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The global pharmacovigilance market size is anticipated to be worth USD 13.9 billion by 2030 and reveal a CAGR of 9.3%. An essential factor likely to drive the industry’s growth includes a surge in the presence of chronic diseases like diabetes, respiratory, cardiovascular, and oncological disorders. These diseases have resulted in the rise of drug consumption globally, which is likely to increase the demand for the latest drug development through clinical trials.
The COVID-19 pandemic positively impacted the industry owing to an increase in the demand for medical monitoring and safety reporting of potential therapies for the purpose of overcoming the spread of the virus. The use of medications and old drugs like remdesivir, lopinavir, and hydroxychloroquine (HCQ) is constituted to be suitable for diagnosis. Besides, the risk of adverse drug reactions (ADRs) associated with some medicines has been successfully submitted to safety database reports like VigiBase which is controlled by UMC. All these factors have resulted in the increasing demand for pharmacovigilance, which is likely to boost the industry during the forecast period.
The prevalence of a competitive environment for the inauguration of new molecules resulted in a huge surge in the demand for advanced production processes, management of clinical data, improved research and development (R&D), and medical communication. Besides, regulatory practices for the conduction of clinical trials and post-marketing vigilance are projected to increase the demand and drive the industry’s growth in the forecast period. For instance, the formulation of regulatory guidelines by the U.S. Food and Drug Administration (FDA), and the European Medicines Agency (EMA) has resulted in the inspection of several clinical trials to keep a check on the development of ADRs.
In terms of segment, the phase IV (post-marketing) segment dominated the market owing to the provision of safety measures that tend to function as solutions for the conduction of drug clinical trials. Phase IV is an essential stage for clinical trials with the aim to detect ADRs, which is an essential benefit to drive the industry’s growth during the forecast period. Hence, the data collected at this stage is constituted to be of high relevance for drug inspection, thus intended to up-scale the industry.
In terms of regional growth, North America dominated the pharmacovigilance market due to the prevalence of medical and pharmaceutical devices players which is likely to boost the industry in the forecast period. Additionally, the emergence of drug abuse levels as well as drug reactions owing to a surge in drug development is constituted to drive the industry’s growth. Besides, Asia Pacific is expected to reveal a CAGR of 10.8% in the forecast period since there has been an increase in outsourcing organizations, productivity improvement, resource sharing, and cost efficiency.
The industry is anticipated to grow during the forecast period owing to the development of branded and the latest drugs. Hence, key players are focused on the adoption strategies like collaborations, product development, partnerships, and alliances to elevate market penetration. For instance, Accenture and UCB declared their collaboration in December 2019 to escalate data processing, and enhance patient safety. The purpose of this collaboration was to expand and strengthen their respective businesses in the market, which intended to boost the industry in the forecast period.
Research Support Specialist, USA