Pharmacovigilance Market: Introduction
According to the report, the global pharmacovigilance market was valued at US$ 6.1 Bn in 2020 and is projected to expand at a CAGR of 8.8% from 2021 to 2028. Pharmacovigilance activities are defined as science used for detection, assessment, understanding, and prevention of adverse effects of drugs and vaccines. Drugs and vaccines go through rigorous testing in the clinical trials to check their safety and efficacy before authorization and recommendation to patients.
Intensifying regulatory expectations, tougher inspection system, and instant need of patient reporting boost the adoption rate of pharmacovigilance among pharmaceutical companies. Rise in prevalence of acute and chronic diseases has led to a surge in the incidence of drug consumption, thereby increasing the number of adverse drug events and drug toxicity cases.
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Rise in Adoption of Outsourcing Services to Drive Market
Outsourcing has been observed to be a growing trend in the pharmaceutical industry, particularly in the field of pharmacovigilance. Healthcare companies are using various methods to reduce cost and operational expenses by gradually shifting from the fully integrated pharmaceutical company (FIPCO) model to a model, wherein costs are shared through collaborations with outsourcing service providers. Outsourcing of pharmacovigilance services help biopharmaceutical companies to save substantial costs, improve efficiency, and attain better outcomes in the short- as well as the long-term.
Phase IV or Post Marketing Surveillance Segment to Dominate Market
In terms of phase of drug development, the global pharmacovigilance market has been classified into preclinical studies, phase I, phase II, phase III, and phase IV or post marketing surveillance. The phase IV or post marketing surveillance segment dominated the global pharmacovigilance market in 2020 and the trend is projected to continue during the forecast period.
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Most industry experts have accepted the drug evaluation process for safety as a prime requirement in post-marketing (approval) phase. Surge in public safety concerns and increase in competition in the drug market are likely to drive the segment over the next few years.
Spontaneous Reporting Segment Accounted for Largest Market Share
Based on type of method, the global pharmacovigilance market has been categorized into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining. The spontaneous reporting segment dominated the global pharmacovigilance market, accounting for the largest market share in 2020. Spontaneous adverse drug reporting is the most crucial process of post-marketing surveillance of medicines and is essential for the maintenance of drug safety data. Spontaneous reporting detects the signals of the newly occurred or serious adverse drug reactions and is widely preferred over other methods.
The cohort event-monitoring segment is expected to expand at the highest CAGR during the forecast period, due to its preference in the observation of an innovative drug in routine clinical practice during early post-marketing surveillance.
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Preference for Contract Outsourcing
In terms of type of service, the global pharmacovigilance market has been bifurcated into in-house and contract outsourcing. The contract outsourcing segment dominated the global pharmacovigilance market in 2020, owing to focus of pharmaceutical companies on increasing profitability, enhancing drug safety measures, and minimizing drug development costs. Outsourcing of the pharmacovigilance process delivers streamlined operations and safer products to the patients.
North America to Dominate Global Market
In terms of region, the global pharmacovigilance market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global pharmacovigilance market in 2020, followed by Europe. North America’s market dominance can be attributed to increase in investments in research & development, ongoing clinical trials for chronic diseases, rise in prevalence of COVID-19 in the region, stringent governmental regulations, technological advancements, and higher focus on patient safety and care.
North America accounted for major share of the global pharmacovigilance market in 2020, owing to the integration of artificial intelligence, Big Data analytics, and automation in pharmacovigilance activities. The presence of a well-established clinical research industry and need of efficient drug monitoring regulations are likely to propel the pharmacovigilance market in the region during the forecast period.
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Asia Pacific is projected to present significant opportunities in the pharmacovigilance market. The market in the region is anticipated to grow at a rapid pace during the forecast period. Factors attributable to the market growth are large population base, low healthcare cost, and higher enrolment rate of patients in the region. Emerging countries in the region such as India, China, the Philippines, and Singapore offer rapid growth in outsourcing destinations for pharmacovigilance activities due to the availability of a larger technical and professional talent pool, flexible pricing options, and high-quality services.
The global pharmacovigilance market is consolidated in terms of number of players. Key players in the global market include Accenture plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant, Labcorp Drug Development, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, ICON plc, iGATE Corporation, iMEDGlobal Corporation, Syneos Health, Novartis AG, PAREXEL International Corporation, Pfizer, Inc., Pharmaceutical Product Development, LLC. (PPD), IQVIA, Sanofi, Synowledge LLC, and Wipro Limited.
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