Pharmacovigilance Market grew at an average yearly rate of around 8.5% during the timeframe (2018-2021). Drug safety testing is a very important process in the healthcare industry. In past few years, the trend of pharmacovigilance is rising, in which, drug manufacturers are outsourcing their drug safety testing processes. This greatly provides flexibility, reduces the cost of operations and allows them to focus on their primary activities. The market size which was around $7.5 billion in 2020 will exceed $10 billion by the year 2025.
The research and analytics firm Datavagyanik released the updated version if its report on “Pharmacovigilance Market – Country wise Detailed Analysis, Business Opportunities and Forecasts”. The updated version of the report is released with latest data, industry trends and competitive benchmarking. The report makes use of analytical models to study country level market patterns and forecast for the next seven years.
Industry General Scenario and its impact on the Pharmacovigilance market
The healthcare industry continues to witness impressive growth, thereby, benefiting various businesses including manufacturers, suppliers, and other value chain participants. In the year 2014, the global healthcare spending was close to $5 trillion which has exceeded $8.5 trillion in the year 2021. This indicates compounded yearly growth of nearly 7.5%. However, there is a great difference between the demand trends, consumption patterns and market scenarios between the developed countries and the emerging markets. The healthcare industry is quite attractive and, in the future, the trend will continue. There are reasons for this and the most important ones are:
- Health problems continue to rise worldwide – The world population is ageing and the median age which was around 23 years in 1975 is 31 years in 2022. This is clearly reflective in the trend with respect to orthopedic and spinal problems, urinary conditions, heart problems and others. Moreover, negative changes in the dietary habits and lifestyles are creating more health problems for the world.
- Rising per capita healthcare spend – Consumers are spending more on healthcare in developed as well as developing markets. In the year 2021, yearly per capita healthcare spend in the United States is over $12,000 per resident which was below $10,000 around six years ago. If we look at European countries, the amount is equally high. For instance, in Germany, the figure has increased to around 5,500 which was below 4,000 around six years ago. This has led to a high demand for high quality medical products and services in these countries.
- Favorable reimbursement policies by governments and insurance companies – Governments are continuously making their efforts to support citizens in terms by means of favorable reimbursement policies. Statistics shows that government reimbursement plans and health insurance penetration have a significant impact on the healthcare spending in any particular country.
- New markets are generating business streams – While the developed markets like North America and Western Europe are generating attractive profits and continue to be major markets for the business organizations, there are many developing markets that are becoming attractive. Some of these in the APAC region are China, Japan, Korea and India.
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North America Pharmacovigilance Market Analysis
North America is the largest Pharmacovigilance market in the present scenario with the United States contributing nearly 80% of the regional market share.
United States Pharmacovigilance Market Analysis
The United States spends over $4 trillion each year on availing healthcare services. This is nearly 50% of the global healthcare spend and this clearly exhibits the position of the United States in the healthcare industry. The demand for Pharmacovigilance in the country is …(continued in the full report)
Canada Pharmacovigilance Market Analysis
In the overall healthcare market, Canada holds 10% of the North American region. The demand trends of Pharmacovigilance in Canada are somewhat similar to that of the United States. The report covers the analysis of the Canada Pharmacovigilance market in detail with statistics and business insights.
Europe Pharmacovigilance Market Analysis
Europe region is the second-largest healthcare market in the present scenario, after the North America region. Countries like Germany, France, the UK, Italy, and Spain cumulatively account for over 80% of the region’s healthcare spending.
Germany Pharmacovigilance Market Analysis
Germany has the largest population size in the EU region. The country is the largest healthcare market in the Europe region and there are demographic factors like average age, income level, and others responsible for this. By the year 2030, close to 40% of the country’s population will be over 60 years and hence, the country will continue to witness a rising demand for better healthcare. The Germany Pharmacovigilance market is highly potential and …..(continued in the full report)
France Pharmacovigilance Market Analysis
France is the second-largest market for healthcare in Europe. The country has 15% of the EU population and around 22% of its population is over 65 years of age. France is a very attractive market for Pharmacovigilance in the Europe region. Get detailed analysis on the France Pharmacovigilance market in the report.
UK Pharmacovigilance Market Analysis
The UK is very close to France in the healthcare market size. The country is also a very attractive market for the Pharmacovigilance market in Europe. Get detailed analysis on the UK Pharmacovigilance market in the report.
Italy Pharmacovigilance Market Analysis
Get a detailed analysis of Italy Pharmacovigilance market in the report.
Spain Pharmacovigilance Market Analysis
Get detailed analysis on Spain Pharmacovigilance market in the report.
Asia Pacific region Pharmacovigilance Market Analysis
The Asia Pacific region is a very rapidly growing healthcare market and countries like China, Japan, South Korea, and others are becoming attractive contributors. In the overall healthcare industry, the APAC region accounted for a revenue of around 22% in the year 2021 and will hold at least a quarter of the global market by the year 2028.
Middle East Pharmacovigilance Market Analysis
The Middle East region presently holds around 3% of the global healthcare market. From the growth and opportunities perspective, there is a lot happening in the region’s healthcare industry. The region’s average per capita healthcare spending has more than doubled in the past ten years and presently stands over $600. The government bodies are investing in healthcare infrastructure and are taking efforts to improve the quality of medical services. Get detailed analysis on the Middle East Pharmacovigilance market in the report.
Saudi Arabia Pharmacovigilance Market Analysis
Saudi Arabia is the largest healthcare market in the Middle East region. The country is certainly the most developed market due to its demographic factors and stable political outlook. In 2022, Saudi Arabia’s yearly per capita healthcare spend is around $1,800 and will exceed $3,000 by the year 2030. For the coming six to seven years, the country’s healthcare sector will witness double-digit growth, fueled by government efforts. Get detailed analysis on Saudi Arabia Pharmacovigilance market in the report.
Covid 19 pandemic and its impact on the Pharmacovigilance market
Many medical product segments were adversely impacted in 2020 due to Covid 19 pandemic. Due to the lockdowns, many patients opted to postpone their treatments and surgeries to the next year which impacted the sales of products. However, there were products and markets that witnessed a steep rise in demand. The report covers a detailed analysis of Covid 19 impact on the Pharmacovigilance market.
Insights Covered in the Report:
- Market size assessment and demand analysis of Pharmacovigilance: Demand analysis part of the study on Pharmacovigilance market provides details on the actual market size as well as the total addressable market size (TAM) on the global and country level.
- Pharmacovigilance market forecast: Actual market data has been provided for the year 2021 and forecast has been covered from 2022 to 2030. Seven-year market forecast has been covered in the study.
- Customer pain points: Pain points and scope of innovation is one of the key components of this study. There are specific areas that the industry participants need to understand in order to excel. Since the competition is increasing, having a competitive advantage is very important.
- Demand vs supply comparison: Understanding the supply vs demand dynamics is important for working on business strategies and future action plans. This is important for product development and pricing decisions as well. Detailed inputs provided from the demand as well as supply side is a key value addition to this Pharmacovigilance market study.
- Future market prospects: The market is evolving continuously and the study highlights the future expectations and related strategic views. In order to plan investment strategies and capitalize upon new business segments, remaining updated with these insights is important.
- Key market trends: The Pharmacovigilance market report analyzes key market trends that will impact the Pharmacovigilance market in the future. Long- and short-term impact of these factors have been presented to help decision makers understand the industry on a granular level.
- Industry Challenges: There are industry challenges that need to be addressed in order to perform well in the Pharmacovigilance business. Companies in the Pharmacovigilance market need to tackle these challenges emerging due to change in market dynamics, industry requirements and other external environmental factors.
- Market player and market share analysis: Market player and Pharmacovigilance market share assessment is a special focus area of the study. Companies have been analyzed in terms of their product portfolio, target customers, revenue and strategic business decisions. Some of these players areAccenture, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, Wipro Ltd., Linical Accelovance, BioClinica Inc., ArisGlobal, ICON plc., ITClinical, FMD K&L, IQVIA, TAKE Solutions Ltd., Capgemini, PAREXEL International Corporation, and others
- Investment opportunities: Emerging business segments and revenue streams have been identified in order to help industry participants strategize their revenue mix and plan on their investment strategies.
- Understanding the USP: Unique value propositions that can be offered: In order to sustain the competition, companies must have certain unique value propositions in order to attract clients and gain competitive advantage. Such unique value propositions have also been highlighted in the report.
Global and Country Level Detailed Analysis:
Global and country-level analysis has been covered in the report. The regions covered in the study are North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
- North America region covers analysis on United States and Canada.
- Europe region covers analysis on Germany, France, Italy, Spain, UK and Rest of Europe.
- Asia Pacific covers analysis on China, India, Japan, South Korea, Indonesia, Australia and Rest of Asia-Pacific.
- Rest of the World (Latin America, Middle East, Africa).
The report on the Pharmacovigilance market covers in depth analysis of ongoing technological advancements, developments and also presents market revenue forecast for the period (2021 – 2030). In addition, country-level analysis is provided in the report. With the purpose of helping strategic decision-makers to get in depth insights, the report also offers competitive profiling of leading market players, key developments, and company details.
It includes a competitive landscape to gauge market competition based on various factors such as drivers, restraints, and opportunities. Decision-makers can rely on investing in the market based on the impact analysis, which will be covered in the report based on market determinants and trends.
Key Questions Answered by This Study
- What was the Pharmacovigilance market size for historic years ?
- How will the Pharmacovigilance market grow over the forecast years i.e. from 2022 – 2030?
- What is the year-on-year growth rate?
- Who are the key target audiences for the market?
- Analysis derived through consumption perspective and expenditure perspective.
- Micro and macro factors?
- Internal and External Variables?
- Purchasing powers from the perspective of end users.
- What are the marketing techniques that a company should adopt in order to advertise their brand or product or services?
- How will the market drivers, restraints and future opportunities have an impact on the market dynamics and an analysis supporting the ongoing market trends?
- Which segment and region are driving the market growth and how?
- Which are the major countries actively contributing towards the market development?
- What would be market size of each segment in major countries which in turn is responsible for revenue generation of the respective regions?
- Who are the visionaries, leaders, challengers and niche market participants of the Pharmacovigilance market?
- Strategic initiatives taken by Pharmacovigilance market participants and their influence in the market growth.
- What are goals that need to be mapped by the Pharmacovigilance market participants for introducing a product or expanding regional presence?
Pharmacovigilance Market revenue and forecast, by Clinical Trial Phase:
- Phase I
- Phase II
- Phase III
- Phase IV
Pharmacovigilance Market revenue and forecast, by Service Provider
- Contract Outsourcing
Pharmacovigilance Market revenue and forecast for the period (till 2030), by Region:
North America Pharmacovigilance Market
- United States
Europe Pharmacovigilance Market
- Rest Of Europe
Asia-Pacific Pharmacovigilance Market
- South Korea
Latin America Pharmacovigilance Market
Middle East & Africa Pharmacovigilance Market
- Saudi Arabia
- Rest of Middle East & Africa
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