Global Pharmacovigilance Market Size & Trends Predicted to Reach USD 15.84 Billion by 2030, at 10.2% CAGR: Polaris Market Research

NEW YORK, May 4, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "Pharmacovigilance Market Share, Size, Trends, Industry Analysis Report, By Service, By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End-Use, By Region; Segment Forecast, 2022 - 2030" in its research database.

According to recent research study published by Polaris Market Research, the global pharmacovigilance market size and share is expected to register a CAGR of 10.2% growth and industry revenue is expected to increase from USD 6.78 Billion in 2021 to reach USD 15.84 Billion by 2030.

What is Pharmacovigilance? How Big is Pharmacovigilance Market?

• Overview

Pharmacovigilance is the pharmaceutical science and activities associated with the identification, assessment, understanding, and prevention of adverse effects or any other medicine-related issues. The objective of pharmacovigilance is to focus on ADR (adverse drug reactions) and drug toxicity. Before a medicine is authorized to use, its safety and efficacy are ensured through clinical trials. The process of testing a medicine's authorization involves studying these products in a relatively small number of selected patients for a short period of time.

However, after authorization, the medicine may be used in a large number of patients, for a long period of time, and with other medicines. The recent outbreak of COVID-19 has led to the requirement of pharmacovigilance trials. Major companies in the pharmacovigilance market are focusing on raising awareness about coronavirus vaccine safety guidance due to its adverse effects.  Pharmacovigilance plays a key role in drug discovery and its development procedures.

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Key Market Aspects Are Illuminated In The Report:

• Market Summary: It covers a summary of the most important aspects of the global pharmacovigilance market and its circumstances, trends, drivers, and problems as well as macroscopic pointers.
• Company Profile: Each company well-defined in this segment is studied based on a product, value, SWOT analysis, production capacity/sales, revenue, price, and gross margin
• Analysis by region: This global pharmacovigilance report offers a regional analysis based on data on imports and exports, sales, production, and key companies in all studied regional markets
• Opportunities and Drivers: It identifies the growing demands, growth opportunities, and drivers in this market

Top Players in the Market Are:

• Accenture
• ArisGlobal
• BioClinica Inc.
• Capgemini
• Clinquest Group B.V. (Linical Americas). Cognizant
• FMD K&L
• IBM Corporation
• ICON Plc.
• IQVIA
• ITClinical
• Laboratory Corporation of America Holdings
• Linical Accelovance
• PAREXEL International Corporation
• TAKE Solutions
• United BioSource Corporation
• Wipro Limited

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Pharmacovigilance Market: Driving Factors

The pharmacovigilance market is expected to grow at a favorable rate owing to the growing consumption and developments of drugs, the rising number of adverse drug reactions and toxicity, and the growing trend of outsourcing pharmacovigilance services. Also, surging demand for contract outsourcing and in-house pharmacovigilance is the key factor anticipated to fuel the market growth. Another contributor to this market progress could be the increasing shift toward core business activities from that of non-core by outsourcing pharmacovigilance services. 

Moreover, growing cases of lifestyle-related diseases including diabetes, hypertension, and cardiac disorders due to sedentary lifestyles, lack of physical exercise, fluctuating lifestyles, and fast food consumption, lead to rising in the consumption of drugs. This is the major factor contributing to the growth of the pharmacovigilance market.  In addition, growing R&D activities and increasing acceptance of new technologies in clinical research are further contributing to the market growth.

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Pharmacovigilance Market: Report Scope

Read Press Release: Pharmacovigilance Market Size Worth $15.84 Billion by 2030 | CAGR: 10.2%

Pharmacovigilance Market: Report Segmentation

• Insight by Service Provider

Based on the service provider, the contract outsourcing market segment is expected to dominate the market with a considerable growth rate during the forecast period. The growth can be attributed to enhanced cost-effectiveness and improved drug risk assessment. The benefits related to outsourcing including risk mitigation, resource flexibility, reduction of upfront investments, and lower fixed cost are also the leading factors supporting the growth of the service provider segment in the global pharmacovigilance market.

• Insight by Type

Based on the type segment, the spontaneous reporting segment is anticipated to witness the largest market share in the pharmacovigilance market during the projected time period. The major factors fueling the growth of this segment include its widespread use in detecting new, serious, and rare ADRs and serving as an efficient and inexpensive method.

• Insight by End-Use

Based on end-use, the pharmaceuticals held the largest market share in the global market during the foreseen period owing to growing advancements in drug discovery by major pharmaceutical companies. Moreover, these companies are largely accepting outsourcing methods in order to reduce overhead costs and to surge their resources flexibility. However, the hospital segment is likely to significantly grow during the projected time period owing to growing hospital admission due to adverse drug reactions.

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Regional Developments: Pharmacovigilance Market

Based on geography, North America witnessed the pharmacovigilance market in 2021 and is anticipated to dominate the market over the foreseen period owing to the prevalence of leading pharmacovigilance firms in the region. Moreover, the rising manufacturing of drugs, growing investments in biopharmaceutical research & development, and a rapid surge in cancer cases in the region are anticipated to accelerate the pharmacovigilance demand over the forecast period.

Further, the Asia Pacific market is anticipated to progress at the fastest pace during the foreseen period owing to the rising acceptance of these services across developing countries such as India and China. In addition, the growing population among these countries is also anticipated to surge the demand for pharmaceuticals services during the forecast period.

Browse the Detail Report "Pharmacovigilance Market Share, Size, Trends, Industry Analysis Report, By Service, By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End-Use, By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/pharmacovigilance-market    

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Key Questions Answered In The Report Include:

• How much revenue will the global pharmacovigilance market generate by the end of the forecast period?
• Which market segment is expected to have the maximum market share?
• who are the key market players in the global pharmacovigilance market?
• What are the key pharmacovigilance market trends impacting the growth of the market?
• What are the influencing factors and their impact on the pharmacovigilance market?
• Which are the major regions for different trades that are expected to witness remarkable growth in the pharmacovigilance market?
• How do regulatory standards affect the pharmacovigilance market?

Polaris Market Research has segmented the pharmacovigilance market report on the basis of service provider, product life cycle, type, process flow, therapeutic area, end-use, and region:

Pharmacovigilance Market: By Service Provider Outlook

• In-house
• Contract Outsourcing

Pharmacovigilance Market: By Product Life Cycle Outlook

• Pre-clinical
• Phase I
• Phase II
• Phase III
• Phase IV

Pharmacovigilance Market: By Type Outlook

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

Pharmacovigilance Market: By Process Flow Outlook

• Case Data Management
• Case Logging
• Case Data Analysis
• Medical Reviewing & Reporting
• Signal Detection
• Adverse Event Logging
• Adverse Event Analysis
• Adverse Event Review & Reporting
• Risk Management System
• Risk Evaluation System
• Risk Mitigation System

Pharmacovigilance Market: By Therapeutic Area Outlook

• Oncology
• Neurology
• Cardiology
• Respiratory Systems
• Others

Pharmacovigilance Market: By End-Use Outlook

• Pharmaceuticals
• Biotechnology Companies
• Medical Device Manufacturers
• Others

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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