In-Depth Insights into the Pharmacovigilance Market: Growth, Trends, and Opportunities for 2025-2034
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What Are the Projected Expansion Rates of the Pharmacovigilance Market for the Next Decade?
In the past few years, the pharmacovigilance market has seen a rapid expansion. The anticipated growth from $8.58 billion in 2024 to $9.73 billion in 2025, represents a compound annual growth rate (CAGR) of 13.5%. This growth, during the historical period, can be credited to various factors such as the rising frequency of adverse drug reactions (ADRs), increased research and development (R&D) endeavors, escalated drug development rates, an intensified emphasis on personalized medicine, and a growing trend in chronic diseases.
The size of the pharmacovigilance market is predicted to expand quickly in the coming years, reaching $15.83 billion by 2029 with a compound annual growth rate (CAGR) of 12.9%. Factors contributing to this growth during the projected period include increased healthcare spending, enhanced government support, and an aging population. The upcoming period is expected to witness rising investments, the adoption of artificial intelligence, utilization of inventive platforms, growth in the use of innovative cloud-based systems, and strategic partnerships and acquisitions.
What Industry-Specific Factors Are Fueling the Growth of the pharmacovigilance Market?
The escalation in research and development activities is propelling the growth of the pharmacovigilance market. Pharmaceutical companies can generate inventive drugs featuring enhanced safety profiles through substantial investment in R&D. Intense preclinical and clinical trials in the drug development phase allow for the early pinpointing of probable safety risks, giving room for appropriate risk reduction plans. Moreover, R&D ventures aid in advancing technologies for monitoring adverse events, analyzing data, and detecting signals, enabling swift identification of adverse reactions to drugs after being marketed. For instance, as per the Llywodraeth Cymru Welsh Government, a UK-based government organization, Wales injected £1.0 billion ($1.25 billion) into Business Expenditure on Research and Development (BERD) in 2022, representing 1.9% of the total UK expenditure in this field. Consequently, the rise in research and development activities is bolstering the growth of the pharmacovigilance market.
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Which Companies Are Redefining the Future of the Pharmacovigilance Market?
Major companies operating in the pharmacovigilance market include:
• IQVIA_x000D_
• Cognizant_x000D_
• ICON Plc_x000D_
• Accenture plc_x000D_
• PAREXEL International Corporation._x000D_
What Trends Are Poised to Drive the Future Success of the Pharmacovigilance Market?
Firms operating in the pharmacovigilance market are turning their attention towards utilizing artificial intelligence (AI) to enhance their overall efficiency. AI has the potential to increase the precision and efficiency of pharmacovigilance tasks, leading to improved patient health outcomes. By employing AI, pharmaceutical companies can refine their operations, enhance data management, and speed up the process of drug discovery, all while lowering costs and bolstering safety. For example, in August 2024, the Indian Government unveiled the Adverse Drug Reaction Monitoring System (ADRMS) software, launched by the Minister of Health & Family Welfare and Minister of Chemicals and Fertilizers. This pharmacovigilance software aids in the gathering and scrutiny of adverse events connected with medicines and medical devices, thereby simplifying the reporting process for both patients and healthcare professionals. This actionable step considerably bolsters India’s pharmacovigilance infrastructure by facilitating a more detailed acquisition of safety data and improving drug safety surveillance. The intent of the ADRMS is to elevate the efficiency of drug safety management and adherence to standards, thereby solidifying India’s status as a frontrunner in the global pharmaceutical realm.
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What Are the Major Categories and Their Growth Dynamics in the Pharmacovigilance Market?
The pharmacovigilance market covered in this report is segmented –
1) By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining
2) By Service Provider: In-House, Contract Outsourcing
3) By Process Flow: Case Data Management, Signal Detection, Risk Management System
4) By Clinical Trial Phases: Preclinical, Phase I, Phase II, Phase III, Phase IV
5) By End User: Hospitals, Pharmaceutical Companies, Other End Users
Subsegments:
1) By Spontaneous Reporting: Individual Case Safety Reports (ICSRs), Voluntary Reporting Systems, Case Reports From Healthcare Professionals
2) By Intensified ADR Reporting: Active Surveillance Programs, Enhanced Monitoring In Clinical Trials, Risk Minimization Strategies
3) By Targeted Spontaneous Reporting: Reporting For Specific Drug Classes, Condition-Specific Reporting, Focused Surveillance Programs
4) By Cohort Event Monitoring: Prospective Cohort Studies, Retrospective Cohort Studies, Longitudinal Studies
5) By EHR Mining: Data Extraction From Electronic Health Records, Signal Detection Through EHR Analysis, Integration Of EHR Data With Pharmacovigilance Systems
What Are the Leading Regions in the Pharmacovigilance Market Expansion?
North America was the largest region in the pharmacovigilance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast region. The regions covered in the pharmacovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Core Features That Define the Pharmacovigilance Market?
Pharmacovigilance refers to the science and practices involved in the identification, evaluation, comprehension, and mitigation of side effects and other medical/vaccination-related issues. It is used to determine whether a drug’s advantages outweigh its hazards, and it doesn’t end once the drugs are approved.
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