The science and activities relating to the identification, assessment, understanding, and prevention of adverse effects or any other drug-related problem is referred to as pharmacovigilance (PV). In the pharmaceutical and biotechnology industries, pharmacovigilance is crucial in the development of drugs and their dosage forms. Pharmacovigilance is gathering information from healthcare practitioners and patients in order to learn about pharmaceutical risks, benefits and contraindications associated with the medication.
MARKET SCOPE
The "Global Pharmacovigilance Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the pharmacovigilance market with detailed market segmentation by clinical trial phase, service provider, type of method and end user. The report provides key statistics on the market status of the leading pharmacovigilance market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on clinical trial phase the market is segmented as, pre-clinical, phase-I, Phase-II, phase-III, phase-IV.
- Based on service provider the market is segmented as, in-house, contract outsourcing.
- Based on type of method the market is segmented as, spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort, event monitoring, EHR mining.
- Based on end user the market is segmented as, hospitals, research organizations, pharmaceutical and biotech companies.
MARKET DYNAMICS
Drivers:
- Fast growth in pharmaceutical & biotechnology companies.
- Increasing number of new drug launches and growth in clinical and preclinical trials.
- Growing government support and funding for clinical trials and post market studies for assesing safety of drugs.
- Rising prevalences of ADR across the globe is also expected to spur market growth during the forecast period.
Restraints:
- Issues such as dearth of skilled professionals, issue of data security and need for continuous monitoring are expected to restrain market growth during the forecast period.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Pharmacovigilance market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Pharmacovigilance market in these regions.
IMPACT OF COVID-19 ON PHARMACOVIGILANCE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. At this time, health agencies across the world are reviewing the pandemic's impact and offering fresh guidelines on how sponsors should manage clinical trials and MAHs should manage pharmacovigilance systems. Sponsors should be more watchful and proactive in evaluating the consequences of the pandemic and changes in authority expectations in order to minimize the impact on safety reporting and protect patient safety in this fast changing environment. To avoid clinical disturbances, it is now more necessary than ever to request new instructions and quickly adopt regulatory changes. According to the current market situation, the report further assesses the present and future effects of the COVID-19 pandemic on the overall market, giving more reliable and authentic projections In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the Pharmacovigilance market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Pharmacovigilance market are anticipated to lucrative growth opportunities in the future with the rising demand for Pharmacovigilance in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Pharmacovigilance market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Accenture
- Cognizant
- IQVIA Inc
- Sciformix
- Cognizant
- Tata Consultancy Services Limited
- Capgemini
- IBM
- Parexel International Corporation
- Wipro Ltd.