Healthcare Medical Devices Biotechnology

Pharmacovigilance Market is Expected to Reach USD 27,768.5 Million by 2031

May 2024

Healthcare Medical Devices Biotechnology

As per the report published by Kings Research, the global Pharmacovigilance Market was valued at USD 8,813.6 million in 2023 and is projected to reach USD 27,768.5 million by 2031, growing at a CAGR of 15.41% from 2024 to 2031.

Advancements in technology, particularly in artificial intelligence (AI) and big data analytics, are revolutionizing the field of pharmacovigilance. AI algorithms enable the analysis of vast amounts of structured and unstructured data from diverse sources, including electronic health records, social media, and medical literature, to identify potential adverse events and safety signals more efficiently. Natural language processing (NLP) techniques enable automated extraction and categorization of adverse event reports, thereby enhancing data processing speed and accuracy. Big data analytics platforms enable pharmacovigilance teams to detect patterns, trends, and correlations in safety data, thus facilitating proactive risk management and signal prioritization. These technological advancements streamline pharmacovigilance workflows and improve the timeliness and accuracy of safety assessments, which enhances patient safety and regulatory compliance in the pharmaceutical industry.

Key Insights

  • Based on clinical trial phase, the phase 4 segment accounted for the largest market share of 64.17% in 2023
  • Based on service provider, the in-house segment is estimated to register a CAGR of 16.33% between 2024 and 2031
  • Based on end-use, the pharmaceutical & biotechnology Industry segment garnered the highest revenue of USD 5,875.6 million in 2023
  • On the basis of region, Asia-Pacific is anticipated to acquire a significant market share of 23.83% by 2031

ValGenesis and MEPharma Collaborate to Enhance Pharmacovigilance Services in MEA

May 2023: ValGenesis, a leading provider of validation lifecycle management solutions, partnered with MEPharma, a prominent contract research organization (CRO) in the Middle East and North Africa (MENA) region, to bolster pharmacovigilance services in the region. This collaboration was intended to enhance drug safety monitoring and regulatory compliance across the MENA healthcare landscape. ValGenesis brought its expertise in digital transformation for pharmaceutical companies, optimizing pharmacovigilance processes through innovative technology solutions. MEPharma's regional presence and deep understanding of local regulatory requirements complemented ValGenesis's capabilities and facilitated streamlined pharmacovigilance operations.

Outsourcing of Pharmacovigilance Activities by Pharmaceutical Companies to Foster Market Growth

Outsourcing of pharmacovigilance activities by pharmaceutical companies is emerging as a strategic approach to manage workload complexities, access specialized expertise, and optimize cost-efficiency. Pharmaceutical companies often outsource pharmacovigilance tasks such as adverse event reporting, signal detection, case processing, and risk management to specialized contract research organizations (CROs). Outsourcing allows companies to focus on core drug development activities while ensuring compliance with stringent pharmacovigilance regulations and timelines for safety reporting. Moreover, outsourcing partnerships offer scalability to accommodate fluctuating workloads, access to global pharmacovigilance talent pools, and adoption of best practices in safety surveillance and reporting, which is set to facilitate pharmacovigilance market growth in the coming years.

Integration of Pharmacovigilance with Real-World Evidence (RWE) Generation Presents Significant Growth Opportunities

The integration of pharmacovigilance with real-world evidence (RWE) generation represents a strategic convergence aimed at enhancing post-market surveillance, safety monitoring, and regulatory decision-making processes. RWE encompasses data derived from diverse sources, such as electronic health records, claims data, patient registries, and wearable devices, reflecting real-world patient experiences and outcomes related to drug use. By integrating pharmacovigilance data with RWE, stakeholders gain comprehensive insights into drug safety profiles, effectiveness in real-world settings, long-term outcomes, and patient populations at risk. This integration enables proactive identification of safety signals, assessment of risk-benefit profiles, and evidence-based regulatory submissions.

Asia-Pacific to Record a Staggering CAGR of 16.23% Over the Forecast Period

Based on region, the global pharmacovigilance market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific is set to record a robust CAGR between 2024 and 2031 due to the expanding pharmaceutical and biotechnology industry in the region. Additionally, rising awareness regarding drug safety, growing healthcare expenditures and expanding access to healthcare services in countries such as China, India, Japan, and South Korea fuel the need for comprehensive pharmacovigilance systems. Moreover, advancements in digital health technologies, telemedicine, and real-world data utilization contribute to shaping a dynamic pharmacovigilance landscape in Asia-Pacific, leading to attracting investments, partnerships, and technological innovations across the value chain.

Market Leaders Concentrate on Collaborations and Acquisitions for Sustained Growth

The global pharmacovigilance market reveals a fragmented landscape, featuring prominent companies including IQVIA Inc, LabCorp (Laboratory Corporation of America Holdings), ICON plc, Cognizant Technology Solutions Corporation, PAREXEL International Corporation, IBM Watson Health, Accenture plc, Capgemini SE, ArisGlobal LLC, Oracle Corporation, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

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