DUBLIN, Feb. 17, 2021 /PRNewswire/ — The “Pharmacovigilance Market Size, Share & Trends Analysis Report by Service Provider (In-house, Contract Outsourcing), by Product Life Cycle, by Type, by Process Flow, by Therapeutic Area, by End Use, and Segment Forecasts, 2021 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The global pharmacovigilance market size is expected to reach USD 14.95 billion by 2028
It is expected to expand at a CAGR of 11.5% from 2021 to 2028. The increasing incidence of Adverse Drug Reactions (ADR) is the key growth factor.
ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.
According to the World Health Organization’s (WHO) report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in non-hospital setups. Hence, there has been a significant rise in the number of medicines made available to healthcare consumers. The rising demand for drugs has significantly heightened the need for the development of novel therapeutics via extensive clinical trials, which is expected to serve this market with lucrative opportunities.
Moreover, leading pharma companies in developed countries are focusing on outsourcing PV services to reduce costs and minimize operational expenses. This is anticipated to serve as an opportunity for contact research organizations in developing regions to gain more revenue share. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.
Industry participants are focusing on increasing R&D activities to develop better pharmacovigilance services. Companies are also adopting strategies including new product launches and mergers & acquisitions to gain a competitive advantage. Moreover, they are undertaking collaborations with the PV service providers to gain access to medical information and manage PV workflows.
For instance, in September 2019, Accenture collaborated with Bayer to implement the company’s INTIENT Clinical platform to simplify and speed up its drug development processes, thereby widening its business. The company collaborated with BioCelebrate in 2017 to develop a platform for aggregating and analyzing clinical information for improved drug development efficiency, thus enhancing its R&D capabilities. Such initiatives help companies maintain their market position.
Pharmacovigilance Market Report Highlights
- By product life cycle, phase IV held a dominant share of 75.61% in 2020 owing to the extensive post-marketing surveillance of pharmaceuticals and an increasing number of ADR incidences in the market.
- In terms of service provider, contract outsourcing held a significant share of 59.24% as of 2020 owing to the shift in the focus of pharmaceutical companies to outsourcing services to reduce operational cost.
- Based on type, spontaneous reporting held the largest revenue share in 2020 due to its wide application in pharmacovigilance and benefits such as easy simulation of data sets for better drug comparison.
- On the basis of end-use, the biotechnology companies segment is anticipated to exhibit a lucrative CAGR of 12.6% over the forecast period owing to the increasing R&D for the development of novel biologics.
- Asia Pacific is anticipated to exhibit a lucrative CAGR of 13.2% in the forthcoming years. This is attributed to the availability of low-cost labor and the rising number of outsourcing companies in this region.
Key Topics Covered:
Chapter 1 Research Methodology & Scope
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Pharmacovigilance Market Outlook, 2016 – 2028 (USD Million)
2.3 Segment Outlook
2.4 Competitive Outlook
Chapter 3 Pharmacovigilance Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Parent market analysis
3.1.2 Ancillary market Analysis
3.2 Penetration & Growth Prospect Mapping
3.3 Pharmacovigilance Market Dynamics
3.3.1 Market driver analysis
3.3.1.1 Growing drug consumption and drug development rates
3.3.1.2 Increasing incidence of ADR and drug toxicity
3.3.1.3 Increasing trend of outsourcing pharmacovigilance services
3.3.1.4 Increasing externalization of clinical trial studies by large pharmaceutical and biopharmaceutical companies
3.3.1.5 Increasing regulatory Burden on Manufacturers
3.3.1.6 Introduction of technologically advanced software services
3.3.1.7 Constantly rising investment in R&D by healthcare companies
3.3.1.8 Partnerships and collaborations between market players
3.3.2 Market restraint analysis
3.3.2.1 Shortage of skilled labor
3.3.2.2 Expensive technology for small and mid-sized player
3.3.2.3 Lack of recognition
3.3.2.4 Scarcity of integration standards
3.3.3 Industry Challenges
3.4 Pharmacovigilance Market Analysis Tools: Porters
3.5 SWOT Analysis, by Factor (Political & Legal, Economic, and Technological)
3.6 Value Chain Analysis
3.6.1 Pre-clinical
3.6.2 Clinical
3.6.3 PMA
3.7 Mapping of Life Cycle Against Service Offering And Their Demand
3.8 Regulatory Framework
3.8.1 List of regulatory bodies by Country
3.9 Pharmacovigilance: Organization Structure Introduction
3.10 Pricing Models
3.10.1 Drug Safty Budget Allocation By Activities
3.10.2 By Development phase
3.10.3 By Therapeutic area
3.10.4 Pricing Level
3.10.4.1 Case processing
3.10.4.2 ADR Reporting
3.10.4.3 Medical writing
3.10.4.4 Drug safety management
3.11 Technology Timeline Overview
3.11.1 Changing Technology & Adoption
3.11.1.1 Social Media
3.11.1.2 Literature screening
3.11.1.3 Automation and AI
3.11.1.4 Big data analytics in PV
Chapter 4 COVID-19 Impact Analysis
4.1 COVID-19 Outbreak
4.1.1 Challenges for safety reporting activities
4.2 Demand Analysis
4.2.1 Product Pipeline Analysis, by Stage for COVID-19
4.3 Recent Developments & Strategic Outcomes
4.3.1 Regulatory requirements/changes due to covid-19
4.3.2 Strategies implemented by companies
4.3.2.1 IQVIA
4.3.2.2 PARAXEL International Corporation
4.3.2.3 Bioclinica
4.3.2.4 Pharmaceutical Product Development (PPD)
4.3.2.5 IBM Corporation
4.3.2.6 ICON, plc
4.3.2.7 PRA Health Sciences
4.3.2.8 Covance Inc.
4.3.2.9 ArisGlobal
4.3.2.10 Linical Accelovance
4.3.2.11 Laboratory Corporation of America Holdings
Chapter 5 Pharmacovigilance Market: Service Provider Estimates & Trend Analysis
5.1 Service Provider Market Share Analysis, 2020 & 2028
5.2 Service Provider Dashboard
5.2.1 In-house
5.2.1.1 In-house market estimates and forecasts, 2016 – 2028 (USD Million)
5.2.2 Contract Outsourcing
5.2.2.1 Contract outsourcing market estimates and forecasts, 2016 – 2028 (USD Million)
Chapter 6 Pharmacovigilance Market: Type Estimates & Trend Analysis
6.1 Type Market Share Analysis, 2020 & 2028
6.2 Type Dashboard
6.2.1 Spontaneous Reporting
6.2.1.1 Spontaneous Reporting market estimates and forecasts, 2016 – 2028 (USD Million)
6.2.2 Intensified ADR Reporting
6.2.2.1 Intensified ADR Reporting market estimates and forecasts, 2016 – 2028 (USD Million)
6.2.3 Targeted Spontaneous Reporting
6.2.3.1 Targeted spontaneous reporting market estimates and forecasts, 2016 – 2028 (USD Million)
6.2.4 Cohort Event Monitoring (CEM)
6.2.4.1 CEM market estimates and forecasts, 2016 – 2028 (USD Million)
6.2.5 EHR Mining
6.2.5.1 EHR Mining market estimates and forecasts, 2016 – 2028 (USD Million)
Chapter 7 Pharmacovigilance Market: Product Life Cycle Estimates & Trend Analysis
7.1 Product Life Cycle Market Share Analysis, 2020 & 2028
7.2 Product Dashboard
7.2.1 Pre-clinical
7.2.2 Phase I
7.2.3 Phase II
7.2.4 Phase III
7.2.5 Phase IV
Chapter 8 Pharmacovigilance Market: Process Flow Estimates & Trend Analysis
8.1 Process Flow Market Share Analysis, 2020 & 2028
8.2 Process Flow Dashboard
8.2.1 Case data management
8.2.2 Signal detection
8.2.3 Risk Management System
Chapter 9 Pharmacovigilance Market: Therapeutic Area Estimates & Trend Analysis
9.1 Therapeutic Area Market Share Analysis, 2020 & 2028
9.2 Therapeutic Area Dashboard
9.2.1 Oncology
9.2.2 Neurology
9.2.3 Cardiology
9.2.4 Respiratory systems
Chapter 10 Pharmacovigilance Market: End-use Estimates & Trend Analysis
10.1 End-use Market Share Analysis, 2020 & 2028
10.2 End-use Dashboard
10.2.1 Pharmaceuticals
10.2.2 Biotechnology Companies
10.2.3 Medical Device Manufacturers
Chapter 11 Pharmacovigilance Market: Regional Estimates & Trend Analysis by Segments
11.1 Regional Market Snapshot
11.2 Market Share Analysis by Country, 2020
Chapter 12 Competitive Outlook
12.1 Market Participation Categorization
12.2 Public Companies
12.2.1 Company market position analysis
12.2.2 Company Market Share
12.3 Private Companies
12.3.1 List of key emerging companies
12.4 Consolidation Trends
12.5 Potential Customers
Chapter 13 Company Profiles
- Accenture
- Clinquest Group B.V. (Linical Americas)
- IQVIA
- Cognizant
- Laboratory Corporation of America Holdings
- IBM Corporation
- ArisGlobal
- ICON Plc.
- Capgemini
- ITClinical
- TAKE Solutions
- PAREXEL International Corporation
- BioClinica, Inc.
- Wipro Limited
- UNITED BIOSOURCE CORPORATION
- FMD K&L
For more information about this report visit https://www.researchandmarkets.com/r/sncbbr
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