Global Pharmacovigilance Market Is Estimated To Witness Growth Due To Increasing Incidences Of Adverse Drug Reactions And Growing Prevalence Of Lifestyle-Related Diseases

Pharmacovigilance Market
Pharmacovigilance Market

Overview:

Pharmacovigilance is the science of monitoring and investigating the safety of medicines in normal clinical use. This is done to prevent unnecessary harm to patients. It also aims to identify potential hazards that have not been recognized previously. The EU pharmacovigilance system operates through cooperation among the Member States. Each national authority has its own requirements and responsibilities. However, they share the same basic principles. These include full disclosure and open communication.

Pharmacovigilance workers can also be involved in the research of drug safety profiles from clinical trials. They must also identify possible actions to minimize the impact of adverse events. Pharmaceuticals go through extensive research in animals and clinical trials before they are marketed. A drug safety profile is created after these processes are completed. The results must be able to be interpreted in a realistic manner when used in the real world.

Market Dynamics:

Increasing technological advancements is estimated to augment growth of the global Pharmacovigilance Market during the forecast period. For instance, a US-based clinical research technology company, Saama Technologies, Inc., launched the Active Safety Analytics for Pharma platform in October 2020. This platform has been developed based on pharmacovigilance technology and RWD-technology. Moreover, lack of knowledge is anticipated to restrain growth of the global pharmacovigilance for market during the forecast period.

Impact of COVID-19:

The outbreak created a huge health crisis across the world and many governments had to take preventive measures for avoiding the spread of the virus. Several pharmaceutical companies and research organizations globally were conducting research activities for developing vaccines against the virus. 

This resulted in increase in clinical trials and it had a positive impact on the growth of the global Pharmacovigilance Market. Several research institutes and hospitals were also trying to develop various therapies against COVID-19. This again resulted in boosting the demand for the global pharmacovigilance for market.

Key Takeaways:

The global Pharmacovigilance Market is expected to witness high growth, exhibiting CAGR of XX% over the forecast period, due to increasing agreements by major players.

For instance, a U.S.-based company, Genpact and the U.K. Government for EUR 1.5 Million have entered in a deal in 2020. This deal will develop an artificial intelligence tool that can be used for screening adverse drug reaction for vaccine.

North America is estimated to witness high growth in the global pharmacovigilance for market over the forecast period, owing to growing level of drug abuse and increasing presence of major medical device players.

Major players operating in the global Pharmacovigilance Market are United BioSource Corporation, Accenture, Laboratory Corporation of America Holdings, ICON plc, Cognizant, PAREXEL International Corporation, Capgemini, TAKE Solutions Ltd., ArisGlobal, Wipro Ltd., IQVIA, IBM Corporation, and FMD K&L.

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