Global Drug Safety Solutions and Pharmacovigilance Market, By Type (Software, Services), Product (Standard Form, Customized Form), Functionality (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software), Delivery (On-Premise Delivery Mode, On-Demand/Cloud-Based (SAAS) Delivery Mode), End Users (Biotechnology and Pharmaceuticals, Contract Research Organizations (CROS), Hospitals, KPOs/BPOs, Healthcare Providers), Distribution Channel (Direct Sales, Retail Sales) – Industry Trends and Forecast to 2030.
Drug Safety Solutions and Pharmacovigilance Market Analysis and Size
The rising prevalence of adverse drug reactions (ADRs) is the primary driver of the drug safety solutions and pharmacovigilance market. Furthermore, the increasing adoption of pharmacovigilance software by outsourcing companies and strict government regulations for drug prior and post-commercialization contribute to the market's overall growth. The market is expected to benefit from research collaborations and partnerships, as well as drug safety solutions and pharmacovigilance automation, which aid in achieving more effective and durable mechanical hemostasis.
Data Bridge Market Research analyses that the drug safety solutions and pharmacovigilance market which was USD 7.8 billion in 2022, is expected to reach USD 13.91 billion by 2030, at a CAGR of 7.50% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Drug Safety Solutions and Pharmacovigilance Market Scope and Segmentation
Report Metric |
Details |
Forecast Period |
2023 to 2030 |
Base Year |
2022 |
Historic Years |
2021 (Customizable to 2015 - 2020) |
Quantitative Units |
Revenue in USD Billion, Volumes in Units, Pricing in USD |
Segments Covered |
Type (Software, Services), Product (Standard Form, Customized Form), Functionality (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software), Delivery (On-Premise Delivery Mode, On-Demand/Cloud-Based (SAAS) Delivery Mode), End Users (Biotechnology and Pharmaceuticals, Contract Research Organizations (CROS), Hospitals, KPOs/BPOs, Healthcare Providers), Distribution Channel (Direct Sales, Retail Sales) |
Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America |
Market Players Covered |
PPD Inc (U.S.), Drug Safety Solutions Limited (U.S.), C3i (U.S.), Worldwide Clinical Trials (U.S.), Bioclinica (U.S.), United Biosource LLC (U.S.), Ennov (Hong Kong), AB Cube S.A.S. (France), Labcorp Drug Development (U.S.), Accenture (Ireland), ICON plc (U.S.), Ergomed plc (U.K.), IQVIA (U.S.), Genpact (U.S.), Cognizant (U.S.), Parexel International Corporation (U.S.), ArisGlobal (U.S.) |
Market Opportunities |
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Market Definition
Drug safety and pharmacovigilance (PV or PHV) is a scientific procedure for collecting, analyzing, monitoring, and preventing adverse effects in drugs and therapies. Its primary goal is to ensure that pharmaceutical developers meet industry regulatory standards, and it puts additional pressure on biotechnology and pharmaceutical companies to manufacture safe drugs and evaluate their post-sales results.
Drug Safety Solutions and Pharmacovigilance Market Dynamics
Drivers
- Rising regulatory mandates on clinical trials
Regulatory mandates on clinical trial conduct and post-marketing vigilance are driving the demand for PV services. For instance, the European Medicines Agency (EMA) and the United States Food and Drug Administration (FDA) develop regulatory guidelines for all stages of clinical trials. Advances in the development of ADR databases and information systems enabled the reporting of accurate information, which research professionals can then use for prospective studies, thereby fuelling overall demand.
- Increased new product development activities
The biotechnology segment is expected to grow profitably because of increased new product development activities in this sector. Drugs have been developed and consumed at an increasing rate in recent years. Long-term drug use by a large population can result in adverse effects not seen in clinical trials. For instance, Vioxx (an osteoarthritic/acute pain medication) and Avandia (an anti-diabetic) were on the market for quite some time before a pattern of safety issues with their use was discovered. The segment is also expected to be driven by regulatory authorities' growing need for medical information.
Opportunities
- Growing R&D activities
Increasing R&D and adopting new technologies in clinical research also contribute to market growth. For instance, the incorporation of virtual services into clinical trial protocols by market players such as IQVIA and PRA Health Sciences is expected to drive demand in the coming years.
Restraints/Challenges
- Rising complexity related to drug safety regulations
The increasing complexity related to drug safety regulations and misquoting and miscoding of adverse actions pose a challenge for the market’s growth.
This drug safety solutions and pharmacovigilance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the drug safety solutions and pharmacovigilance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2019, The Laboratory Corporation of America Health EC and The New Jersey announced a collaboration and the development of a database and information exchange platform. This platform will be beneficial in conjunction with LabCorp's Care Intelligence application. This collaboration will result in better lives and health for LabCorp employees. This will result in increased patient satisfaction and recognition.
- In 2019, Parexel International Corporation announced that they had formed a strategic partnership with Datavant, Inc. to connect real-world data, including all clinical trials conducted by Parexel. This collaboration will broaden and extend the company's entire portfolio, making data linking available to more customers.
Global Drug Safety Solutions and Pharmacovigilance Market Scope
The drug safety solutions and pharmacovigilance market is segmented on the basis of type, product, functionality, end user, delivery, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Software
- Services
Product
- Standard Form
- Customized Form
Functionality
- Adverse Event Reporting Software
- Drug Safety Audits Software
- Issue Tracking Software
Delivery
- On-Premise Delivery Mode
- On-Demand/Cloud-Based (SAAS) Delivery Mode
End Users
- Biotechnology and Pharmaceuticals
- Contract Research Organizations (CROS)
- Hospitals
- KPOs/BPOs
- Healthcare Providers
Distribution Channel
- Direct Sales
- Retail Sales
Drug Safety Solutions and Pharmacovigilance Market Regional Analysis/Insights
The drug safety solutions and pharmacovigilance market is analyzed and market size insights and trends are provided by country, type, product, functionality, end user, delivery and distribution channel as referenced above.
The countries covered in the drug safety solutions and pharmacovigilance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the drug safety solutions and pharmacovigilance market because of increased drug abuse, adverse drug reactions, and increased investment in novel drug development by major players.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the increasing government initiatives and investments along with growing awareness among patients within this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The drug safety solutions and pharmacovigilance market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for drug safety solutions and pharmacovigilance market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the drug safety solutions and pharmacovigilance market. The data is available for historic period 2011-2021.
Competitive Landscape and Drug Safety Solutions and Pharmacovigilance Market Share Analysis
The drug safety solutions and pharmacovigilance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to drug safety solutions and pharmacovigilance market.
Some of the major players operating in the drug safety solutions and pharmacovigilance market are:
- PPD Inc (U.S.)
- Drug Safety Solutions Limited (U.S.)
- C3i (U.S.)
- Worldwide Clinical Trials (U.S.)
- Bioclinica (U.S.)
- United Biosource LLC (U.S.)
- Ennov (Hong Kong)
- AB Cube S.A.S. (France)
- Labcorp Drug Development (U.S.)
- Accenture (Ireland)
- ICON plc (U.S.)
- Ergomed plc (U.K.)
- IQVIA (U.S.)
- Genpact (U.S.)
- Cognizant (U.S.)
- Parexel International Corporation (U.S.)
- ArisGlobal (U.S.)
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