Pharmacovigilance refers to the monitoring of drugs for adverse effects post marketing authorization or approval. It aims to detect unknown or partly explored adverse drug reactions. The necessity for pharmacovigilance arises as all effects of drugs cannot be established through clinical trials alone due to limitations of sample size. Therefore, monitoring drugs’ effects over a large population for a longer duration helps identify rare or long-term adverse effects. The global pharmacovigilance market is estimated to be valued at US$ 3.59 Bn in 2024 and is expected to exhibit a CAGR of 37.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rising investments in safety monitoring of drugs is one of the key trends propelling the growth of the pharmacovigilance market. Stringent regulatory norms mandating pharmacovigilance along with safety concerns have compelled pharmaceutical companies to allocate higher investments for monitoring drug safety post marketing. As a result, pharmaceutical firms are increasingly outsourcing pharmacovigilance activities to contract research organizations (CROs) and business process outsourcing (BPO) firms to comply with regulations in a cost-effective manner. Large CROs are also augmenting their pharmacovigilance capabilities through strategic collaborations and acquisitions to strengthen their service portfolios and gain higher credibility with clients. This rising reliance on CROs and BPOs is estimated to drive the pharmacovigilance market.

SWOT Analysis
Strength: The pharmacovigilance market has strong opportunities for growth owing to rising importance of drug safety practices. Stringent regulations mandate extensive monitoring of drug safety which boosts market revenues.

Weakness: High costs associated with pharmacovigilance activities and data management poses challenges for especially small & mid-sized pharma companies. Lack of skilled workforce also acts as a bottleneck in some regions.

Opportunity: Emerging economies offer lucrative prospects for market players owing to increasing clinical trials and product pipelines in developing nations. Technological advancements in AI and automation present new avenues to streamline processes.

Threats: Low entry barriers allow new players to offer services at competitive costs affecting margins of established firms. Differing regulations globally add complexity for multi-national drug sponsors in ensuring compliance.

Key Takeaways

The Global Pharmacovigilance Market Share is expected to witness high growth over the forecast period owing to intensifying regulatory mandates and rising prioritization of drug safety.

The regional analysis indicates that North America currently dominates the market attributed to presence of majority players and stringent FDA regulations for post marketing surveillance. The Asia Pacific region is poised to register fastest growth on account of expanding clinical research activities and growing bioavailability generic drugs market in countries like India and China.

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. They are increasingly focusing on offering advanced technologies like AI and automation to streamline AE reporting, signal detection and risk management processes. Data integration capabilities are also being strengthened to glean insights from disparate legacy systems and real world settings.

For more details on the report, Read- https://www.pressreleasebulletin.com/pharmacovigilance-market-growth-demand-and-overview/

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