Post-marketing Pharmacovigilance and Medical Information Market Research 2024: Rising Adverse Drug Reactions (ADRs) and Expanding Use of Biologics and Specialty Drugs Fueling Growth - Forecast to 2034

The market will grow as a result of factors such as rising adverse drug reactions (ADRs), expanding use of biologics and specialty drugs, growing emphasis on drug safety, expanding approvals and launches of new drugs, technological advancements in pharmacovigilance, and global regulatory requirements and harmonization. North American region is anticipated for the highest revenue share during the forecast period owing to the well-established pharmaceutical industry, strong regulatory frameworks, and the presence of major pharmacovigilance service providers, coupled with increasing drug approvals and high healthcare spending. Additionally, the Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the expanding pharmaceutical market, growing investments in healthcare infrastructure, rising outsourcing of pharmacovigilance activities, and increasing regulatory focus on drug safety in countries such as China and India. Advancements in artificial intelligence (AI), machine learning (ML), and big data analytics are significantly transforming pharmacovigilance practices. These innovative technologies facilitate faster signal detection, enable data mining from Electronic Health Records (EHRs), and enhance the management of extensive datasets, thereby improving post-marketing surveillance. For instance, in July 2024, Clarivate Plc (NYSE: CLVT), a leading global provider of transformative intelligence, announced the launch of its new OFF-XT platform. This enhanced solution offers a seamless user experience alongside unique translational insights, delivering essential drug and target safety intelligence to proactively identify potential risks. Fully integrated with Cortellis Drug Discovery IntelligenceT, OFF-XT serves as a comprehensive, one-stop resource for safety information, streamlining processes and boosting efficiency, ultimately providing a competitive advantage in the pharmaceutical industry.By type, the outsourced service providers segment accounted for the highest revenue-grossing segment in the global post-marketing pharmacovigilance and medical information market in 2023 owing to the increasing trend of pharmaceutical companies outsourcing pharmacovigilance activities to reduce operational costs and meet complex regulatory requirements. For instance, IQVIA addressed site issues and reduced workload in June 2024 by introducing a home clinical technology trial platform. Through streamlining the treatment and recruiting procedures, locations were able to increase patient enrollment capacity and handle concurrent trials. Additionally, the in-house pharmacovigilance department segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing emphasis on maintaining internal control over safety data and the development of advanced technologies to streamline pharmacovigilance operations.By service, the spontaneous reporting service segment accounted for the highest revenue-grossing segment in the global post-marketing pharmacovigilance and medical information market in 2023 owing to the widespread use of spontaneous reporting systems as the primary method for detecting adverse drug reactions and safety signals. For instance, Labcorp stated in February 2023 that it has purposefully spun out its clinical development division to become Fortrea, a new publicly traded CRO. Fortrea is a stand-alone business that provides extensive drug and device development services throughout the world. Additionally, the cohort event monitoring service segment is predicted to grow at the fastest CAGR during the forecast period owing to the increased adoption of proactive monitoring methods for specific patient cohorts to identify safety issues in real-world settings.By end-user, the hospital segment accounted for the highest revenue-grossing segment in the global post-marketing pharmacovigilance and medical information market in 2023 owing to the large volume of adverse event reporting and the crucial role hospitals play in post-market safety monitoring. For instance, in October 2024, EVERSANA - a top supplier of worldwide commercialization services to the life sciences sector - announced revolutionary additions to its pharmacovigilance and drug safety portfolio in response to the industry's expanding demands. Additionally, the research organizations segment is predicted to grow at the fastest CAGR during the forecast period owing to the expanding role of contract research organizations (CROs) in conducting post-marketing safety studies and real-world evidence research. Report Scope: Base Year: 2023Forecast Period: 2024-2034Study CoverageMarket Forecast by Type, Service, and End-UserMarket Forecast for 5 Regions and 17+ CountriesNorth America (U.S. and Canada)Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)Latin America (Brazil, Mexico, Argentina, Rest of LATAM)MEA (South Africa, GCC, Rest of MEA)Exhaustive Company Profiles of the Top 10+ Major Market Players Report AttributeDetailsNo. of Pages200Forecast Period2023 - 2034Estimated Market Value (USD) in 2023$6.22 BillionForecasted Market Value (USD) by 2034$16.99 BillionCompound Annual Growth Rate9.5%Regions CoveredGlobal Company Profiles F. Hoffmann-La Roche Ltd.Bristol-Myers Squibb CompanyPfizer Inc.AbbVie Inc.Merck & Co. Inc.Johnson & JohnsonAstraZeneca plcGSK (GlaxoSmithKline) plcNovartis AGSanofi S.A.Bayer AGRegeneron Pharmaceuticals Inc.Amgen Inc.Medidata Solutions Inc. (a Dassault Systemes company)Parexel International Corporation. Post-marketing Pharmacovigilance and Medical Information Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn) In-house Pharmacovigilance DepartmentsOutsourced Service Providers Post-marketing Pharmacovigilance and Medical Information Market Analysis & Forecast by Service 2023 - 2034 (Revenue USD Bn) Spontaneous reportingIntensified ADR reportingTargeted spontaneous reportingCohort event monitoringEHR mining Post-marketing Pharmacovigilance and Medical Information Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn) HospitalsResearch OrganizationsOthers Post-marketing Pharmacovigilance and Medical Information Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn) North AmericaU.S.CanadaEuropeGermanyFranceUKSpainItalyRest of EuropeAsia PacificChinaJapanIndiaAustraliaSouth KoreaRest of APACLatin AmericaBrazilMexicoArgentinaRest of LATAMMiddle East & AfricaSouth AfricaGCCRest of MEA For more information about this report visit https://www.researchandmarkets.com/r/mknus8 About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Global Post-marketing Pharmacovigilance and Medical Information Market Global Post-marketing Pharmacovigilance and Medical Information Market Global Post-marketing Pharmacovigilance and Medical Information Market

Post-marketing Pharmacovigilance and Medical Information Market Research 2024: Rising Adverse Drug Reactions (ADRs) and Expanding Use of Biologics and Specialty Drugs Fueling Growth - Forecast to 2034

FAQ

Why Bullish?

How important is it?

Why Long Term?

Related Companies

Related News