Pharmacovigilance Market worth over $12.9bn by 2027

Pharmacovigilance Market size is set to surpass USD 12.9 billion by 2027, according to a new research report by Global Market Insights Inc.

The market growth is due to the rising demand for novel medicines and vaccines, increasing need for ART (Antiretroviral Therapy) and growing investment in drug development programs. In addition, technological integration in pharmacovigilance services such as usage of artificial intelligence (AI) in adverse event case processing and automation of pharmaceutical processing potentially enhances the service offerings.

Rising rate of adverse drug reactions (ADRs) predominantly drives the pharmacovigilance market expansion

Adverse drug reaction is one of the leading causes of mortality and morbidity internationally and in the future, it is estimated to become a serious public health issue. Owing to the increased complexity of medication, the problem can likely evolve into a burden to the healthcare system. Studies suggest that around 3–7% of all hospitalizations around the world are a result of ADRs and 10–20% of inpatients suffer from drug-related adverse reactions. Pharmacovigilance identifies and responds to ADR problems and helps in rectifying the problem.

Increasing need for evaluating drug efficacy will foster the market progression

The phase III segment in the pharmacovigilance market valued at USD 1.22 billion in 2020. The growing need for evaluating drug efficacy and monitoring drug safety based on risk-benefit ratio is expected to propel the segment growth. With phase III clinical trials being one of the critical phases in drug development, implementing pharmacovigilance has become crucial.

Browse key industry insights spread across 150 pages with 66 market data tables & 13 figures & charts from the report, “Pharmacovigilance Market Size By Clinical Trial Phase (Preclinical, Phase I, Phase II, Phase III, Phase IV), By Service Provider (In-house, Contract Outsourcing), COVID-19 Impact Analysis, Regional Outlook, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pharmacovigilance-market

Reliance on an in-house pharmacovigilance team will remain steady

The in-house segment crossed USD 3.36 billion in 2020. Globally, stringent regulation, inspection, and monitoring have created significant demand for PV. While outsourcing is noted to gain traction, several instances point towards the lack of accountability and timeline commitments from the CROs. Hence, several sponsors are noted to rely on an in-house team, spurring the segment expansion. Furthermore, a stringent timeline by drug manufacturing companies on compliances is anticipated to boost the industry growth in the coming years.

Presence of the regulatory organization in the region are noted to fuel the regional growth

Europe pharmacovigilance market is poised to witness over 6.7% CAGR through 2027 impelled by the favorable public and private initiatives conducted in the region. The European Union (EU), through the European Medicines Agency (EMA) periodically reviews and amends its policies pertaining to the healthcare management and overall drug development process. Hence, a strong emphasis is also laid upon the regional pharmacovigilance system and stringent measures are implemented in order to avoid instance of drug toxicity and/or ADRs. Such organizations maintain regulations of academic research centers, biopharmaceutical companies, and regulatory authorities. Moreover, maintenance of good pharmacovigilance practices (GVP) modules and guidelines is predicted to contribute to the regional expansion.

Increasing partnership and collaborations among key service providers are noted to strengthen their business portfolio and revenue

Eminent players operating in the market include IQVIA (QuintilesIMS), LabCorp, PAREXEL, Cognizant, TCS, Wipro, InVentiv Health Clinical, and Accenture. These market leaders focus on strategies such as innovative technology, product launches, mergers & acquisitions, and collaboration to harvest larger revenue and sustain market competition.