Pharmacovigilance Market Analysis

Pharmacovigilance Market Analysis

To get key market trends

  Download Free Sample

In terms of type, the pharmacovigilance market is divided into software and service. Software segment will be more than USD 13 billion by 2032. The software used in pharmacovigilance helps manage critical medication safety data and reporting requirements about adverse drug reactions to regulatory authorities. Growing efforts by industry players towards introducing advanced capabilities of software will support segment expansion.

For instance, In February 2022, Cognizant, an information technology giant, partnered with Medable Inc., a health tech company, to jointly offer clinical research solutions using Medable’s SaaS platform for decentralized clinical trials. This partnership will offer operational support to sponsors pertaining to their regulatory submissions and assist in pharmacovigilance functions. 

Based on clinical trial phase, the pharmacovigilance market is classified into pre-clinical, phase 1, phase 2, phase 3, and phase 4. Phase 4 segment was over 75% in 2022. Phase 4 clinical trials entail testing the efficacy of medications in real-life situations for any long-term risks and rare side effects. Most drugs often show negative results in this phase as they are administered in large populations before marketing. Surging cases of adverse drug reactions have increased government spending on phase 4 clinical trials, creating lucrative prospects for market landscape.

Regionally, North America pharmacovigilance market share was more than 37% in 2022. Growing investment by industry players and governments in drug development is contributing to regional industry development. In September 2022, the U.S. Department of Health and Human Services announced that it will invest USD 40 million for the expansion of biomanufacturing for active pharmaceutical ingredients, and other starting materials required to produce essential medications. Moreover, the strong presence of industry giants such as IBM, United BioSource LLC, and others is also contributing to industry growth across North America.