Pharmacovigilance Market Analysis By Global Industry Insight Market, Size, Share, Development, Growth and Demand Forecast to 2023-2028
The global pharmacovigilance market is expected to exceed more than US$ 250 million by 2028; growing at a CAGR of around 6.5% from 2023 to 2028.
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Major Players
Study period:
Fastest Growing Market:
2023-2028
APAC
Base Year:
Largest Market:
2022
North America
CAGR:
6
REPORT DESCRIPTION
The worldwide pharmacovigilance business sector is becoming altogether because of expanding sympathy toward medication wellbeing, expanding rates of unfavorable medication responses and poisonous quality, and high patient consistence for medication use. What's more, government and non-government associations are effectively included in deciding medication well being and adequacy, which thus is supporting development of worldwide pharmacovigilance market. Huge unexplored pharmacovigilance market in developing economies and expanding pharmaceutical organizations' consistence for outsourcing administrations are making adequate open doors for the worldwide pharmacovigilance market.
The global pharmacovigilance market is expected to exceed more than US$ 250 million by 2028; growing at a CAGR of around 6.5% from 2023 to 2028.
Pharmacovigilance is the procedure of checking and anticipating unfriendly medication responses. As indicated by the WHO, pharmacovigilance can be characterized as the science and exercises worried with the discovery, appraisal, comprehension and avoidance of unfavorable responses to pharmaceutical. Pharmacovigilance decides drug security and viability and enhances preventing so as to understand consideration and general wellbeing unfriendly medication responses. Unfavorable medication response is unsafe, unintended, and uncomfortable impacts of a medication. As per the studies led by WHO in created nations, around 5% of hospitalized patients are conceded in the healing centers because of unfavorable medication response, and 6-10% of these patients would experience the ill effects of genuine antagonistic medication responses. Pharmaceutical and biotechnology organizations are effectively included in the improvement of new medications; this makes an expanded interest for pharmacovigillance.
The worldwide pharmacovigilance business sector can be ordered as pharmacovigilance routines, administration suppliers, and diverse periods of medication improvement. In view of pharmacovigilance strategies, the pharmacovigilance business sector is ordered as unconstrained reporting, focused on unconstrained reporting, electronic wellbeing record mining, associate occasion observing, and increased unfavorable medication response reporting. In view of administration suppliers, the worldwide pharmacovigilance business sector can be ordered as in-house pharmacovigilance and contract outsourcing pharmacovigilance. The agreement outsourcing pharmacovigilance drives the worldwide pharmacovigilance showcase and is relied upon to develop at a higher rate in the coming years.
On the premise of diverse periods of clinical trial, the worldwide pharmacovigilance business sector is ordered as preclinical exploration, stage I clinical trial, stage II clinical trial, stage III clinical trial, and stage IV clinical trial. The stage IV clinical trial section drives the worldwide pharmacovigilance market.
The real drivers in the worldwide pharmacovigilance business sector are expanding rates of unfavorable medication responses and lethality, expanding quiet consistence for medication use, and expanding sympathy toward medication security and viability. What's more, expanding inclusion of government and non-government association to decide drug security and viability is impelling the development of the worldwide pharmacovigilance market. Then again, high danger of information break through outsourcing of pharmacovigilance and deficiency of gifted experts are a percentage of the variables limiting the development of the worldwide pharmacovigilance business sector to some degree.
Geologically, North America drives the worldwide pharmacovigilance market because of high frequencies of unfriendly medication responses and high administrative consistence for pharmacovigilance. Likewise, vicinity of countless and biotechnology organizations is energizing the development of the North American pharmacovigilance market. Asia-Pacific is the quickest developing locale in the worldwide pharmacovigilance market because of expanding sympathy toward medication wellbeing and viability, expanding rates of unfriendly medication responses and lethality, and expanding number of pharmaceuticals and biotechnology organizations. Additionally, the pharmacovigilance business sector is becoming quickly due high development of bland medications market in rising economies, for example, India and China.
A portion of the real players working in the worldwide pharmacovigilance business sector are Sanofi, Cognizant Technology Solutions, Accenture, Wipro Limited, F. Hoffmann-La Roche Ltd., ICON plc, Clinquest Group B.V., Pfizer Inc., PAREXEL International Corporation, Novartis AG, iGATE Corporation, GlaxoSmithKline, and Bristol-Myers Squibb Company.
Competitive Insights.
Major players of the pharmacovigilance market include Quintiles Transnational Corporation, Accenture Plc., Boehringer Ingelheim GmbH, Bristol-Myers Squibb, PAREXEL International Corporation, Janssen Research & Development, LLC, Pharmaceutical Product Development, Inc., United BioSource Corporation, Synowlwedge LLC, Cognizant Technology Solutions Corporation, Covance Inc. and ICON, Plc. Mergers and acquisitions, entering into strategic collaborations with contract research organizations (CRO) and providing customized services are some key sustainability strategies adopted by these market players. For example, Accenture Plc., in an attempt to expand its service base pertaining to pharmacovigilance, launched accelerated R&D services focusing on delivery of streamlined and integrated functions helpful in effective product development and entered in to a partnership agreement with Oracle partner network.
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1 INTRODUCTION
1.1 Key Take Aways
1.2 Report Description
1.3 Markets Covered
1.4 Stakeholders
1.5 Research Methodology
1.5.1 Market Size
1.5.2 Market Share
1.5.3 Key Data Points From Secondary Sources
1.5.4 Key Data Points From Primary Sources
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1.1 Bottom-Up Approach
2.2.1.2 Top-Down Approach
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
3 Executive Summary
3.1 Introduction
3.2 Current Scenario
3.3 Future Outlook
3.4 Conclusion
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Segmentation
5.3 Market Dynamics
5.3.1 Drivers
5.3.2 Restraints
5.3.3 Opportunities
5.3.4 Challenges
6 Industry Insights
6.1 Introduction
6.2 Value Chain Analysis
6.3 Porter’s Five Forces Analysis
6.3.1 Threat From New Entrants
6.3.2 Threat From Substitutes
6.3.3 Bargaining Power of Suppliers
6.3.4 Bargaining Power of Buyers
6.3.5 Intensity of Competitive Rivalry
7 Pharmacovigilance and Drug Safety Software Market, By Functionality
7.1 Introduction
7.2 Adverse Event Reporting Software
7.3 Drug Safety Audits Software
7.4 Issue Tracking Software
7.5 Fully Integrated Software
8 Pharmacovigilance and Drug Safety Software Market, By Delivery Mode
8.1 Introduction
8.2 On-Premise Delivery Mode
8.3 On-Demand/Cloud Based (Saas) Delivery Mode
9 Pharmacovigilance and Drug Safety Software Market, By End-Users
9.1 Introduction
9.2 Pharma and Biotech Companies
9.3 Contract Research Organizations (CROS)
9.4 Business Process Outsourcing (BPO) Firms
9.5 Other Pharmacovigilance Service Providers
10 Geographic Analysis
10.1 Introduction
10.2 North America
10.2.1 U.S.
10.2.1 Canada
10.3 Europe
10.3.1 Germany
10.3.1 U.K.
10.3.1 France.
10.3.1 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.1 China
10.4.1 India
10.4.1 Rest of Asia-Pacific
10.5 ROW (Rest of the World)
10.5.1 Latin America
10.5.1 Middle East
10.5.1 Africa
11 Competitive Landscape
11.1 Overview
11.2 Market Share Analysis, By Key Players, 2014
11.3 Competitive Situation and Trends
11.4 Recent Developments
11.4.1 Mergers & Acquisitions
11.4.2 Agreements, Partnerships, Collaborations & Joint Ventures
11.4.3 New Product Launches
11.4.4 Expansions
11.4.5 Other Developments
12 Company Profile
12.1 AB-Cube
12.2 Arisglobal
12.3 Extedo GMBH.
12.4 Ennov.
12.5 Online Business Applications, Inc
12.6 Oracle Corporation.
12.7 Sarjen Systems Pvt. Ltd
12.8 Sparta Systems, Inc
12.9 United Biosource Corporation
12.1 Umbra Global
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