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Pharmacovigilance Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: October, 2022
No of Pages: 159
Delivery Format: PDF+Excel

$2,950.00

Pharmacovigilance Market size exceeded USD 7.7 billion in 2020 and is anticipated to grow at a CAGR of over 7.3% from 2021 to 2027. Increasing acceptance and adoption of outsourcing services by healthcare companies is expected to stimulate the market growth in the coming years. Also, significant acceptance for outsourcing PV services owing to economic advantages is predicted to accelerate the market expansion during the forecast timeline.

The evolving threat of COVID-19 infection is optimistically affecting the market progression. Medical monitoring and safety reporting are essential as several potential therapies are being used in the treatment of COVID-19 induced infection. The medications such as hydroxychloroquine (HCQ), Remdesivir and Lopinavir/Ritonavir are being repurposed to treat COVID-19 infection. The chances of suspected adverse drug reactions for some of these medicines were already been submitted to the individual case safety reports database named VigiBase, managed by Uppsala Monitoring Centre (UMC).

Increasing usage of pharmacovigilance outsourcing in APAC region will boost the market value

Pharmacovigilance outsourcing is a practice carried out by pharmaceuticals or drugs manufacturing companies in which the drug safety testing processes are transferred to a third-party entity. In the past ten years, pharmacovigilance outsourcing (PVO) practices have increased rapidly due to the flexibility and cost reduction provisions it offers to a drug manufacturer. Getting drug safety processes done from a third-party allows companies to concentrate on their prime objectives and also curb the cost-associated with establishing an in-house pharmacovigilance system. Thus, many drug manufacturers are noted to opt for PVO, especially the firms in Asia-Pacific region, thereby supplementing the industry growth. Furthermore, the cost to conduct clinical trials and pharmacovigilance services in APAC is observed to remain 50%-70% lower than its developed counterparts.

Dearth of skilled personnel may slow the pharmacovigilance market demand

Rapid technological innovations in the field of pharmacovigilance has given rise to a constant demand for highly skilled professionals, especially in developing regions, as various clinical trials are carried out in these countries. As the recording data and reporting structure in pharmacovigilance is complicated due to multiple variables involved, the technological solutions and their implementation is also complicated. Therefore, highly skilled personnel are required to serve the purpose in most efficient and effective way.

Phase IV clinical trial will dominate the industry expansion

The phase IV pharmacovigilance segment accounted for 74.1% of the market share in 2020. Phase IV clinical trials involve the pharmacovigilance and technical support of a drug after it has received market approval. Pharmacovigilance is vital, as it detects and reports any ADRs and harmful effects that may result into discontinuation of drugs or may be limited for use. Therefore, the data collected and assessed during this stage to be the highest relevance credited to intensive drug testing on large patient demographics after commercialization of the drug.

Large, midsize and small companies tend to outsource pharmacovigilance to third-party entity

The contract outsourcing pharmacovigilance is poised to reach USD 7.99 billion by 2027 owing to the enhanced cost-effectivity and better monitoring of drug safety. Handling of large volume of data coupled with stringent regulatory compliance further attributes to increasing preference for pharmacovigilance outsourcing. For instance, many small pharmaceutical companies outsource part of its drug safety assessment to a third-party, while 82% of medium sized and 45% of the large size companies outsource pharmacovigilance exhibiting a considerable acceptance of outsourcing in the market. In addition to this, pharmacovigilance outsourcing is expanding in countries of Asia Pacific, such as India and China, where the cost of outsourcing is remarkably lower as compared to developed nations.

Rising level of drug abuse and associated adverse drug reactions in North America region will drive the market revenue

North America pharmacovigilance market is estimated to showcase 7.4% growth rate through 2027. Growing level of drug abuse and associated adverse drug reactions is one of the primary causes of morbidity and death. This acts as a high-growth rendering factor for PV market in North America. Rising investment in novel drug development by major players is also slated to propel the regional growth. Consequentially, as a result of the large production of drugs, the number of clinical trials and the need for post-marketing surveillance have increased, thereby contributing to the overall growth of the regional market. Moreover, sophisticated healthcare infrastructure in the region coupled with stringent pharmacovigilance guidelines is set to augment the regional progression.

Growth strategies of market players are focused on increasing the customer base

Few of the notable companies operating in the market are Cognizant, IQVIA, Novartis, Sanofi, ICON, IBM Corporation, LabCorp and PAREXEL. These market leaders adopt strategies such as novel product launch, mergers and acquisitions to foster business in pharmacovigilance.

Recent industry developments:

  • In October 2020, Saama Technologies Inc. launched its new Active Safety Analytics for Pharma (ASAP) products. ASAP is the first validated pharmacovigilance solution to leverage the U.S. Food and Drug Administrations (FDA) Sentinel Common Data Model and the TreeScan methodology for detecting safety signals. This strategy is expected to influence the revenue generation, thereby strengthening its market position.
  • In May 2020, Medicines and Healthcare Products Regulatory Agency (MHRA) launched a new online reporting site to track potential side-effects arising from the use of any therapies used to treat COVID-19. This was in a bid to build a knowledge base around the safe treatment of the pandemic disease.

The pharmacovigilance market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Clinical Trial Phases

  • Preclinical
  • Phase I
  • Phase II
  • Phase II
  • Phase IV

Market, By Service Provider

  • In house
  • Contract outsourcing

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East and Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Israel

Chapter 1   Methodology

1.1    Methodology

1.2    Market definitions

1.3    Forecast parameters

1.4    Data validation

1.5    Data sources

1.5.1    Secondary

1.5.1.1    Paid sources

1.5.1.2    Unpaid sources

1.5.2    Primary

Chapter 2   Executive Summary

2.1    Pharmacovigilance industry 3600 synopsis, 2016 – 2027 (USD Million)

2.1.1    Business trends

2.1.2    Clinical trial phase trends

2.1.3    Service provider trends

2.1.4    Regional trends

Chapter 3   Pharmacovigilance Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2016 – 2027

3.3    Industry impact forces

3.3.1    Growth drivers

3.3.1.1    Increase in adoption rate of outsourcing services in Asia Pacific

3.3.1.2    Increasing consumption of drugs in developed regions

3.3.1.3    Rise in adverse drug reactions (ADR) and drug toxicity

3.3.1.4    Increasing acceptance of personalized medicine in developed regions

3.3.1.5    Effective global harmonization practices

3.3.2    Industry pitfalls and challenges

3.3.2.1    Dearth of skilled personnel

3.3.2.2    High risk associated with data security

3.4    Growth potential analysis

3.4.1    By clinical trial phase

3.4.2    By service provider

3.5    COVID-19 impact analysis

3.6    New business models

3.7    Porter’s analysis

3.8    Regulatory landscape

3.9    Pharmacovigilance reporting system

3.10    Competitive landscape

3.10.1    Company matrix analysis

3.11    Pharmacovigilance service landscape

3.12    PESTEL analysis

Chapter 4   Pharmacovigilance Market, By Clinical Trial Phase

4.1    Key segment trends

4.2    Preclinical

4.2.1    Market size, by region, 2016 – 2027 (USD Million)

4.3    Phase I

4.3.1    Market size, by region, 2016 – 2027 (USD Million)

4.4    Phase II

4.4.1    Market size, by region, 2016 – 2027 (USD Million)

4.5    Phase III

4.5.1    Market size, by region, 2016 – 2027 (USD Million)

4.6    Phase IV

4.6.1    Market size, by region, 2016 – 2027 (USD Million)

Chapter 5   Pharmacovigilance Market, By Service Provider

5.1    Key segment trends

5.2    In-house

5.2.1    Market size, by region, 2016 – 2027 (USD Million)

5.3    Contract outsourcing

5.3.1    Market size, by region, 2016 – 2027 (USD Million)

Chapter 6   Pharmacovigilance Market, By Region

6.1    Key regional trends

6.2    North America

6.2.1    Market size, by country, 2016 – 2027 (USD Million)

6.2.2    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.2.3    Market size, by service provider, 2016 – 2027 (USD Million)

6.2.4    U.S.

6.2.4.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.2.4.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.2.5    Canada

6.2.5.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.2.5.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.3    Europe

6.3.1    Market size, by country, 2016 – 2027 (USD Million)

6.3.2    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.3.3    Market size, by service provider, 2016 – 2027 (USD Million)

6.3.4    Germany

6.3.4.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.3.4.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.3.5    UK

6.3.5.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.3.5.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.3.6    Spain

6.3.6.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.3.6.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.3.7    Italy

6.3.7.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.3.7.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.3.8    France

6.3.8.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.3.8.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.4    Asia Pacific

6.4.1    Market size, by country, 2016 – 2027 (USD Million)

6.4.2    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.4.3    Market size, by service provider, 2016 – 2027 (USD Million)

6.4.4    Japan

6.4.4.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.4.4.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.4.5    China

6.4.5.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.4.5.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.4.6    India

6.4.6.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.4.6.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.4.7    Australia

6.4.7.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.4.7.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.5    Latin America

6.5.1    Market size, by country, 2016 – 2027 (USD Million)

6.5.2    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.5.3    Market size, by service provider, 2016 – 2027 (USD Million)

6.5.4    Argentina

6.5.4.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.5.4.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.5.5    Brazil

6.5.5.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.5.5.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.5.6    Mexico

6.5.6.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.5.6.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.6    MEA

6.6.1    Market size, by country, 2016 – 2027 (USD Million)

6.6.2    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.6.3    Market size, by service provider, 2016 – 2027 (USD Million)

6.6.4    South Africa

6.6.4.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.6.4.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.6.5    UAE

6.6.5.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.6.5.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.6.6    Saudi Arabia

6.6.6.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.6.6.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.6.7    Qatar

6.6.7.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.6.7.2    Market size, by service provider, 2016 – 2027 (USD Million)

6.6.8    Israel

6.6.8.1    Market size, by clinical trial phase, 2016 – 2027 (USD Million)

6.6.8.2    Market size, by service provider, 2016 – 2027 (USD Million)

Chapter 7   Company Profiles

7.1    Competitive dashboard

7.2    Clinquest Group B V

7.2.1    Business overview

7.2.2    Financial data

7.2.3    Product landscape

7.2.4    Strategic outlook

7.2.5    SWOT analysis

7.3    Cognizant Technology Solutions Corporation

7.3.1    Business overview

7.3.2    Financial data

7.3.3    Product landscape

7.3.4    Strategic outlook

7.3.5    SWOT analysis

7.4    Ecron Acunova Ltd

7.4.1    Business overview

7.4.2    Financial data

7.4.3    Product landscape

7.4.4    Strategic outlook

7.4.5    SWOT analysis

7.5    Foresight Group International AG

7.5.1    Business overview

7.5.2    Financial data

7.5.3    Product landscape

7.5.4    Strategic outlook

7.5.5    SWOT analysis

7.6    IBM Corporation

7.6.1    Business overview

7.6.2    Financial data

7.6.3    Product landscape

7.6.4    Strategic outlook

7.6.5    SWOT analysis

7.7    ICON plc

7.7.1    Business overview

7.7.2    Financial data

7.7.3    Product landscape

7.7.4    Strategic outlook

7.7.5    SWOT analysis

7.8    iGATE Corporation (Capgemini)

7.8.1    Business overview

7.8.2    Financial data

7.8.3    Product landscape

7.8.4    Strategic outlook

7.8.5    SWOT analysis

7.9    InVentiv Health Clinical

7.9.1    Business overview

7.9.2    Financial data

7.9.3    Product landscape

7.9.4    Strategic outlook

7.9.5    SWOT analysis

7.10    IQVIA (QuintilesIMS)

7.10.1    Business overview

7.10.2    Financial data

7.10.3    Product landscape

7.10.4    Strategic outlook

7.10.5    SWOT analysis

7.11    ITclinical

7.11.1    Business overview

7.11.2    Financial data

7.11.3    Product landscape

7.11.4    Strategic outlook

7.11.5    SWOT analysis

7.12    Laboratory Corporation of America Holdings

7.12.1    Business overview

7.12.2    Financial data

7.12.3    Product landscape

7.12.4    Strategic outlook

7.12.5    SWOT analysis

7.13    Novartis AG

7.13.1    Business overview

7.13.2    Financial data

7.13.3    Product landscape

7.13.4    Strategic outlook

7.13.5    SWOT analysis

7.14    PAREXEL International Corporation

7.14.1    Business overview

7.14.2    Financial data

7.14.3    Product landscape

7.14.4    Strategic outlook

7.14.5    SWOT analysis

7.15    Sanofi

7.15.1    Business overview

7.15.2    Financial data

7.15.3    Product landscape

7.15.4    Strategic outlook

7.15.5    SWOT analysis

7.16    Wipro

7.16.1    Business overview

7.16.2    Financial data

7.16.3    Product landscape

7.16.4    Strategic outlook

7.16.5    SWOT analysis

Data Tables

TABLE 1.    Global pharmacovigilance market, 2016 – 2027 (USD Million)

TABLE 2.    Global pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 3.    Global pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 4.    Global pharmacovigilance market, by region, 2016 – 2027 (USD Million)

TABLE 5.    Industry impact forces

TABLE 6.    Pharmacovigilance regulatory initiatives

TABLE 7.    Preclinical market size, by region, 2016 – 2027 (USD Million)

TABLE 8.    Phase I market size, by region, 2016 – 2027 (USD Million)

TABLE 9.    Phase II market size, by region, 2016 – 2027 (USD Million)

TABLE 10.  Phase III market size, by region, 2016 – 2027 (USD Million)

TABLE 11.  Phase IV market size, by region, 2016 – 2027 (USD Million)

TABLE 12.  In-House market size, by region, 2016 – 2027 (USD Million)

TABLE 13.  Contract outsourcing market size, by region, 2016 – 2027 (USD Million)

TABLE 14.  North America pharmacovigilance market, by country, 2016 – 2027 (USD Million)

TABLE 15.  North America pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 16.  North America pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 17.  U.S. pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 18.  U.S. pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 19.  Canada pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 20.  Canada pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 21.  Europe pharmacovigilance market, by country, 2016 – 2027 (USD Million)

TABLE 22.  Europe pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 23.  Europe pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 24.  Germany pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 25.  Germany pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 26.  UK pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 27.  UK pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 28.  Spain pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 29.  Spain pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 30.  Italy pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 31.  Italy pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 32.  France pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 33.  France pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 34.  Asia Pacific pharmacovigilance market, by country, 2016 – 2027 (USD Million)

TABLE 35.  Asia Pacific pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 36.  Asia Pacific pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 37.  Japan pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 38.  Japan pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 39.  China pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 40.  China pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 41.  India pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 42.  India pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 43.  Australia pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 44.  Australia pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 45.  Latin America pharmacovigilance market, by country, 2016 – 2027 (USD Million)

TABLE 46.  Latin America pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 47.  Latin America pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 48.  Argentina pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 49.  Argentina pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 50.  Brazil pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 51.  Brazil pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 52.  Mexico pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 53.  Mexico pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 54.  MEA pharmacovigilance market, by country, 2016 – 2027 (USD Million)

TABLE 55.  MEA pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 56.  MEA pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 57.  South Africa pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 58.  South Africa pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 59.  UAE pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 60.  UAE pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 61.  Saudi Arabia pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 62.  Saudi Arabia pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 63.  Qatar pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 64.  Qatar pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)

TABLE 65.  Israel pharmacovigilance market, by clinical trial phase, 2016 – 2027 (USD Million)

TABLE 66.  Israel pharmacovigilance market, by service provider, 2016 – 2027 (USD Million)
Charts & Figures

FIG 1.   Pharmacovigilance industry 3600 synopsis, 2016 – 2027

FIG 2.   Industry segmentation

FIG 3.   Global pharmacovigilance market size, 2016 – 2027 (USD Million)

FIG 4.   Growth potential analysis, by clinical trial phase

FIG 5.   Growth potential analysis, by service provider

FIG 6.   Types of pharmacovigilance outsourcing vendors

FIG 7.   Porter’s analysis

FIG 8.   Company matrix analysis

FIG 9.   PESTEL analysis

FIG 10. Key segmental trends, by clinical trial phase

FIG 11. Key segmental trends, by service provider

FIG 12. Key regional trends

FIG 13. Competitive dashboard

Market, By Clinical Trial Phases

  • Preclinical
  • Phase I
  • Phase II
  • Phase II
  • Phase IV

Market, By Service Provider

  • In house
  • Contract outsourcing

Cognizant, IQVIA, Novartis, Sanofi, ICON, IBM Corporation, LabCorp and PAREXEL.

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