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How Will the Post-Marketing Pharmacovigilance And Medical Information Market Evolve in Terms of Growth and Size by 2029?
The market size for post-marketing pharmacovigilance and medical information has seen significant growth in the past few years and is expected to increase from $6.16 billion in 2024 to $6.90 billion in 2025. This represents a compound annual growth rate (CAGR) of 11.9%. The historic growth of this sector is a result of the rising implementation of Artificial Intelligence in pharmacovigilance procedures, growing demand for contracted drug safety services, increased complexity in biopharmaceutical products, a heightened emphasis on patient-reported outcomes, and more collaborations between regulatory authorities and the industry.
The market size for post-marketing pharmacovigilance and medical information is projected to experience accelerated growth in the coming years, swelling to $10.68 billion by 2029 at a compound annual growth rate of 11.6%. The growth foreseen in this period can be attributed to factors such as progress in drug safety analytics tools, increased usage of cloud-based pharmacovigilance solutions, frequent introductions of novel therapeutics, heightened focus on proactive risk management strategies, and an expansion in pharmacovigilance obligations in emerging markets. Key trends in the forecast period include the evolution in automated adverse event detection, the emergence of integrated pharmacovigilance platforms, breakthroughs in real-time safety data monitoring, advancements in patient engagement tools for safety reporting, and the development of predictive analytics for assessing drug risk.
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What factors are expected to fuel Post-Marketing Pharmacovigilance And Medical Information market growth in the coming years?
The escalating occurrence of negative effects from medications is anticipated to drive the expansion of the post-marketing pharmacovigilance and medical information market. When a drug is used at its prescribed level for prevention, diagnosis, or treatment, adverse drug reactions, essentially harmful or unintended effects, can occur. As the elderly population requiring treatment for multiple chronic conditions increases, so does the likelihood of adverse drug reactions due to the concurrent usage of various medications. This raises the probability of unexpected side effects and detrimental drug interactions. Through detection, tracking, and information sharing about possible side effects post-medication launch, post-marketing pharmacovigilance and medical information promote the management of these adverse effects, thereby ensuring the safety and efficacy of the medication. To illustrate, Navikenz, a US AI-focused IT services company, reported in January 2023 that the US sees an estimated 200,000 to 400,000 deaths annually due to adverse drug reactions, a toll higher than that of stroke and diabetes combined. Approximately 2.7 million cases each year result in over 100,000 hospitalizations and progress to more than 15,000 deaths. Hence, the escalating occurrence of adverse drug reactions is bolstering the expansion of the post-marketing pharmacovigilance and medical information market.
What Are The Key Findings From The Segmentation Analysis Of The Post-Marketing Pharmacovigilance And Medical Information Market?
The post-marketing pharmacovigilance and medical information market covered in this report is segmented
1) By Type: Spontaneous Reporting, Intensified Adverse Drug Reaction (ADR) Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, Electronic Health Record (EHR) Mining
2) By Product: Books, Online Media, Journals
3) By End User: Hospitals, Research Organizations, Other End-Users
Subsegments:
1) By Spontaneous Reporting: Consumer Reporting, Healthcare Professional Reporting, Regulatory Authority Reporting, Pharmaceutical Company Reporting, Digital App-Based Reporting
2) By Intensified Adverse Drug Reaction (ADR) Reporting: Hospital-Based Surveillance, Program-Specific Monitoring, Disease-Specific Monitoring, Product-Specific Monitoring, Real-Time Monitoring Systems
3) By Targeted Spontaneous Reporting: Risk Population-Based Reporting, Therapeutic Class-Based Reporting, Adverse Drug Reaction Focused Reporting, Region-Specific Reporting, Healthcare Setting-Specific Reporting
4) By Cohort Event Monitoring: Prospective Cohort Monitoring, Retrospective Cohort Monitoring, Active Follow-Up Monitoring, New Drug User Monitoring, Disease Registry-Linked Monitoring
5) By Electronic Health Record (EHR) Mining: Natural Language Processing-Based Mining, Artificial Intelligence (AI) And Machine Learning Algorithms, Rule-Based Signal Detection, Longitudinal Patient Data Analysis, Integrated Hospital Data Systems
Which Trends Are Expected To Shape The Future Of The Post-Marketing Pharmacovigilance And Medical Information Market?
Leading corporations in the post-marketing pharmacovigilance and medical information industry are concentrating on creating state-of-the-art solutions such as AI-powered pharmacovigilance workflows. These workflows are designed to increase the effectiveness of adverse event identification and provide real-time safety monitoring for improved patient results. They leverage artificial intelligence to mechanize drug safety monitoring, resulting in expedited event detection and better adherence to regulatory norms. For instance, in January 2024, PubHive Ltd., a UK-based cloud-based Software-as-a-service (SaaS) firm, rolled out a centralized Summary of Product Characteristics (SmPC) management intended for life science firms and research organizations. The platform amalgamates key drug safety data into a singular, accessible repository and mechanizes literature surveillance and regulatory reporting. It also encourages team synergy and seamless compliance through the application of advanced AI. This allows pharmacovigilance squads to run more productively and proactively, thereby guaranteeing patient safety and observance of regulatory requirements.
What Are The Most Active Companies In The Post-Marketing Pharmacovigilance And Medical Information Market Today?
Major companies operating in the post-marketing pharmacovigilance and medical information market are Cencora Inc., Cardinal Health Inc., Accenture plc, Sanofi S.A., Thermo Fisher Scientific Inc., Capgemini SE, Merck & Co. Inc., Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., HCL Technologies Limited, Laboratory Corporation of America Holdings, ICON plc, WuXi AppTec Co. Ltd., Syneos Health Inc., Genpact Limited, Charles River Laboratories International Inc., Parexel International Corporation, Avalere Health LLC, Quanticate Limited, Inizio Consulting LLC.
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Which Regional Markets Are Attracting The Most Investment In Post-Marketing Pharmacovigilance And Medical Information?
North America was the largest region in the post-marketing pharmacovigilance and medical information market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the post-marketing pharmacovigilance and medical information market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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