Pharmacovigilance Market is Projected to Grow at A CAGR of 13.8% During, 2020-2026

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OVERVIEW

Pharmacovigilance Market was valued at $4.96 billion by 2019; growing at a CAGR of 13.8% till 2026.

Pharmacovigilance helps to detect, understand, prevent unintended effects, adverse drug reactions, and any other possible medication errors. Pharmacovigilance aims to determine which adverse events cross the line of a drug’s efficacy. Pharmacovigilance analysis conducted on Phase I, Phase II, and Phase III clinical trials provide drug companies data on the safety profile of the drug. The data can be used for R&D and can be submitted to regulatory authorities to allow new markets to be accessed.

Rising incidence of adverse drug reactions (ADR) and drug toxicity is expected to accelerate the demand for pharmacovigilance services. For instance, according to the Centers for Disease Control and Prevention, approximately 1.3 million adverse drug events cause emergency department visits each year of which 350,000 patients are hospitalized for further treatment after emergency visits for adverse drug events each year. According to the U.S Food and Drug Administration, about 350,000 ADRs occur in U.S. nursing homes each year. According to the State Agency of the Medicines Republic of Latvia, in 2018, the prevalence of adverse drug reaction reports has increased by 12% in Latvia, which is 659 reports. According to the Adverse Drug Reaction Canada, There are around 200,000 severe ADRs cases each year, and around 95% of ADRs are not reported in Canada. Adverse drug reaction has killed up to 22,000 Canadians each year, which includes 5,000 of Canadian children. Pharmacovigilance helps to detect, understand, and prevent adverse reactions to medicines.

Pharmacovigilance also helps to improve the safety and rational use of medicines, thereby improving patient care and public health.

Preclinical, Phase I, Phase II, Phase III, and Phase IV is the clinical trial phase segment of the market scope. The service provider segment is further divided into In-House and Contract Outsourcing. The type segment is categorized into Intensified ADR Reporting, Spontaneous Reporting, Targeted spontaneous reporting, EHR Mining, Cohort Event Monitoring (CEM). The end-user segment is divided into Hospitals, Research organizations, and Others. The report covers the value of the global market by clinical trial phase, service provider, type, and end-user.

The market value contract outsourcing device was USD XX billion in 2019, and it is expected to reach USD XX billion by 2026, growing at a CAGR of XX during 2020-2026. Contract outsourcing is expected to dominate the global pharmacovigilance market in 2020, owing to the benefits associated with outsourcing pharmacovigilance such as case processing, as well as governance activities like compliance management.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global pharmacovigilance value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America pharmacovigilance market was USD XX billion in 2019, and it is predicted to reach USD XX billion by 2026, growing at a CAGR of XX during the forecast period. North America is a dominant region for pharmacovigilance market and would continue to maintain its dominance in the forecast period, due to the rising incidence of adverse drug reactions (ADR) and drug toxicity in North American region, increasing investment for drug development by major players, and introduction of cognitive adverse event case processing for pharmacovigilance operations.

Major players operating in the pharmacovigilance industry include Accenture, Cognizant, Linical Accelovance, Covance Inc., ArisGlobal, IBM Corporation, ITClinical, ICON plc, FMD K&L, TAKE Solutions Ltd, IQVIA, BioClinica Inc., Wipro Ltd, United BioSource Corporation, and Capgemini.

The increasing number of new drug developments, partnerships between companies to perform pharmacovigilance services, and commercialization of new pharmacovigilance services are some of the strategies adopted by the major companies.