Global Pharmacovigilance Market to Reach USD 15.63 Billion by 2032 due to Rising Incidence of Adverse Drug Reactions

The Pharmacovigilance Market size was USD 6.11 billion in 2022 and is projected to increase to USD 15.63 billion by 2032, with a revenue CAGR of 11% during the forecast period. The reason behind this growth is the increasing incidence of Adverse Drug Reaction (ADR), which refers to the negative reaction after taking medication. The severity of ADRs can range from mild to fatal, leading regulatory bodies to mandate pharmacovigilance procedures for ensuring drug safety worldwide.

One of the drivers of the pharmacovigilance market is the heightened awareness of drug safety among patients, healthcare providers, and regulatory agencies. Pharmacovigilance helps assess the pros and cons of drugs and ensures their safe usage. Moreover, the rising demand for innovative medicines has contributed to the demand for pharmacovigilance, which plays a vital role in guaranteeing their safety and efficacy through extensive research and clinical trials.

The expansion of market revenue growth is also due to the adoption of advanced technologies such as artificial intelligence, machine learning, and big data analytics that aid in identifying and evaluating negative medication reactions, thereby enhancing patient safety. Strict regulations and recommendations from regulatory agencies, including the U.S. FDA, the European Medicines Agency (EMA), and the World Health Organization (WHO), also contribute to the growth of the pharmacovigilance market by ensuring the safety and effectiveness of medications through the mandatory reporting of unfavorable drug reactions.

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Key players in the Pharmacovigilance Market:

• Bristol-Myers Squibb Company
• Boehringer Ingelheim International GmbH
• Cognizant Technology Solutions Corporation
• F. Hoffmann-La Roche Ltd.
• ICON plc
• IQVIA Holdings Inc.
• Parexel International Corporation
• PRA Health Sciences, Inc.
• Quanticate Ltd.

However, the high cost of pharmacovigilance services and the shortage of qualified professionals in this field are expected to impede the market's revenue growth during the forecast period. Additionally, the lack of awareness of pharmacovigilance techniques in developing countries poses a significant challenge for the market.

Segments Covered in the Report -

Pharmacovigilance services can be divided into several categories based on their service type. The categories include spontaneous reporting, intensive monitoring, targeted spontaneous reporting, cohort event monitoring, EHR mining, and others. Spontaneous reporting involves the voluntary reporting of adverse drug reactions by healthcare professionals, while intensive monitoring involves active surveillance and monitoring of drug safety. Targeted spontaneous reporting is a subset of spontaneous reporting that focuses on specific drugs or medical conditions. Cohort event monitoring involves the identification of adverse drug reactions through monitoring of a specific population. EHR mining involves the analysis of electronic health records for identifying potential adverse drug reactions. Other services in this category include signal detection, risk management, and quality management.

Pharmacovigilance services can be provided either in-house or through contract outsourcing. In-house services are performed by the pharmaceutical or biotechnology company itself, while contract outsourcing involves the use of external vendors or service providers. The choice of service provider depends on the size and complexity of the company, as well as the specific requirements of the project.

The end-use outlook for pharmacovigilance services includes pharmaceutical companies, biotechnology companies, contract research organizations (CROs), and others. Pharmaceutical companies are the largest users of pharmacovigilance services, as they are responsible for the development and marketing of drugs. Biotechnology companies also require pharmacovigilance services for the development of biologics and biosimilars. CROs provide pharmacovigilance services to pharmaceutical and biotechnology companies, as well as academic institutions and government agencies. Other end-users of pharmacovigilance services include medical device manufacturers, regulatory agencies, and healthcare providers.

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Strategic development:

• The data analytics software from ZS Associates was acquired by IQVIA Holdings Inc. in 2021 to enhance its ability to monitor safety signals and provide insights to its pharmacovigilance clients.
• Health Decisions, a contract research company (CRO) that specializes in clinical research on women's health, was acquired by PRA Health Sciences, Inc. in 2020 to expand its knowledge and expertise in the field of pharmacovigilance and patient safety.
• In 2020, F. Hoffmann-La Roche Ltd. announced its plans to expand its pharmacovigilance activities in India in order to improve patient safety and enhance its global pharmacovigilance capabilities.
• Cognizant Technology Solutions Corporation acquired Levio, a Quebec-based consulting company that focuses on digital transformation and compliance services for the life sciences sector, in 2020 to strengthen its presence in the field of pharmacovigilance.

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