Pharmacovigilance refers to the scientific and data-driven practice of monitoring safe use of drugs to minimize risks and maximize their benefits. Pharmacovigilance ensures early detection, assessment, understanding and prevention of adverse effects of drugs. The rising pressure on pharmaceutical companies to prove the safety of their drugs calls for increased outsourcing of pharmacovigilance services to ensure regulatory compliances.
The global Pharmacovigilance Market is estimated to be valued at US$ 9.35 billion in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023-2032, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growth in Clinical Trial Activity
The increasing R&D investments in new drug development and rising number of clinical trials create significant opportunities for pharmacovigilance service providers. As pharmaceutical companies are increasingly partnering with regional contract research organizations (CROs) to conduct clinical trials in developing nations, the demand for localized pharmacovigilance services across all phases of clinical studies is steadily growing. Technological advancements that enable remote monitoring of adverse drug reactions also support clinical trial sponsors in meeting global regulatory standards, thus favoring market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The high costs involved in setting up a pharmacovigilance operation and need for skilled workforce poses moderate threat of new entrants.
Bargaining power of buyers: Large pharmaceutical companies have strong bargaining power due to their size and their ability to negotiate better deals from pharmacovigilance service providers.
Bargaining power of suppliers: The availability of skilled workforce increases the bargaining power of suppliers in the market.
Threat of new substitutes: Emerging technologies like machine learning and artificial intelligence are developing as substitutes but require high investment in R&D to replace traditional pharmacovigilance methods completely.
Competitive rivalry: The market is dominated by a few well-established players increasing the competitive rivalry.
SWOT Analysis
Strength: Growing awareness about drug safety and stringent regulations globally drive demand. Skilled workforce availability provides operational advantage.
Weakness: High capital requirements and long return on investment period are constraints. Dependence on outsourcing increases risk of data security and regulatory non-compliance.
Opportunity: Emerging markets offer high growth potential. Integration of advanced technologies can enhance efficiency and capabilities.
Threats: Economic slowdowns may impact R&D spends of pharmaceutical companies affecting demand. Stringent regulations in some countries pose compliance challenges.
Key Takeaways
The global Pharmacovigilance Market Growth is expected to witness high growth over the forecast period of 2022-2032.
Regional analysis shows Asia Pacific is expected to grow at the fastest pace owing to increased clinical trials and outsourcing activities in countries like China and India.
Key players operating in the pharmacovigilance market are Accenture, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, IQVIA, Boehringer Ingelheim GmbH, PAREXEL International Corporation, United BioSource Corporation, and Bioclinica.
For more insights, read- https://www.pressreleasebulletin.com/pharmacovigilance-market-trends-size-and-share-analysis-2/
For more details on the report, Read-https://techaxen.com/beyond-batteries-navigating-the-landscape-of-stationary-energy-storage-technologies/
