much as 50%. Life Science Analytics Cloud is an artificial intelligence-powered platform. This represents the scope for future developments in this market.
According to the World Health Organization's (WHO) report on pharmaceutical consumption, chronic disease medications accounted for the larger proportion of the total volume of drug consumption in non-hospital setups. Hence, there has been a significant rise in the number of medicines made available to healthcare consumers. The rising demand for drugs has significantly heightened the need for the development of novel therapeutics via extensive clinical trials, which is expected to serve this market with lucrative opportunities.
Moreover, leading pharma companies in developed countries are focusing on outsourcing PV services to reduce costs and minimize operational expenses. This is anticipated to serve as an opportunity for contact research organizations in developing regions to gain more revenue share. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.
The companies operating in the market are undertaking strategic initiatives, such as collaborations with the PV service providers, to gain access to medical information and to manage PV workflows. For instance, In October 2021, The Whiteboard, an academy for training specialists in the clinical trials and drug development field, proclaimed a partnership with Oviya MedSafe, a worldwide drug safety service, and pharmacovigilance consulting corporation.
Similarly, in September 2019, Accenture collaborated with Bayer to implement the company's INTIENT Clinical platform to simplify and speed its drug development processes, thereby widening its business. The company collaborated with BioCelebrate in the past to develop a platform for aggregating and analyzing clinical information for improved drug developing efficiency, thus enhancing its R&D capabilities. Such initiatives help companies maintain their position and thereby support market growth.