Rising Demand for Medical Records Management System Catapults Pharmacovigilance Market Growth

Pharmacovigilance Market
Pharmacovigilance Market

According to a study by Future Market Insights (FMI), the global pharmacovigilance market is forecast to grow at a steady rate throughout the forecast period of 2021 to 2031. Rising competition regarding the development of effective drugs will continue accelerating demand in the pharmacovigilance market.

Pharmaceutical manufacturing companies are competing for introducing effective vaccine and drugs in short span of time. Extensive collaborations and partnerships to accelerate new molecule development have led to increase in demand for pharmacovigilance solutions.

As per the World Health Organization (WHO), in 2018, around 60,000 clinical trials were conducted globally. Increased government investment towards developing and strengthening the medical and healthcare infrastructure to tend the ever growing number of patients and clinical trials will positively influence the market growth.

COVID-19 pandemic highlighted the importance and demand of pharmacovigilance. With hitting of second wave of infection, healthcare workers are working extremely hard to ensure success of public health initiatives by incorporating pharmacovigilance program.

With rising clinical trials and increased focus towards vaccine development heightened the demand for safety reporting and medical monitoring paving way for pharmacovigilance market growth.

 “Increasing complexity regarding hospital workflow encouraged healthcare providers to invest in automated record collection and maintenance system. Rising pressure on hospitals especially during pandemic will drive the pharmacovigilance market growth during the assessment period,” remarks the FMI analyst. 

Key Takeaways

  • Establishment of Pan-American good pharmacovigilance practice code and conducts to ensure complete data is acquired from spontaneous adverse event reports, integrating computer assisted interview technology with observational studies for data collection exercises fuels the market expansion in U.S.
  • Increasing drug development and associated clinical trials especially during COVID-19 pandemic will create an ideal environment for pharmacovigilance market growth in U.K.
  • International companies are inclined towards outsourcing of drug development to India owing to cheap labor, abundance of raw material and availability of skilled professionals. Such strategies will accelerate the demand for skilled pharmacovigilance professionals in the country.
  • China is anticipated to provide lucrative growth opportunities on the backs of rising adoption of international pharmacovigilance practice code and acceptance of international regulation policies especially in adverse drug reaction documentation.
  • Phase IV clinical trials are gaining importance as the data assessed during this phase of clinical trial lays the foundation for commercial drug production.

Prominent Drivers

  • Rising necessity of analyzing data from clinical trial and increasing infection rates will elevate the market demand.
  • Growing urgency of developing effective monitoring system to observe the safety of vaccines and drugs is expected to drive the market growth.
  • Implementation of electronic health records to collect and monitor patient information alongside government emphasis on proper healthcare infrastructure development fuels the market growth.

Key Restraints

  • Stack data security protocols lead to high risk of data security hampers the market demand.
  • No uniformity and regularization in data security across the globe restricts the market growth.
  • Unavailability of data standardization and regulatory protocols in case of severe breach in data security will hinder the market growth.

Competitive Landscape

Rise in patent expiration of branded drugs is acting as a breeding ground for new market players and has started new rounds of clinical trials to develop new patents.

Outsourcing of operations to emerging nations is gaining traction as a business enhancement strategy. Other market expansion strategies employed include strategic merger and collaboration between leading pharmaceutical companies and new product development.

  • For instance, Accenture Plc. entered into a joint venture with UCB in December 2019 to design a novel safety solution based on Accenture’s INTIENTTM Pharmacovigilance and using artificial intelligence to accelerate the process of individual patient safety case reports.
  • Cognizant Technology Solutions became a global leader in the pharmacovigilance market in April 2021 that offers end-to-end spectrum of patient safety services. The company’s consistent efforts towards strengthening its technology enabled solutions to better help clients achieve digital transformation.

Leading players profiled by FMI operating in pharmacovigilance market are:

  • Accenture Plc.
  • Bristol-Myers Squibb
  • Clinquest Group B.V.
  • Cognizant Technology Solutions
  • Covance Inc.
  • 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.

Request a report sample with 151 pages to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-1107

 More Insights on FMI’s Pharmacovigilance Market

The latest market study on global pharmacovigilance market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:

Phase of Drug Development

  • Preclinical Studies
  • Phase I
  • Phase II
  • Phase III
  • Phase IV

Type of Methods

  • Spontaneous Reporting
  • Intensified ADR Reporting
  • Targeted Spontaneous Reporting
  • Cohort Event Monitoring
  • EHR Mining

Service Type Provider

  • In-house Pharmacovigilance
  • Contract Outsourcing

Geography

  • North America (US and Canada)
  • Europe (Germany, UK, France, Italy, Spain, Russia and Rest of Europe)
  • Asia-Pacific (China, India, ASEAN, Japan and Rest of APAC)
  • Latin America (Brazil, Mexico and Rest of LATAM)
  • Middle East & Africa (GCC, South Africa and Rest of MEA)

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