Increasing incidence of drug toxicity and ADR (adverse drug reactions) are stimulating the market demand.
The global pharmacovigilance market is expected to be worth USD 12.48 Billion by 2027, according to a current analysis by Emergen Research. The market for pharmacovigilance is experiencing rapid growth attributed to a rise in application for spontaneous reporting, electronic health record (HER) mining, cohort event monitoring, and intensified adverse drug reaction (ADR) reporting, among others. The pharmacovigilance primarily emphasizes on on ADR (adverse drug reactions) and cases of drug toxicity. According to the statistic released by WHO, about 5.0% of hospitalized patients in the developed nations are admitted into the hospital due to adverse drug reactions, and 6.0% to 10% of in-patients are anticipated to observe a severe adverse reaction for the duration of hospitalization.
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Key Highlights From The Report
- In December 2019, UCB and Accenture made an announcement about signing of a partnership agreement to build a safety solution on INTIENT™ pharmacovigilance, by Accenture, to accelerate patient safety case reports’ processing. The agreement is intended to help UCB in discovering the influence of existing treatments on patient’s safety and therefore managing the novel drugs’ risk in a better way.
- Spontaneous reporting is a crucial type in pharmacovigilance by providing information from real clinical settings in the course of a drug’s life. Physicians and many other healthcare specialists contribute immensely to improving public health by supposed adverse drug reactions’ reporting.
- The APAC region’s pharmacovigilance market is anticipated to have the fastest CAGR of 13.7% in the period 2020-2027, due to strict legislative regulations for ADR reporting and several firms offering outsourcing services pharmacovigilance. Besides, increased clinical trials’ funding is causative of driving pharmacovigilance market demand in the region.
- Key players in market include ArisGlobal, Accenture, Cognizant, Capgemini, IBM Corporation, IQVIA, BoClinica Inc., Laboratory Corporation of America Holdings, Linical Accelovance, and ITClinical, among others.
Emergen Research has segmented the global pharmacovigilance on the basis of type, service provider, clinical trial phase, end-users, and region:
- Type Outlook (Revenue, USD Million; 2017-2027)
- Spontaneous Reporting
- Intensified Adverse Drug Reaction (ADR) Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Electronic Health Record (HER) Mining
- Service Provider Outlook (Revenue, USD Million; 2017-2027)
- Contract Outsourcing
- Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)
- Phase I
- Phase II
- Phase III
- Phase IV
- End-Users Outlook (Revenue, USD Million; 2017-2027)
- Research Organizations
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Factors influencing market remuneration:
- The global Pharmacovigilance market report includes a detailed study of the product spectrum of the market and further describes the different product types, including One-sided, Two-sided, and Others.
- The report zeroes in on the overall market dynamics and presents information with regard to the producers and distributors, manufacturing cost structure, and downstream buyers.
- Details pertaining to the expected growth rate, industry share, revenue accumulated, and product segmentationare depicted in this report.
- The application landscape of the global Pharmacovigilance market can be categorized into For Human, For Animals, and Others.
- The study further examines the industry share and product demand of each application, coupled withthe predicted growth patterns of the various application segments.
- Other vital factors, such as market concentration ratioand raw material processing rate, have also been covered under the latest study.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Pharmacovigilance Market Segmentation & Impact Analysis
4.1. Pharmacovigilance Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
220.127.116.11. Growing prevalence of adverse drug reactions and toxicity
18.104.22.168. Rise in drug consumption and development rates
22.214.171.124. Growing trend towards outsourcing pharmacovigilance
4.2.3. Market restraints analysis
126.96.36.199. Dearth of skilled professionals
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Pharmacovigilance Market By Type Insights & Trends, Revenue (USD Million)
5.1. Type Dynamics & Market Share, 2019 & 2027
5.1.1. Spontaneous Reporting
5.1.2. Intensified Adverse Drug Reaction (ADR) Reporting
5.1.3. Targeted Spontaneous Reporting
5.1.4. Cohort Event Monitoring
5.1.5. Electronic Health Record (EHR) Mining
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