Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Pharmacovigilance Market Size, Share & Trends Analysis Report By Service Provider (In-house, Contract Outsourcing), By Product Life Cycle, By Therapeutic Area, By Process Flow, By End-Use, By Type, And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global pharmacovigilance market is poised for substantial growth, with a projected size of USD 11.8 billion by 2030, representing a compound annual growth rate (CAGR) of 7.0%. A key driver behind this growth is the increasing incidence of Adverse Drug Reactions (ADR), which places a significant burden on healthcare systems and contributes to morbidity in developed nations. Pharmacovigilance services play a crucial role in identifying and managing the negative consequences associated with drugs, particularly during clinical trials.
Market Dynamics:
- Market Drivers:
- Growing drug consumption and development rates.
- Increasing incidence of ADR and drug toxicity.
- Rising trend of outsourcing pharmacovigilance services.
- Expanding externalization of clinical trial studies by large pharmaceutical and biopharmaceutical companies.
- Mounting regulatory burden on manufacturers.
- Introduction of technologically advanced software services.
- Constantly increasing investment in R&D by healthcare companies.
- Partnerships and collaborations among market players.
- Market Restraints:
- Shortage of skilled labor.
- High cost of technology for small and mid-sized players.
- Lack of recognition.
- Scarcity of integration standards.
Market Segmentation:
- By Phase:
- Phase IV dominated the market with a revenue share of over 75% in 2022, driven by increased ADR incidents and post-marketing surveillance.
- By Service Provider:
- Contract outsourcing accounted for over 60% market share in 2022 as pharmaceutical organizations aimed to reduce operational costs through outsourcing services.
- By Type:
- The spontaneous reporting type segment led the market with a revenue share of over 30% in 2022, enabling efficient and cost-effective detection of new, serious, and rare ADRs.
- By Therapeutic Area:
- Oncology held the largest share of over 25% in the therapeutic area segment in 2022, fueled by biopharmaceutical companies' research efforts in chronic cancer treatments.
- By Process Flow:
- Case data management is anticipated to grow at the fastest CAGR of 7.3% during the forecast period.
- By End-Use:
- Biotechnology companies are expected to have the fastest CAGR of 8.0% in the end-use segment, driven by their focus on R&D for novel products such as biologics, therapies, and gene therapies.
- By Region:
- North America held the largest revenue share of over 30% in 2022 due to investments in new drug development, favorable regulations, and a strong presence of research units and clinical trials.
Conclusion:
The pharmacovigilance market is set to witness significant growth, driven by the increasing need to monitor and manage Adverse Drug Reactions (ADR) and the development of technologically advanced software services. Collaboration and partnerships among industry players, as well as outsourcing pharmacovigilance services, are key trends supporting market expansion. However, challenges such as the shortage of skilled labor and integration standards need to be addressed for sustained growth in the industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 298 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $6.7 Billion |
| Forecasted Market Value (USD) by 2030 | $11.8 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
Strategies Implemented By Companies
- Iqvia
- Paraxel International Corporation
- Bioclinica
- Pharmaceutical Product Development (PPD)
- IBM Corporation
- Icon, PLC
- PRA Health Sciences
- Covance Inc.
- ArisGlobal
- Linical Accelovance
- Laboratory Corporation of America Holdings
Companies Mentioned
- Accenture
- Clinquest Group B.V. (Linical Americas)
- IQVIA
- Cognizant
- Laboratory Corporation of America Holdings
- IBM Corporation
- ArisGlobal
- ICON PLC
- Capgemini
- IT Clinical
- Take Solutions Limited
- PAREXEL International Corporation
- Bioclinica, Inc.
- Wipro
- United BioSource LLC
- FMD K&L (ClinChoice)
For more information about this report visit https://www.researchandmarkets.com/r/dmwxci
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