Pharmacovigilance Market by Service Provider and Geography - Forecast and Analysis 2022-2026

The pharmacovigilance market share is expected to increase by USD 4.02 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.75%.

This pharmacovigilance market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers pharmacovigilance market segmentation by service provider (in-house and contract outsourcing) and geography (North America, Europe, Asia, and ROW). The pharmacovigilance market report also offers information on several market vendors, including Accenture Plc, ArisGlobal LLC, Capgemini SE, Cognizant Technology Solutions Corp., Icon Plc, International Business Machines Corp., IQVIA Holdings Inc., ITClinical, Laboratory Corp. of America Holdings, and Linical Co. Ltd. among others.

What will the Pharmacovigilance Market Size be During the Forecast Period?

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Pharmacovigilance Market: Key Drivers and Challenges

The rising incidence rates of adverse drug events is notably driving the pharmacovigilance market growth, although factors such as concerns related to data safety and security may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the pharmacovigilance market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Pharmacovigilance Market Driver

There has been a global surge in the incidence of unwanted and undesirable effects of drugs during their clinical use. This can be attributed to the rising consumption of drugs worldwide and the unwanted medical occurrence and side-effects during the treatment, resulting in the discontinuation or modification of drugs. This is a major concern for pharmaceutical manufacturers. Moreover, the presence of strict government regulations on drug safety reporting and labeling, such as the Code of Federal Regulations (CFR) Title 21 of the US FDA, has compelled manufacturers to provide all the relevant data gathered during pharmacovigilance drug safety testing on adverse drug events. Hence, fast adoption of pharmacovigilance among pharmaceutical and life sciences manufacturers has been observed owing to the increasing incidence of adverse drug events. Moreover, the rising geriatric population is expected to boost the number of patients encountering adverse drug events, which will increase the demand for the pharmacovigilance process. The increase in the geriatric population is anticipated to surge the incidence of adverse drug events, which will positively impact the demand for pharmacovigilance in clinical trials during the forecast period.

Key Pharmacovigilance Market Challenge

The rise in the incidence of healthcare and medical data breaches has been a major concern for end-users, which is hampering the adoption of pharmacovigilance. For instance, the medical and healthcare segment was observed to be the largest segment in terms of record breach incidence, which was almost 35% higher than the highest segment of pharmacovigilance and drug safety, financial, and credit. This raised doubts regarding the safety of electronic health records and cloud data. To overcome this challenge, companies are focusing on retaining the trust of end-users by disclosing their compliance with subjected regulations. 

This pharmacovigilance market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Pharmacovigilance Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Accenture Plc
• ArisGlobal LLC
• Capgemini SE
• Cognizant Technology Solutions Corp.
• Icon Plc
• International Business Machines Corp.
• IQVIA Holdings Inc.
• ITClinical
• Laboratory Corp. of America Holdings
• Linical Co. Ltd.

This statistical study of the pharmacovigilance market encompasses successful business strategies deployed by the key vendors. The pharmacovigilance market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The pharmacovigilance market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Pharmacovigilance Market?

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36% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for pharmacovigilance in North America. However, the market growth rate in this region will be slower than the growth of the market in Asia and Europe.

The growing number of clinical trials and the increasing number of life science-related research activities in the US and Canada will facilitate the pharmacovigilance market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Service Provider Segments in the Pharmacovigilance Market?

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The pharmacovigilance market share growth by the in-house segment will be significant during the forecast period. In-house pharmacovigilance units in major pharmaceutical companies are far better resourced than contract research organizations (CROs) and have greater expertise and knowledge on the safety of their products. Pharmaceutical companies have complete control over in-house solutions because of monitored and restricted access. In addition, organizations prefer to keep confidential data in-house than handing it to CROs. In-house resources reduce dependencies on third-party organizations and help them protect and monitor data explicitly. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the pharmacovigilance market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Pharmacovigilance Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive pharmacovigilance market growth during the next five years
• Precise estimation of the pharmacovigilance market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the pharmacovigilance industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of pharmacovigilance market vendors

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