The global pharmacovigilance market was valued at US$4.743 billion in 2020 and will increase to US$9.535 billion by 2027. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 10.49%.
Pharmacovigilance or drug safety is a pharmaceutical science that deals with the assortment, detection, assessment, and monitoring of pharmaceutical products while preventing the emergence of any possible adverse reactions by the drugs. Harmful, unpleasant, or undesirable effects caused by the drugs in-situ are termed Adverse Drug Reactions, ADR. Anomalies in medication such as misuse, abuse, or overdose of the drug are likely to result in adverse drug reactions. Companies active in the pharmacovigilance industry must make sure to identify and detect the hazards associated with pharmaceutical drugs and minimize the harm while following the standard guidelines and regulations. The pharmacovigilance market is bifurcated based on the clinical trial phase, service provider, and the end-user industry.
During the projected period, the growing sedentary lifestyles and increase in the health risks associated with it are expected to add impetus to the growth of the pharmacovigilance market.
This growth is attributed to rising drug consumption and the rate of drug development. Growing sedentary lifestyles due to lack of physical activities, changing dietary habits, surging occupational activities like desk work, and increasing penetration of games, television, and the likes are playing a significant role in rising associated health risks. According to the statistics derived by the World Health Organisation in Global Action Plan of Physical Activity 2018-2030, globally, about 3 in 4 teenagers and 1 in 4 adults fail to meet the physical activity standards set by the organization. Furthermore, factors like the improving economic development, urbanization, and evolving transportation are causing the inactivity levels to rise as high as 70 percent in a few countries. Approximately 3.2 million people suffer from mortality due to an increase in CVD, diabetes, high blood pressure, lipid disorders, cancer, obesity, anxiety, and depression. The American Cancer Society estimated that approximately 1.9 million new cancer cases would emerge in 2022, and 609,360 cancer patients would die from the disease. Also, according to International Diabetes Federation, the number of diabetic patients is estimated to increase by 643 million and 783 million by 2030 and 2045, respectively. Furthermore, according to World Health Organisation. 17.9 million people were estimated dot have died from CVD in 2019, attributing to 32% of global deaths. The increase in the prevalence of such diseases is rising drug consumption.
At the same time, the increasing prevalence of Adverse Drug Reactions is also expected to propel the market onward. According to the analysis of the Food and Drug Administration, over 6.7 percent of patients admitted to hospitals are seemed to be a victim of severe ADRs, with a possible mortality rate of 0.32, i.e., ADRs could be the fourth leading cause of death.
By end-user, the pharmaceutical industry is expected to hold a dominant position.
By end-user, Global Pharmacovigilance Market is bifurcated into Pharmaceuticals, Biotechnology Companies, Medical Device Manufacturers, and Others. Among these, the pharmaceutical industry is expected to hold a dominant position owing to an increase in drug consumption, ongoing new drug research and developments, and key strategies being deployed by key players to increase their presence. At the same, an increase in the use of drugs in a large heterogeneous population for prolonged periods can result in the emergence of adverse reactions that can go unseen during clinical trials. For instance, in April 2022, Pfizer, a pharmaceutical and biotechnology multinational conglomerate, voluntarily recalled Accupril, a drug used to treat hypertension. The presence of the chemical, N-nitroso-quinapril caused the drug to be recalled. The said chemical can cause an increase in the risk of cancer if used for a long above the acceptable range. In May 2022, another medication, SyrSpenf SF Cherry, was recalled by its manufacturer, Fargon Inc, voluntarily. The cause for recalling was potential microbial contamination by Burkholderia gladioli. This deadly bacterium can cause severe infections in the lungs in patients who have undergone transplants, are suffering from Cystic Fibrosis, or have weakened immune systems. Such instances surge the demand for the need of stringent pharmacovigilance standards.
To meet the growing demand, many leading firms are deploying strategic development in the pharmacology and drug safety industries. For instance, in March 2021, Auxita, a digital healthcare platform provider, and My Meds&Me, a leading provider of end-to-end pharmacovigilance solutions, announced their collaboration. This collaboration integrates the latter’s safety data capture solution into the former’s, allowing pharmaceutical industries and healthcare providers to collect and organize data efficiently. Also, IQVIA and NRx Pharmaceutical’s collaboration in March 2021 is another example of the developments in the market. IQVIA, a leading advanced analytics and technology solutions provider, teamed up with NRx Pharmaceuticals. As a part of this collaboration, IQVIA will be providing NRx with pharmacovigilance services and requited medical data for potential regulatory actions.
During the forecast period, North America is likely to account for a considerable proportion of the global pharmacovigilance market.
The global pharmacovigilance market has been divided into five regions: Asia Pacific, Europe, North America, South America, Europe, and the Middle East and Africa. During the forecasted period, the North American market is expected to hold a large proportion. The increase in deaths due to ADRs in the region is expected to be the main growth factor. The key deployments of major pharmacovigilance solutions providers in the said region are also playing a major role in driving the market onward. For instance, in October 2021, ProPharma Group, a global regulatory solutions provider, acquired Pharmica Consulting, provider of project management consulting solution to biotech and pharmaceutical companies. This new acquisition enabled the former to offer better services to clients during the entire product lifecycle.
The global pandemic had a positive influence on the pharmacovigilance market. Due to the onset of covid, anti-viral drugs like Remdesivir, Hydroxychloroquine, and Ritonavir were extensively repurposed to mitigate the infections. During the subsequent stages, many vaccines were also produced in large quantities. Due to the dire straits and immediate requirement for the vaccine, all the clinical trial phases were accelerated, considering the situation. The release of such medications has a possibility of increasing the risk of ADRs. Furthermore, not all people, like pregnant women and people with a history of more than one disease, don’t participate in the clinical trials. Consequently, there might be a chance for adverse reactions in such situations, thereby increasing the demand for appropriate pharmacovigilance solutions.