Pharmacovigilance refers to the scientific and data-driven practice of monitoring approved drugs for safety to identify new information about their risks and ensure their safe use. Pharmacovigilance aims to prevent and reduce risks related to medicines and ensure their benefits outweigh risks.
The global Pharmacovigilance market size 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 players are focusing on developing new technologies and solutions for effective pharmacovigilance.
Key opportunities in the Pharmacovigilance Market Growth include growing outsourcing of pharmacovigilance services by pharmaceutical companies and rising drug safety concerns. Increased regulatory requirements for drug safety are also driving companies to rely more on pharmacovigilance solutions and outsourcing services.
Rising adoption of artificial intelligence, analytics, blockchain and other advanced technologies is facilitating better detection of unknown adverse drug reactions, risk identification and management. These technologies enable more accurate and faster processing of huge amounts of safety data.
Market Drivers
The growing prevalence of various diseases is leading to increased drug consumption worldwide. This is driving the need for continuous monitoring of drugs’ safety profiles, which is a major factor boosting the pharmacovigilance market growth. Additionally, stringent regulations for reporting serious adverse effects are compelling pharma companies to significantly invest in pharmacovigilance solutions, services and operations.
Current Challenges in Pharmacovigilance Market
The pharmacovigilance market is facing various challenges currently including maintaining data quality and monitoring in a cost-effective manner. With an influx of drug applications being approved, it is difficult to effectively track adverse drug reactions across global clinical trials and post-marketing surveillance programs. Lack of skilled workforce and adequate regulatory compliance also impact the market growth negatively.
SWOT Analysis
Strength: Growing incidence of adverse drug reactions and stringent regulations.
Weakness: High operational costs, lack of skilled professionals.
Opportunity: Advancements in technologies like AI and blockchain for improved monitoring. Emerging markets in Asia Pacific present new opportunities.
Threats: Compliance issues, data security concerns. Budget constraints of small pharmaceutical companies.
Geographical Regions
North America currently dominates the Pharmacovigilance Market Regional Analysis in terms of value holding over 40% share, owing to stringent regulations and increasing outsourcing trend. However, Asia Pacific is projected to grow at the fastest rate during the forecast period due to lower costs, large patient population and rampant clinical trials in countries like China and India.
The European region remains another major revenue generator for pharmacovigilance market players. Major markets include the U.S., Germany, U.K., France, Italy, and Spain. This is attributed to robust regulatory frameworks and sophisticated healthcare infrastructure within the EU.