by Pharmacovigilance is the science and activities relating to the detection, assessment, understanding and prevention of adverse effects or any other drug related problems. The worldwide pharmacovigilance market is driven by the expansion in the item pipeline, expanding appropriation of AI, reception of randomized tasks, rising number of clinical preliminaries. Along these lines, Clinical trials, contract research organization and outsourcing activities have additionally expanded all throughout the planet, which thusly is driving the development of the pharmacovigilance market. The global Pharmacovigilance Market is estimated to be valued at US$ 3.59 Bn in 2023 and is expected to exhibit a CAGR of 37.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Contract research organizations (CROs) are playing a pivotal role in supporting drug development by facilitating clinical research for pharmaceutical and biotech companies. CROs help in executing clinical trials and provide pharmacovigilance and drug safety monitoring services. The trend of outsourcing pharmacovigilance activities to CROs has gained significant traction in the past decade due to various advantages offered by them such as dedicated resources, technical expertise, economies of scale and ability to handle large volumes of work. The increasing complexity of drug development process and stringent regulatory requirements have further augmented the outsourcing of pharmacovigilance functions to specialized CROs globally.
Segment Analysis
The global pharmacovigilance market is dominated by contract research organizations (CROs) segment. CROs segment holds around 65% share of the overall market owing to increase in outsourcing of pharmacovigilance services by pharmaceutical companies to CROs. CROs provide cost effective solutions and possess skilled workforce to handle complex post marketing surveillance activities required.
Key Takeaways
The Global Pharmacovigilance Market Share is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 3.59 Billion, indicating significant growth opportunities.
Regional analysis: North America currently dominates the global pharmacovigilance market with over 40% share. This is attributed to stringent regulatory requirements for drug safety in the region. However, Asia Pacific region is expected to witness fastest growth over the coming years led by countries like China, India and Japan. Increasing generics manufacturing in these countries and outsourcing of pharmacovigilance activities is fueling market growth.
Key players: Key players operating in the pharmacovigilance market are Collibra NV, SAP SE, SAS Institute Inc., Symantec Corporation (Norton Lifelock), TIBCO Software Inc., Informatica Inc., Alation Inc., IBM Corporation, Varonis Systems Inc., Alfresco Software Inc., Oracle Corporation, Talend SA and Microsoft Corporation. These players are focused on developing innovative AI and cloud based pharmacovigilance solutions to gain competitive edge. Partnerships and acquisitions remain key growth strategies adopted by leading pharmacovigilance market players.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
