As per FMI’s analysis, the market is expected to register double-digit growth, experiencing an impressive CAGR throughout the forecast period. Historically, the market posted credible gains, surpassing US$ 6 billion in 2020, expanding at a CAGR of over 14%. Growth prospects were further heightened during the COVID-19 pandemic, as the scramble for new treatment approaches is prompting pharmaceutical companies to initiate clinical trials for the same.

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Prominent pharmaceutical companies are forging long-term partnerships and service agreements with contract research organizations and business processing outsourcing units to enhance existing pharmacovigilance operations by virtue of cost reduction from drug delivery to post-marketing approvals. In April 2021, Thermo Fisher Scientific Inc. announced its plans to acquire Pharmaceutical Product Development (PPD) Inc. for a purchase price of US$ 17.4 billion, which will help enhance the latter’s pharmacovigilance portfolio expansion.

Key Takeaways from FMI’s Pharmacovigilance Market Study

• By phase of drug development, stage IV clinical trials pharmacovigilance solutions account for over 3 out of 4 applications
• Based on method type, targeted spontaneous reporting to make maximum use of pharmacovigilance solutions
• By service provider type, contract outsourcing to generate almost two out of five pharmacovigilance solutions uptake
• US experiencing robust pharmacovigilance solutions providers presence amid prevalence of good PV practices
• Forthcoming clinical trials for numerous drug candidates through 2021 to widen UK’s growth prospects
• India to emerge as an emerging pharmacovigilance hub amid growing trends of medical operations outsourcing
• China to experience growth on the back of recent amendments to render pharmacovigilance implementation stronger

Key Players:

• Accenture Plc.
• Bristol-Myers Squibb
• Clinquest Group B.V.
• Cognizant Technology Solutions
• Covance Inc
• F. Hoffmann-La Roche Ltd.
• GlaxoSmithKline Plc.
• ICON Plc
• iGATE Corporation
• iMED Global Corporation
• inVentiv Health Inc.
• Novartis AG
• PAREXEL International Corporation
• Pfizer Inc.
• Pharmaceutical Product Development LLC. (PPD)
• PRA Health Sciences Inc.
• Quintiles Transnational Holdings Inc.
• Sanofi SA
• Synowledge LLC
• Wipro Ltd.

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Competitive Landscape

Prominent pharmacovigilance solutions providers are relying on collaborating with prominent biopharmaceutical and pharmaceutical companies to offer their digital solutions to facilitate effective patient care solutions. Also, offering advanced solutions is another prominent strategy. Some prominent faces include F. Hoffmann- La Roche, GlaxoSmithKline Plc., Covance Inc., ICON Plc. and iGATE Corporation among others.

Covance Inc. is a prominent pharmacovigilance solutions providing, offering end-to-end PV services spanning clinical and post-marketing phases from medical contract centers to ICSRs to medical reviews to electronic regulatory submissions. The system helps track weekly, daily and monthly metrics for quality, productivity and efficiency.

In April 2020, ICON Plc. initiated efforts to enhance pharmacovigilance practices, considering the onset of COVID-19. A webinar conducted on this issue by the company called for key pharmaceutical companies to automate their workflows by installing proactive and dedicated intelligence processes, forging detailed business and continuity plans and a virtually globally distributed footprint.

Pharmacovigilance Market – Key Segments Covered

Phase of Drug Development

• Preclinical Studies
• Phase I
• Phase II
• Phase III
• Phase IV

Type of Methods

• Spontaneous Reporting
• Intensified ADR Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring
• EHR Mining

Service Type Provider

• In-house Pharmacovigilance
• Contract Outsourcing

Geography

• North America (US and Canada)
• Europe (Germany, UK, France, Italy, Spain, Russia and Rest of Europe)
• Asia-Pacific (China, India, ASEAN, Japan and Rest of APAC)
• Latin America (Brazil, Mexico and Rest of LATAM)
• Middle East & Africa (GCC, South Africa and Rest of MEA)

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About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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