Market Research Report
Global Pharmacovigilance Market, By Clinical Trial Phase, By Method, By Service Provider, By Process Flow, By Therapeutic Area, By End-User, By Region, Forecast & Opportunities, 2026
|Global Pharmacovigilance Market, By Clinical Trial Phase, By Method, By Service Provider, By Process Flow, By Therapeutic Area, By End-User, By Region, Forecast & Opportunities, 2026|
Published: October 1, 2021
Content info: 111 Pages
Delivery time: 2-3 business days
Global pharmacovigilance market is anticipated to witness double digit CAGR during the forecast period owing to the increasing drug consumption and drug developments around the globe. Growing prevalence of chronic diseases such as oncology, diabetes, and others has created the need for advanced and more effective pharmaceutical drugs. Keeping in view the chances of Adverse Drug Reactions (ADR) and drug toxicity, healthcare companies are continuously incorporating pharmacovigilance services. Moreover, numerous consumer health protection acts across various regions are further propelling the growth of this market.
Pharmacovigilance is concerned with identifying the hazards associated with pharmaceutical products and minimizing the risk of any harm that may come to patients. The service helps in finding the new safety concerns and evaluating the already known risks. It also helps in keeping a watch on the benefit risk balance of a drug. Any change in the benefit risk ratio will alter the safety profile of the drug.
Global pharmacovigilance market can be segmented based on clinical trial phase, method, service provider, end-user and region. Based on service provider, the market is categorized into in-house and contract outsourcing. Among them, the contract outsourcing service provider dominated the market in 2020 and is expected to dominate the market during the forecast period owing to the fact that it eliminates the risk of business overhead costs and is thus, being increasingly adopted by healthcare companies
Regionally, Asia-Pacific dominates the market and is expected to undergo highest CAGR until 2026 owing to stringent healthcare regulations across the region. The region has also a large patient pool, which is leading to increasing number of clinical trials. Also, countries such as India and China have large clinical research spaces and offer attractive opportunities to healthcare companies.
Major companies operating in global pharmacovigilance market include IBM Corporation, Accenture Plc, Linical Accelovance, Cognizant Technology Solutions Corporation, Laboratory Corporation of America Holdings, ArisGlobal LLC, ICON plc, Capgemini SE, Parexel International Corporation, Wipro Ltd, United BioSource Corporation, BioClinica Inc., TAKE Solutions Ltd., ITClinical, Foresight Group International AG and others. The companies are focusing on research and development activities to offer better pharmacovigilance services and increase their global market share.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research.
TechSci Research calculated global pharmacovigilance market size using a bottom-up approach, where data for various end user industries and its application across various product types was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also used by TechSci Research.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as pharmacovigilance companies, end users etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global pharmacovigilance market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
Case Data Management
Risk Management System
Pharmaceutical & Biotechnology Companies
Medical Device Manufacturers
Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in global pharmacovigilance market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: