How Will the Pharmacovigilance Market Grow? Key Trends and Opportunities for 2025 and Beyond
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How has the pharmacovigilance market size evolved in recent years?
The size of the pharmacovigilance market has seen a swift surge over the past years. The market is projected to expand from $8.58 billion in 2024 to $9.73 billion in 2025 with a compound annual growth rate (CAGR) of 13.5%. The historical growth phase has been driven by the escalating number of adverse drug reaction (ADR) cases, heightened research and development (R&D) activities, rising drug development rates, an augmented emphasis on personalized medicine, and an increasing occurrence of chronic ailments.
What are the predictions for the pharmacovigilance market size in the coming years?
In the coming years, the metal market is projected to witness consistent expansion. It is predicted to escalate to a worth of $5491.59 billion by 2029, with a compound annual growth rate (CAGR) of 4.2%. The estimated growth during the forecast period can be linked to factors such as infrastructure funding, sustainable economy efforts, resilience in the supply chain, efforts towards mitigating climate change, and geopolitical dynamics. The expected trending activities during this period encompass technological breakthroughs in metal recycling, the adoption of green solutions and renewable energy sources, advanced tech in metal processing, smart manufacturing and the move towards the ‘Industry 4.0’, along with expansion in the digital marketplace and e-commerce sector.
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What key factors are fueling the growth of the pharmacovigilance market?
Growth in the pharmacovigilance market is being propelled by the surge in research and development initiatives. By allocating funds to R&D, pharmaceutical firms are able to create novel, safer medications. This is achieved through stringent preclinical and clinical examinations during the medication development process, which allow for potential safety risks to be discovered early on and for the necessary risk prevention tactics to be put in place. Moreover, advancements in technology for monitoring adverse events, data analysis, and signal detection, all bolstered by R&D, aid in the early identification of undesirable reactions to drugs after they have been released to the market. For example, as reported by the Llywodraeth Cymru Welsh Government agency in the UK in February 2024, Wales invested £1.0 billion ($1.25 billion) in Business Expenditure on Research and Development (BERD) in 2022. This represented 1.9% of the UK’s total expenditure in this field. As a result, the ongoing growth in research and development activities is fostering expansion in the pharmacovigilance market.
How is the global pharmacovigilance market divided into key segments?
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
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Who are the key firms paving the way for growth in the pharmacovigilance market?
Major companies operating in the pharmacovigilance market include IQVIA, Cognizant, ICON Plc, Accenture plc, PAREXEL International Corporation., United BioSource LLC, ArisGlobal, Quanticate, Wipro Limited, Linical Americas, Novotech CRO, Wuxi Apptec, Simcere Pharmaceutical Group, Lee’s Pharmaceutical Holdings, Luye Pharma Group, EXTEDO, Arriello, PrimeVigilance, Axios International, C3i Solutions, Alcon, Secure AI Labs, OmniSol dot Tech, Canna Call Company, Veripad, Prevnos Inc., Lifescient, Inc, BeiGene, QuintilesIMS, Labcorp Drug Development, Pharmaceutical Product Development Inc., PRA Health Sciences, Synowledge LLC, RAPAhub, illuminate health, Invenio Medical, ClinChoice Inc., MSD, Novasyte, Fortrea Holdings Inc, Syneos Health Clinical, Zoetis Inc., Telerx Marketing Inc., Gilead Sciences, Inc., Elanco, Abbott Laboratories, Spimaco, Teva Pharmaceutical Industries Ltd.
Which trends are expected to transform the pharmacovigilance market?
Pharmacovigilance market players are turning their attention to the use of Artificial Intelligence (AI) to boost their productivity levels. The application of AI enhances the efficiency and precision of pharmacovigilance tasks leading to superior patient outcomes. Pharma corporations can simplify their operations, improve data handling, and expedite drug discovery by leveraging AI, all while minimizing costs and enhancing patient safety. As an illustration, in August 2024, the Indian Government launched a pharmacovigilance software dubbed the Adverse Drug Reaction Monitoring System (ADRMS). This was unveiled by the Minister of Health & Family Welfare alongside the Minister of Chemicals and Fertilizers. The software eases the recording and examination of adverse occurrences related to medicines and medical apparatus, benefitting both healthcare providers and patients. This initiative considerably bolsters India’s pharmacovigilance framework by ensuring more inclusive safety data collection and better drug safety surveillance. The ADRMS targets enhancing drug safety management effectiveness and compliance, thereby positioning India as a trailblazer in the global pharmaceutical sector.
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What regions are contributing significantly to the growth of the pharmacovigilance market?
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.
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