Pharmacovigilance Market To See Rapid Growth Due To Increasing Outsourcing Of Drug Development Activities
Pharmacovigilance refers to the scientific and data-driven practice of monitoring drugs post their approval for marketing for efficacy and risk of adverse reactions in patients. Companies offering pharmacovigilance services ensure that any health hazards stemming from the use of pharmaceutical products are clearly documented and communicated. Pharmacovigilance is essential to improve drug safety and provide valuable safety information about marketed drugs to regulatory authorities, healthcare professionals and patients.
The global pharmacovigilance market is estimated to be valued at US$ 4.4 Bn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023-2032, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the primary drivers for the growth of the pharmacovigilance market is the increasing outsourcing of drug development activities by pharmaceutical and biopharmaceutical companies to Contract Research Organizations (CROs) and Business Process Outsourcing (BPO) firms. As development costs continue to rise, more companies are relying on outsourcing to reduce operational expenses and benefit from the expertise of specialist providers. Outsourcing arrangements allow drug firms to focus on core activities while delegating pharmacovigilance and regulatory reporting responsibilities. Additionally, a growing emphasis on patient safety is compelling regulatory bodies worldwide to mandate thorough pharmacovigilance practices. Stricter safety regulations are anticipated to fuel the demand for pharmacovigilance outsourcing over the forecast period.
SWOT Analysis
Strength: Pharmacovigilance helps ensure patient safety and manage risks associated with medical products. Growing concerns regarding drug safety has increased the demand for pharmacovigilance services. Pharmacovigilance provides comprehensive drug safety monitoring and evaluation.
Weakness: High costs associated with pharmacovigilance activities can be a challenge for small and mid-sized pharmaceutical companies. Managing large volumes of safety data from diverse sources requires substantial investment in technology and human resources.
Opportunity: Increasing number of clinical trials and drug approvals provide opportunities for pharmacovigilance providers. Emerging markets like Asia Pacific offer growth opportunities due to rising healthcare expenditure and presence of generic drug manufacturers.adoption of advanced analytics and AI in pharmacovigilance activities can help improve risk detection.
Threats: Stringent regulatory requirements and frequent changes to safety standards increase compliance challenges. Lack of skilled workforce and high employee turnover can impact service quality. Dependence on limited number of outsourcing partners increases business risks.
Key Takeaways
The global Pharmacovigilance Market Growth is expected to witness high growth over the forecast period of 2022-2032. Factors like growing generics market, rising number of clinical trials, and stringent regulatory norms will drive the demand for pharmacovigilance services.
Regional analysis indicates that North America currently dominates the market due to presence of major pharmaceutical companies and stringent regulatory environment mandating drug safety monitoring. Asia Pacific is expected to be the fastest growing market supported by low-cost operations, improving healthcare infrastructure and growing pharmaceutical industry in developing countries like China and India.
Key players operating in the pharmacovigilance market are Accenture, Bristol-Myers Squibb, Cognizant, ICON, IQVIA, Novartis, Parexel, Pfizer, Sanofi, and F. Hoffmann-La Roche Ltd. These companies provide end-to-end drug safety solutions and have strong presence across major markets through subsidiaries and partnerships. Regional pharmacovigilance players also capture large share by providing niche or local services.
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html
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