The Pharmacovigilance Market is estimated to be valued at US$ 6.70 billion in 2022 and is expected to exhibit a CAGR of 7.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pharmacovigilance refers to the monitoring of drugs and medicinal products to detect new information about risks or safety profile of the products to prevent any drug related issues. The key function of pharmacovigilance services includes risk management, benefit-risk assessment, and monitoring of drug safety post marketing. The pharmacovigilance market is growing owing to increasing regulatory mandates regarding maintaining transparency and safety of the drugs and medical products by manufacturers and healthcare organizations.
Market key trends:
One of the major trends fueling the growth of pharmacovigilance market is increasing regulatory mandates. Various regulatory bodies such as Federal Drug Administration (FDA), European Medicine Agency (EMA), Central Drugs Standard Control Organization (CDSCO), and Pharmaceuticals and Medical Devices Agency (PMDA) have imposed stringent regulations regarding post-marketing surveillance and periodic safety update reporting for marketed drugs. For instance, in 2012 the FDA and EMA implemented new regulations mandating companies to collect and report adverse drug reactions and medical device malfunctions across the globe within certain specified timelines. Additionally, increasing outsourcing of pharmacovigilance services by pharmaceutical and biotechnology companies is also driving the market growth. Growing pipeline of complex molecules and biosimilars have significantly increased the outsourcing of pharmacovigilance work by sponsors to contracted research organizations in order to comply with global regulations and ensure patient safety.
Porter's Analysis
Threat of new entrants: The regulation barriers in Pharmacovigilance industry pose high entry barriers for new players. Bargaining power of buyers: Pharmaceutical companies have significant bargaining power as buyers due to a large number of Pharmacovigilance service providers in the market. Bargaining power of suppliers: Expertise in Pharmacovigilance functions is niche. Suppliers have moderate bargaining power. Threat of new substitutes: No threat as Pharmacovigilance services have no close substitute. Competitive rivalry: Intense competition due to presence of numerous global and regional players providing cost-effective Pharmacovigilance services.
SWOT Analysis
Strengths: Growing outsourcing trend of Pharmacovigilance activities and stringent regulatory framework drives market growth. Weaknesses: High set-up and operational costs, data privacy & security risks are weaknesses. Opportunities: Emerging markets offer profitable opportunities. Technological advancements in Pharmacovigilance also present opportunities. Threats: Economic slowdowns and currency fluctuations pose major threats. Intense competition from various regional and global players is also a threat.
Key Takeaways
The global Pharmacovigilance Market Share is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing outsourcing of Pharmacovigilance activities by pharmaceutical companies. Regionally, North America dominates the market currently due to stringent regulatory environment and high adoption rate of advanced Pharmacovigilance software. Asia Pacific is expected to grow at the fastest rate owing to low-cost operations and increasing clinical research activities in nations like China and India.
Key players operating in the Pharmacovigilance market are Accenture Plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., GlaxoSmithKline, ICON, Plc, iGATE Corporation, Arriello, iMEDGlobal Corporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv Health Inc., APCER Life Sciences, ArisGlobal, and Johnson and Johnson. These players are focused on expanding their footprint worldwide through acquisitions and strategic partnerships with local Pharmacovigilance service providers.
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