Pharmacovigilance Market is driven by Increasing Utilization of Artificial Intelligence

Pharmacovigilance Market 


 Pharmacovigilance refers to the monitoring of approved drugs and vaccines to detect adverse drug reactions and identify safety hazards. It encompasses the collection and interpretation of data from all relevant sources and the prompt communication of new safety information to health authorities, health care providers and patients. The rising burden of chronic diseases and increasing consumption of prescription medicines have fueled the need for effective pharmacovigilance measures across the world. Growing emphasis on safety issues in clinical trials is also propelling the demand for pharmacovigilance services. Moreover, regulatory authorities like FDA have mandated stringent regulations to monitor the safety of drugs which has boosted the pharmacovigilance market growth.


The global Pharmacovigilance Market is estimated to be valued at US$ 3.59 Bn in 2023 and is expected to exhibit a CAGR of 37.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the major trends gaining traction in the pharmacovigilance market is increasing utilization of artificial intelligence and machine learning. AI helps in efficient processing of vast amounts of data generated during drug development and post marketing surveillance. It aids in detection of unknown adverse drug reactions which often remains unreported. Machine learning algorithms can analyze huge databases and clinical notes to identify drug safety patterns. They also support signal detection by comparing new case reports with historical literature. The integration of AI is allowing stakeholders to make data-driven decisions, improve safety profiling and risk management of medications.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate in the pharmacovigilance market. Entering the market requires significant capital investments and expertise in regulatory compliance.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have reasonable choice and switching costs are low as there are several providers in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low. There are many suppliers for inputs and outsourcing partners for various services required in pharmacovigilance.
Threat of new substitutes: There is low threat of substitutes as pharmacovigilance services are essential to ensure drug safety.
Competitive rivalry: The competitive rivalry is high among existing players to increase their market share and service offerings.

Key Takeaways
The Global Pharmacovigilance Market Share is expected to witness high growth.

Regional analysis: The North America region dominates the pharmacovigilance market currently due to stringent regulations. Europe follows North America in terms of market share due to strong presence of pharmaceutical companies and outsourcing of pharmacovigilance services. Asia Pacific is expected to grow at fastest rate during the forecast period with growth in clinical trials and outsourcing activities to countries like India and China.

Key players operating in the pharmacovigilance market are Collibra NV, SAP SE, SAS Institute Inc., Symantec Corporation (Norton Lifelock), TIBCO Software Inc., Informatica Inc., Alation Inc., IBM Corporation, Varonis Systems Inc., Alfresco Software Inc., Oracle Corporation, Talend SA and Microsoft Corporation. Collibra NV provides cloud-based data governance and catalog software. SAP SE offers intelligent technologies for enterprise data management.

For more details on the report, Read- https://www.insightprobing.com/pharmacovigilance-market-demand-share-analysis/

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