Pharmacovigilance Market is Anticipated High Growth Owing to Stringent Regulatory Framework for Drug Safety

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Pharmacovigilance Market
Pharmacovigilance Market 

Pharmacovigilance refers to monitoring of drug safety, detection, assessment, understanding and prevention of adverse effects or any other drug-related problems after the marketing authorisation or approval of medicines and medical devices. Stringent regulations imposed by regulatory bodies across the world has made pharmacovigilance an important activity throughout the drug development and post-marketing surveillance.

The global pharmacovigilance market is estimated to be valued at US$ 179.62 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2030.

Key Takeaways

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 key players are involved in various activities including clinical trial monitoring and post-marketing surveillance to ensure drug safety. They hold a major share in the global Pharmacovigilance Market Growth owing to strong product portfolio and global presence.

The key opportunities in the pharmacovigilance market include growing number of clinical trials, increasing prevalence of chronic diseases leading to drug development and adoption of advanced technologies like artificial intelligence and blockchain in pharmacovigilance. Global expansion of key players through acquisitions and partnerships has also boosted the market growth. For instance, Collibra acquired US-based company, Mortar Data in 2022 to enhance its product offering and expand global footprint.

The increasing globalization of clinical trials and stringent safety regulations across major markets have also facilitated global expansion of pharmacovigilance services. Growing outsourcing of pharmacovigilance activities to specialized clinical research organizations is anticipated to drive future market opportunities.

Market drivers:

Stringent safety regulations imposed by international regulatory agencies have made pharmacovigilance an mandatory activity. Growing investment by governments as well as pharma companies in drug development has also augmented the market growth.

Market restrain:

However, high cost associated with pharmacovigilance activities especially clinical trial monitoring and lack of skilled workforce hampers the market growth. Maintaining database during post-marketing surveillance and ensuring data privacy are other challenges.

Segment Analysis

The pharmacovigilance market is dominated by the sectors of Phase IV trials and post-marketing surveillance which contribute to around 50% of the total market share. This is because majority of adverse effects and reactions are observed during post-approval phases. Drug safety services constitute another highly dominating sub-segment due to the increasing complexities in providing safety measures to new drug molecules.

Global Analysis

North America dominates the global pharmacovigilance market owing to stringent regulatory requirements for drug safety along with favorable regulatory environment, and increasing R&D expenditure capacity in the region. Asia Pacific is expected to witness the highest growth rate during the forecast period due to emergence of new clinical trial locations, low cost advantages, rising investments from large pharmaceutical companies in the region and outsourcing activity. Further, initiatives by governments in the region towards development of pharmaceutical sector are contributing to regional market growth.

Gets More Insights on, Pharmacovigilance Market


About Author:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

 

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