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The Pharmacovigilance Market grew from USD 8.86 billion in 2023 to USD 10.24 billion in 2024. It is expected to continue growing at a CAGR of 15.80%, reaching USD 24.76 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
Pharmacovigilance, defined as the science and activities related to detecting, assessing, understanding, and preventing adverse effects or any other drug-related problems, is essential due to the increasing awareness of drug safety and regulatory compliance. Its necessity is underscored by the growing complexity of drug development and the need to mitigate risk throughout the entire drug lifecycle. With the global pharmaceutical market expanding, the application of pharmacovigilance has extended beyond the traditional roles of post-marketing surveillance to include pre-marketing drug safety evaluation. It finds critical applications in risk management, labeling updates, and compliance with local and international regulatory requirements. The end-user scope chiefly comprises pharmaceutical companies, regulatory authorities, healthcare providers, and research organizations. Market growth is influenced by factors such as the rising incidence of adverse drug reactions (ADRs), technological advancements in drug safety reporting, and the convergence of artificial intelligence and big data analytics to streamline pharmacovigilance processes. Opportunities emerge from the burgeoning biopharmaceutical market and the increase in awareness and legislative activities around drug safety. There is potential for investing in AI-driven platforms for real-time data analysis and automation of routine tasks. However, market growth is constrained by challenges such as underreporting of ADRs, high costs of setting up robust pharmacovigilance systems, and the complexities of maintaining compliance amid evolving regulatory landscapes. Innovations in patient-centric pharmacovigilance approaches and adoption of blockchain technology to ensure data integrity and transparency are promising areas for business growth. The market is generally shifting towards more integrated, technology-driven solutions to efficiently manage vast quantities of safety data and respond to the dynamic regulatory environment. To capitalize on these developments, companies should focus on enhancing their technological capabilities, fostering strategic partnerships, and emphasizing continuous learning in regulatory science to navigate and lead in this evolving landscape actively.
Understanding Market Dynamics in the Pharmacovigilance Market
The Pharmacovigilance Market is rapidly evolving, shaped by dynamic supply and demand trends. These insights provide companies with actionable intelligence to drive investments, develop strategies, and seize emerging opportunities. A comprehensive understanding of market dynamics also helps organizations mitigate political, geographical, technical, social, and economic risks while offering a clearer view of consumer behavior and its effects on manufacturing costs and purchasing decisions.- Market Drivers
- Increase in the Prevalence of Chronic Diseases
- Rise in Pharmacovigilance Applications in Spontaneous Reporting and Electronic Health Record (EHR) Mining
- Rise in Demand for Outsourcing Services by Players
- Rising Incidence of ADR and Drug Toxicity
- Market Restraints
- High-cost Technology for Small and Mid-sized Players
- Market Opportunities
- Emergence of COVID-19 have Opened New Opportunities
- Rising Investment in Research and Development (R&D) by Healthcare Companies
- Market Challenges
- Lack of Skilled Labor
Exploring Porter’s Five Forces for the Pharmacovigilance Market
Porter’s Five Forces framework further strengthens the insights of the Pharmacovigilance Market, delivering a clear and effective methodology for understanding the competitive landscape. This tool enables companies to evaluate their current competitive standing and explore strategic repositioning by assessing businesses’ power dynamics and market positioning. It is also instrumental in determining the profitability of new ventures, helping companies leverage their strengths, address weaknesses, and avoid potential pitfalls.Applying PESTLE Analysis to the Pharmacovigilance Market
External macro-environmental factors deeply influence the performance of the Pharmacovigilance Market, and the PESTLE analysis provides a comprehensive framework for understanding these influences. By examining Political, Economic, Social, Technological, Legal, and Environmental elements, this analysis offers organizations critical insights into potential opportunities and risks. It also helps businesses anticipate changes in regulations, consumer behavior, and economic trends, enabling them to make informed, forward-looking decisions.Analyzing Market Share in the Pharmacovigilance Market
The Pharmacovigilance Market share analysis evaluates vendor performance. This analysis provides a clear view of each vendor’s standing in the competitive landscape by comparing key metrics such as revenue, customer base, and other critical factors. Additionally, it highlights market concentration, fragmentation, and trends in consolidation, empowering vendors to make strategic decisions that enhance their market position.Evaluating Vendor Success with the FPNV Positioning Matrix in the Pharmacovigilance Market
The Pharmacovigilance Market FPNV Positioning Matrix is crucial in evaluating vendors based on business strategy and product satisfaction levels. By segmenting vendors into four quadrants - Forefront (F), Pathfinder (P), Niche (N), and Vital (V) - this matrix helps users make well-informed decisions that best align with their unique needs and objectives in the market.Strategic Recommendations for Success in the Pharmacovigilance Market
The Pharmacovigilance Market strategic analysis is essential for organizations aiming to strengthen their position in the global market. A comprehensive review of resources, capabilities, and performance helps businesses identify opportunities for improvement and growth. This approach empowers companies to navigate challenges in the increasingly competitive landscape, ensuring they capitalize on new opportunities and align with long-term success.Key Company Profiles
The report delves into recent significant developments in the Pharmacovigilance Market, highlighting leading vendors and their innovative profiles. These include Accenture, PLC, Bristol-Myers Squibb Company, Capgemini SE, ClinChoice, F. Hoffmann-La Roche AG, GlaxoSmithKline PLC, HCL Technologies Limited, ICON PLC, Infosys Limited, International Business Machines Corporation, IQVIA Inc., ITclinical, Laboratory Corporation of America Holdings, Linical Co., Ltd., Novartis AG, Oracle Corporation, Parexel International, Pfizer Inc., Quanticate International limited, Sanofi S.A., Syneos Health, TAKE Solutions Limited, TATA Consultancy Services Limited, and Wipro Limited.Market Segmentation & Coverage
This research report categorizes the Pharmacovigilance Market to forecast the revenues and analyze trends in each of the following sub-markets:- Type
- Contract Outsourcing
- In-house
- Clinical Trial
- Phase I
- Phase II
- Phase III
- Phase IV
- Pre-Clinical
- Function
- Cohort Event Monitoring
- EHR Mining
- Intensified ADR Reporting
- Spontaneous Reporting
- Targeted Spontaneous Reporting
- End-User
- Academic & Research Institutes
- Government Agencies
- Health Insurance Companies
- Hospitals & Care Providers
- Pharma & Biotech Companies
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report provides a detailed overview of the market, exploring several key areas:
- Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market.
- Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development.
- Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape.
- Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players.
- Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current size of the market, and how is it expected to grow?
- Which products, segments, and regions present the most attractive investment opportunities?
- What are the prevailing technology trends and regulatory factors influencing the market?
- How do top vendors rank regarding market share and competitive positioning?
- What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?
Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Pharmacovigilance Market, by Type
7. Pharmacovigilance Market, by Clinical Trial
8. Pharmacovigilance Market, by Function
9. Pharmacovigilance Market, by End-User
10. Americas Pharmacovigilance Market
11. Asia-Pacific Pharmacovigilance Market
12. Europe, Middle East & Africa Pharmacovigilance Market
13. Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
The leading players in the Pharmacovigilance Market, which are profiled in this report, include:- Accenture, PLC
- Bristol-Myers Squibb Company
- Capgemini SE
- ClinChoice
- F. Hoffmann-La Roche AG
- GlaxoSmithKline PLC
- HCL Technologies Limited
- ICON PLC
- Infosys Limited
- International Business Machines Corporation
- IQVIA Inc.
- ITclinical
- Laboratory Corporation of America Holdings
- Linical Co., Ltd.
- Novartis AG
- Oracle Corporation
- Parexel International
- Pfizer Inc.
- Quanticate International limited
- Sanofi S.A.
- Syneos Health
- TAKE Solutions Limited
- TATA Consultancy Services Limited
- Wipro Limited
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 199 |
| Published | October 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 10.24 Billion |
| Forecasted Market Value ( USD | $ 24.76 Billion |
| Compound Annual Growth Rate | 15.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 25 |
