Press release
Pharmacovigilance Market Report, Size, Share & Outlook - 2024-2031 - ArisGlobal, Capgemini & Cognizant.
Pharmacovigilance Market || 2024-2031
Pharmacovigilance (PV) encompasses the science and activities involved in detecting, understanding, assessing, and preventing adverse effects or any other drug-related issues. Its primary focus is on identifying adverse drug reactions (ADRs) and drug toxicity. The pharmacovigilance market includes the reporting of all types of adverse events during clinical trials and within various healthcare settings such as hospitals and pharmacies. This process is crucial for ensuring drug safety and efficacy, aiding in the prevention of potential harm to patients through systematic monitoring and analysis of drug-related problems.
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Market Trends:
The increasing trend of outsourcing pharmacovigilance services is driving the market growth.
Outsourcing pharmacovigilance is a strategic approach adopted by pharmaceutical companies to minimize fixed overhead costs and substantial upfront investments while gaining additional capacity and flexibility in resource management. This practice is particularly cost-effective for small and medium-sized enterprises. As drug consumption and development rates rise, the risk of adverse effects not detected in clinical trials increases. For example, in 2020, Fresenius Kabi USA recalled Dexmedetomidine HCL in 0.9% Sodium Chloride Injection due to cross-contamination with lidocaine, which could cause severe allergic reactions. This underscores the growing demand for thorough medical information and vigilant monitoring by regulatory authorities, driving the growth of the pharmacovigilance market.
Additionally, advancements in cancer treatments, such as targeted therapies, have introduced serious adverse effects that can impact patient quality of life. From 2014 to 2018, monoclonal antibodies were among the top ten drugs for spontaneous adverse drug reaction reports, with about 406,352 records. Emerging technologies and evolving reporting systems in pharmacovigilance further propel the market's expansion.
Market Segmentation:
By Service Provider: Contract Outsourcing, In-house.
By Type of Reporting: Intensified ADR Reporting, Spontaneous Reporting, Cohort Event Monitoring, Targeted Spontaneous Reporting, EHR Mining.
By Clinical Trial Phase: Preclinical, Phase I, Phase II, Phase III, Phase IV.
By End-User: Hospitals, Pharmaceutical Companies.
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Major Players:
• ArisGlobal
• BioClinica
• Capgemini
• Cognizant
• FMD K&L Inc.
• Foresight Group International AG
• IBM Corporation
• Wipro Limited
• IQVIA
Product Portfolio:
Cognizant Technology Solutions Corp. specializes in providing information technology, consulting, and business process outsourcing services. The company operates through four primary business segments: Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology.
Regional Analysis:
The global Pharmacovigilance Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Pharmacovigilance Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.
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