The global pharmacovigilance (PV) market size is projected to reach USD 12.25 billion by 2027, exhibiting a CAGR of 12.3% during the forecast period. Initiation of awareness campaigns to disperse information among patients regarding safe medication practices will stimulate market growth, finds Fortune Business Insights™ in its report, titled “Pharmacovigilance (PV) Market Size, Share & Industry Analysis, By Type (Service and Software), By Deployment (In-house and Outsource), By End User (Hospitals, Pharmaceutical Companies, and Others), and Regional Forecast, 2020-2027”.
Prior to its commercial release, a drug has to undergo multiple trial phases and in each phase, its efficacy and safety are rigorously tested. Enhanced access to information has made people more aware about the safety of medicines, especially those given over-the-counter (OTC). This awareness is further bolstered by the initiatives taken at the local, national, and international level.
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List of Key Players Covered in the Pharmacovigilance Market Report Include:
• IQVIA (U.S.)
• Covance Inc. (U.S.)
• Parexel International Corporation (U.S.)
• Accenture plc (Ireland)
• Cognizant (U.S.)
• Bioclinica (U.S.)
• Pharmaceutical Product Development, LLC (U.S.)
• ICON plc (Ireland)
• Quanticate (U.S.)

Market Driver

Rapid Spread of the Coronavirus Pandemic to Provide Impetus to Market Growth
The COVID-19 outbreak has created an acute global health crisis and various organizations ranging from governments and pharmaceutical companies to academic institutions are racing against time to develop an effective vaccine for the infection. As a consequence, there has been a sudden surge in clinical trials in recent months, which has brought glad tidings for the pharmacovigilance market growth. For example, PGIMER Chandigarh began the clinical trial of Sepsivac, an immunomodulator, on asymptomatic COVID-19 patients in April 2020. Similarly, a potential vaccine against the coronavirus was developed by the University of Oxford in a span of just 3 months and its first human trial began in the third week of April in the UK. Efficient PV technologies are critical in assessing the adverse effects of vaccines and the COVID-19 pandemic has raised the need for PV exponentially. Moreover, medical research in the present scenario is also directed towards developing effective therapies for coronavirus patients, which will further bolster the demand for pharmacovigilance services.

Regional Analysis

Robust Healthcare Research Facilities to Augment the Market in North America
Having generated revenue worth USD 1.94 billion in 2019, North America is anticipated to lead the pharmacovigilance market share during the forecast period. One of the main reasons for the region’s dominance is the well-established healthcare research infrastructure in the region as well as supportive policy environment for advancements in medicine technologies. In addition to this, North America also has a large number of PV centers with modern software, which augurs well for the market in the region. In Europe, the market is expected perform impressively owing to the presence of strong regulatory bodies such as European Medicines Agency (EMA) to monitor Adverse Drug Reactions (ADRs). The market in Asia-Pacific is foreseen to grow at the fastest pace on account of rising emphasis on efficient assessment of ADRs and Adverse Event (AE).
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