Pharmacovigilance Market: Insights
The global pharmacovigilance market will register a high growth rate between the forecast period 2020 to 2026. Pharmacovigilance is the study of science and practices for diagnosis, awareness, review, and prevention of adverse drug effects or other drug-related concerns. An unwanted and unexpected consequence of medicine that arises during its therapeutic application is the adverse drug reaction (ADR). Some of the major factors projected to drive the growth of the pharmacovigilance industry are the growing number of adverse drug reactions, along with a rising number of endemic diseases such as diabetes and respiratory disorders. The increasing proliferation of new drugs through therapeutic trials has grown. Moreover, the increasing development of new methods, customized medicines and the rising investments in technologies to enhance production operations and data management are some of the factors expected to propel the market growth. However, a lack of skilled practitioners and data privacy issues are some of the factors that are likely to impede market growth during the forecast timeframe.
Pharmacovigilance Market: By Product Life Cycle
Based on the study of the life-cycle of products, this market can be divided into five segments namely, Pre-clinical, Phase I, Phase II, Phase III, and Phase IV. Amongst all the life cycles of products, Phase IV will be the biggest market share segment in terms of revenue over the projected timeframe. Phase IV is an essential stage of clinical trial and can detect and identify unsuspected adverse drug reactions. The evidence gathered and analyzed during this process is expected to be of the highest significance, attributable to intensive drug monitoring of the highest relevance on a large demographic patient base since the drug's commercialization. Furthermore, phase III was analyzed to witness higher growth over the projected timeframe. To evaluate and assess the safety of medications, phase III trials are performed. Such studies also offer additional details on potential medication reactions, medication safety, and effectiveness before the drug's commercialization.
Pharmacovigilance Market: By Service Provider
Based on the type of service provider, the market is segregated into contract outsourcing and in-house. The contract outsourced aspect contributes the most to the market's global sales. This is attributed to outsourcing advantages such as risk avoidance, the versatility of resources, elimination of capital expenditure, and reduced operational costs. Furthermore, the in-house segment was evaluated to sustain the fastest rate of growth from 2020 to 2026. This is attributable to pharmacovigilance to ensure data protection and confidentiality practices. Moreover, the increased effects of substantial R&D by large pharmaceutical and biotechnological firms for the production of new drugs are expected to influence the pharmacovigilance market.
Pharmacovigilance Market: By Type
Based on the analysis, the type segment is segregated into ADR reporting, spontaneous reporting, intensified EHR mining, targeted spontaneous reporting, and cohort event monitoring. Amongst all the types, the spontaneous monitoring segment is analyzed to hold the biggest market share in terms of revenue over the forthcoming period. This is due to the huge use of modern, severe, and uncommon ADRs in the identification and serves as an accurate and affordable tool. The extensive use in the pharma industry and regulatory authorities is driving the market for spontaneous reporting. Furthermore, cohort event monitoring is projected the strongest growth during 2020-2026. This segment analyzes its popularity and rising application in the identification of a broad range of unfavorable clinical events.
Pharmacovigilance Market: By Type of Therapeutic Area
Based on the study of the therapeutic area, this market is split up into five segments namely; neurology, oncology, respiratory systems, and cardiology, among others. The oncology therapeutic area would hold a larger share of the market over the projected timeline. This is due to the rising demand for pharmacovigilance services, and due to the related adverse effects, it is very important to control the safety of cancer medications are some of the factors expected to influence market growth.
Pharmacovigilance Market: By End Use
Based on the study of vertical, the market is broken into biotechnology companies, medical device manufacturers, and pharmaceuticals, among others. The pharmaceuticals aspect contributes the most to the market's global sales in terms of value over the projected timeframe. This is attributed to the rising flexibility of resources and the increasing cost-effective initiatives for SME companies; are some of the factors that are driving the growth of the industry. Furthermore, the most growing segment in the market is biotechnology over the projected timeline. In advanced economies and emerging countries, the increasing healthcare industry and the rising development activities of new products are propelling business growth.
Pharmacovigilance Market: By Region
The largest value supporter in the market is the North America region over the projected timeline. The U.S. is credited with technological advancements in the novel drug and the growing level of drug abuse. The presence of leading IT companies including Cognizant, and IBM, among others are influencing the market in the U.S. Furthermore, the Asia-Pacific is projected to be the fastest-growing region over the projected timeframe due to the enhanced productivity, cost-effective clubbed with rising investments are expected to push the market growth. Moreover, the rising spending for research tests would have an impact on the APAC region's business growth.
Pharmacovigilance Market: Share & Competitor Analysis
Some of the key players operating in this market are BioClinica Inc, Accenture, IQVIA, TAKE Solutions Ltd, Wipro Ltd., ArisGlobal, ICON plc, ITClinical, FMD K&L., Linical Accelovance, Laboratory Corporation of America Holdings, Capgemini, IBM Corporation, Cognizant, PAREXEL International Corporation, and United BioSource Corporation, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In January 2019, IBM signed an agreement to acquire the T-Systems-Mainframe Services business.
Check the Press Release on Global Pharmacovigilance Market Report
Pharmacovigilance Market: By Service Provider
- Introduction
- Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- In-house
- In-house: Pharmacovigilance Market, 2020-2026 (USD Million)
- Contract Outsourcing
- Contract Outsourcing: Pharmacovigilance Market, 2020-2026 (USD Million)
Pharmacovigilance Market: By Process Flow
- Introduction
- Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- Case Data Management
- Case Data Management: Pharmacovigilance Market, 2020-2026 (USD Million)
- Case Logging: Pharmacovigilance Market, 2020-2026 (USD Million)
- Case Data Analysis: Pharmacovigilance Market, 2020-2026 (USD Million)
- Medical Reviewing & Reporting: Pharmacovigilance Market, 2020-2026 (USD Million)
- Signal Detection
- Signal Detection: Pharmacovigilance Market, 2020-2026 (USD Million)
- Adverse Event Logging: Pharmacovigilance Market, 2020-2026 (USD Million)
- Adverse Event Analysis: Pharmacovigilance Market, 2020-2026 (USD Million)
- Adverse Event Review & Reporting: Pharmacovigilance Market, 2020-2026 (USD Million)
- Risk Management System
- Risk Management System: Pharmacovigilance Market, 2020-2026 (USD Million)
- Risk Evaluation System: Pharmacovigilance Market, 2020-2026 (USD Million)
- Risk Evaluation System: Pharmacovigilance Market, 2020-2026 (USD Million)
Pharmacovigilance Market: By Therapeutic Area
- Introduction
- Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- Oncology
- Oncology: Pharmacovigilance Market, 2020-2026 (USD Million)
- Neurology
- Neurology: Pharmacovigilance Market, 2020-2026 (USD Million)
- Cardiology
- Cardiology: Pharmacovigilance Market, 2020-2026 (USD Million)
- Respiratory Systems
- Respiratory Systems: Pharmacovigilance Market, 2020-2026 (USD Million)
- Others
- Others: Pharmacovigilance Market, 2020-2026 (USD Million)
Pharmacovigilance Market: By Type
- Introduction
- Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- Spontaneous Reporting
- Spontaneous Reporting: Pharmacovigilance Market, 2020-2026 (USD Million)
- Intensified ADR Reporting
- Intensified ADR Reporting: Pharmacovigilance Market, 2020-2026 (USD Million)
- Targeted Spontaneous Reporting
- Targeted Spontaneous Reporting: Pharmacovigilance Market, 2020-2026 (USD Million)
- Cohort Event Monitoring
- Cohort Event Monitoring: Pharmacovigilance Market, 2020-2026 (USD Million)
- EHR Mining
- EHR Mining: Pharmacovigilance Market, 2020-2026 (USD Million)
Pharmacovigilance Market: By Product Life Cycle
- Introduction
- Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- Pre-clinical
- Pre-clinical: Pharmacovigilance Market, 2020-2026 (USD Million)
- Phase I
- Phase I: Pharmacovigilance Market, 2020-2026 (USD Million)
- Phase II
- Phase II: Pharmacovigilance Market, 2020-2026 (USD Million)
- Phase III
- Phase III: Pharmacovigilance Market, 2020-2026 (USD Million)
- Phase IV
- Phase IV: Pharmacovigilance Market, 2020-2026 (USD Million)
Pharmacovigilance Market: By End-Use
- Introduction
- Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- Pharmaceuticals
- Pharmaceuticals: Pharmacovigilance Market, 2020-2026 (USD Million)
- Biotechnology Companies
- Biotechnology Companies: Pharmacovigilance Market, 2020-2026 (USD Million)
- Medical Device Manufacturers
- Medical Device Manufacturers: Pharmacovigilance Market, 2020-2026 (USD Million)
- Others
- Others: Pharmacovigilance Market, 2020-2026 (USD Million)
Pharmacovigilance Market: By Region
- Introduction
- Global Pharmacovigilance Market, Regional Analysis, 2020-2026 (USD Million)
- North America
- North America Pharmacovigilance Market, Regional Analysis, 2020-2026 (USD Million)
- By Service Provider
- North America Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- North America Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- North America Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- North America Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- North America Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- North America Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- By Country
- U.S
- By Service Provider
- U.S Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- U.S Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- U.S Pharmacovigilance Market, By Therapeutic Area, 2020-2026 (USD Million)
- By Type
- U.S Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- U.S Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- U.S Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- Canada.
- By Service Provider
- Canada Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Canada Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Canada Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Canada Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Canada Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Canada Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- Mexico
- By Service Provider
- Mexico Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Mexico Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Mexico Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Mexico Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Mexico Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Mexico Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- Europe
- Europe Pharmacovigilance Market, Regional Analysis, 2020-2026 (USD Million)
- By Service Provider
- Europe Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Europe Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Europe Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Europe Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Europe Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Europe Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- By Country
- Germany
- By Service Provider
- Germany Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Germany Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Germany Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Germany Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Germany Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Germany Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- UK
- By Service Provider
- UK Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- UK Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- UK Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- UK Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- UK Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- UK Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- France
- By Service Provider
- France Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- France Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- France Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- France Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- France Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- France Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- Italy
- By Service Provider
- Italy Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Italy Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Italy Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Italy Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Italy Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Italy Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- Rest Of Europe
- By Service Provider
- Rest Of Europe Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Rest Of Europe Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Rest Of Europe Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Rest Of Europe Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Rest Of Europe Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Rest Of Europe Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- Asia Pacific
- Asia Pacific Pharmacovigilance Market, Regional Analysis, 2020-2026 (USD Million)
- By Service Provider
- Asia Pacific Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Asia Pacific Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Asia Pacific Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Europe Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Asia Pacific Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Asia Pacific Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- By Country
- China
- By Service Provider
- China Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- China Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- China Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- China Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- China Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- China Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- Japan
- By Service Provider
- Japan Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Japan Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Japan Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Japan Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Japan Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Japan Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- India
- By Service Provider
- India Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- India Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- India Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- India Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- India Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- India Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- Central & South America
- Central & South America Pharmacovigilance Market, Regional Analysis, 2020-2026 (USD Million)
- By Service Provider
- Central & South America Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Central & South America Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Central & South America Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Central & South America Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Central & South America Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Central & South America Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- By Country
- Brazil
- By Service Provider
- Brazil Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Brazil Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Brazil Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Brazil Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Brazil Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Brazil Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- Middle East & Africa
- Middle East & Africa Pharmacovigilance Market, Regional Analysis, 2020-2026 (USD Million)
- By Service Provider
- Middle East & Africa Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Middle East & Africa Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Middle East & Africa Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Middle East & Africa Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Middle East & Africa Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Middle East & Africa Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- By Country
- Saudi Arabia
- By Service Provider
- Saudi Arabia Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- Saudi Arabia Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- Saudi Arabia Pharmacovigilance Market, By Therapeutic Area , 2020-2026 (USD Million)
- By Type
- Saudi Arabia Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- Saudi Arabia Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- Saudi Arabia Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
- UAE
- By Service Provider
- UAE Pharmacovigilance Market, By Service Provider, 2020-2026 (USD Million)
- By Process Flow
- UAE Pharmacovigilance Market, By Process Flow, 2020-2026 (USD Million)
- By Therapeutic Area
- UAE Pharmacovigilance Market, By Therapeutic Area, 2020-2026 (USD Million)
- By Type
- UAE Pharmacovigilance Market, By Type, 2020-2026 (USD Million)
- By Product Life Cycle
- UAE Pharmacovigilance Market, By Product Life Cycle, 2020-2026 (USD Million)
- By End-Use
- UAE Pharmacovigilance Market, By End-Use, 2020-2026 (USD Million)
The Global Pharmacovigilance Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Pharmacovigilance Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.