The global pharmacovigilance market, valued at USD 6.87 billion in 2023, is projected to expand at a CAGR of 13%, reaching USD 23.31 billion by 2033. This growth is driven by the rising prevalence of chronic diseases, the increasing frequency of adverse drug reactions (ADRs), and heightened regulatory scrutiny on drug safety.
With the surge in medication consumption, pharmaceutical companies are prioritizing comprehensive drug monitoring to minimize risks. The demand for pharmacovigilance services is rising as healthcare providers strive to enhance drug safety protocols and comply with stringent global regulations. Big pharmaceutical firms are increasingly collaborating with specialized pharmacovigilance service providers to conduct in-depth clinical research and real-world data analysis.
The advancement of AI-driven pharmacovigilance systems is further transforming drug safety monitoring, improving ADR detection and reporting efficiency. Additionally, regulatory agencies worldwide are enforcing stricter guidelines, reinforcing the need for robust pharmacovigilance systems.
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Key Takeaways:
- Market Expansion: The pharmacovigilance market is set to grow at a CAGR of 13%, reaching USD 23.31 billion by 2033.
- Increased ADR Monitoring: The growing incidence of adverse drug reactions (ADRs) is fueling demand for pharmacovigilance solutions.
- Regulatory Stringency: Strengthened drug safety regulations are driving investment in advanced monitoring technologies.
- Industry Collaborations: Leading pharmaceutical firms are partnering with specialized pharmacovigilance service providers to enhance drug safety.
Market Overview
- Current Valuation: The market is valued at USD 6.87 billion in 2023 and is expected to grow significantly, reaching USD 23.31 billion by 2033.
- Historical Context: The market was valued at approximately USD 6.28 billion in 2022, indicating a steady upward trend.
Key Drivers of Growth
- Increasing Incidence of Chronic Diseases:
- The rise in chronic illnesses necessitates more frequent use of pharmacovigilance to monitor the safety of new pharmaceuticals developed through rigorous clinical research.
- Growing Demand for Pharmacovigilance Services:
- The frequency of adverse drug reactions (ADRs) is increasing, leading to higher demand for pharmacovigilance services to ensure drug safety and efficacy.
- Rising Expectations for Drug Safety:
- There is a heightened focus on drug safety among patients and healthcare providers, driving the need for comprehensive monitoring and reporting systems.
- Regulatory Requirements:
- Stricter regulatory frameworks globally are compelling pharmaceutical companies to enhance their pharmacovigilance practices, thereby expanding the market.
- Collaboration with Service Providers:
- Pharmaceutical companies are increasingly partnering with specialized pharmacovigilance service providers to conduct thorough tests and data analyses, ensuring minimal adverse effects from medications.
- Impact of COVID-19:
- The pandemic has accelerated the development of new vaccines and treatments, resulting in numerous clinical trials that require robust pharmacovigilance efforts during and post-market launch.
- Technological Advancements:
- The integration of artificial intelligence (AI) and big data analytics in pharmacovigilance processes enhances signal detection and improves drug safety evaluations, contributing to market growth.
- Outsourcing Trends:
- Many pharmaceutical companies are outsourcing pharmacovigilance activities to specialized firms, allowing them to focus on core competencies while ensuring compliance with regulatory standards.
Key Players
- Accenture Plc.
- Bristol-Myers Squibb
- Clinquest Group B.V.
- Cognizant Technology Solutions
- Covance Inc.
- F. Hoffmann-La Roche Ltd.
- GlaxoSmithKline Plc.
- ICON Plc
- iGATE Corporation
- iMED Global Corporation
- inVentiv Health Inc.
- Novartis AG
- PAREXEL International Corporation
- Pfizer Inc.
- Pharmaceutical Product Development LLC. (PPD)
- PRA Health Sciences Inc.
- Quintiles Transnational Holdings Inc.
- Sanofi SA
- Synowledge LLC
- Wipro Ltd.
Key segments
By Phase of Drug Development:
- Preclinical Studies
- Phase I
- Phase II
- Phase III
- Phase IV
By Type of Methods:
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
By Service Type Provider:
- In-house Pharmacovigilance
- Contract Outsourcing
By Geography:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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