#pharmacovigilance market forecast

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Pharmacovigilance Market - Forecast(2024 - 2030)

 Pharmacovigilance Market Overview:

According to the U.S.-based Public Citizen’s Health Research Group, approximately two million people are affected by adverse drug reactions (ADR), which includes 100,000 fatalities, in the U.S. every year.[1] Traditionally, healthcare companies have utilized in-house and outsourcing pharmacovigilance services for effectively monitoring the positive effects as well as the side-effects of licensed medical drugs. Pharmacovigilance is a type of clinical research which determines drug safety and associated medical hazards, plans risk management, and anticipates remodification of drugs. It is aiding healthcare providers in easy detection and targeted spontaneous reporting of medication errors, thereby reducing risk of fatality. While the global pharmacovigilance market stood at $4.3 billion in 2018, the increasing scope of opportunities estimate the market to grow at a CAGR of 8.8% through to 2025.

ADR reporting is gaining increased end user appeal due to strict government policies for drug safety approval and testing. Approximately 61,311 people died due to drug poisoning in the United States as per the Insurance Information Institute.[2] North America, with a share of 37%, is the leading contributor to the pharmacovigilance market, followed by Europe and the Asia-Pacific region, in 2018. The outsourcing pharmacovigilance segment will generate sustainable demand, which is estimated to help the market grow at a CAGR of 8.8% during the forecast period 2019 to 2025.

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Pharmacovigilance Market Growth Drivers:

· Stringent government regulations regarding drug administration, and increasing incidences of adversities resulting from from medication is boosting pharmacovigilance services, thereby providing greater possibilities for expanding the market size.

· Increasing medical errors, developing healthcare infrastructure and increasing pharmaceutical production are reducing fatal ADR incidents, and causing a positive impact on the pharmacovigilance market.

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Pharmacovigilance Market Key Players:

Leading companies in the pharmacovigilance market include Bristol- Myers Squibb, Boehringer Ingelheim, TCS, Cognizant, United BioSource, Covance, IQVIA (Quintiles IMS), Accenture,Paraxel, Wipro Limited, and others.

Bristol- Myers Squibb is a leading pharmaceutical manufacturing company which provides various products and solutions to end users, alongside conducting independent research on products and therapeutic methods.

Pharmacovigilance Market Trends:

· AI Enabled Pharmacovigilance:

Innovation in automation of mechanical procedures has led to advent of Artificial Intelligence (AI) methods, which are all set to take over the healthcare pharmacovigilance operative service. Genpact, a global digital transformation platform for industries, delivers Cora Pharmacovigilance facility for achieving quality insights and assessing, configuring, and signaling adverse events, thereby prioritizing patient safety. With its ability to provide end to end pharmacovigilance services, this technology can be incorporated with leading systems through AI and machine learning operations.

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Pharmacovigilance Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Pharmacovigilance Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of pharmacovigilance services in Pharmacovigilance Market, and their specific applications in different areas.

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Pharmacovigilance Market: Industry Coverage:

Global pharmacovigilance market is basically classified into clinical trial phases, and types of service providers. On the basis of clinical trial phases, categorization includes preclinical studies, phase I/1, phase II/2, phase III/3, and phase IV/4 trial. Based on the type of service providers bifurcation includes in-house, contract outsourcing, and others.

The Pharmacovigilance Market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

•           North America: The U.S., Canada, Mexico

•           South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

•           Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark

•           APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

•           Middle East and Africa: Israel, South Africa, Saudi Arabia

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"Unveiling the Future: How Data Science is Revolutionizing Upcoming Industries"

Data science continues to have a substantial impact on various industries, and its scope is expected to expand as new technologies emerge and businesses realize the potential of data-driven insights. Here are some upcoming industries where data science is likely to play a significant role:

Healthcare and Life Sciences: Data science can aid in personalized medicine, drug discovery, predictive analytics for patient outcomes, and healthcare operations optimization.

Financial Services: Financial institutions use data science for fraud detection, risk assessment, algorithmic trading, customer behavior analysis, and credit scoring.

Retail and E-Commerce: Data science helps optimize inventory management, pricing strategies, recommendation systems, and customer segmentation for targeted marketing.

Energy and Utilities: The energy sector benefits from data analytics for smart grid management, predictive maintenance of equipment, and energy consumption optimization.

Manufacturing: Data science improves manufacturing processes through predictive maintenance, quality control, supply chain optimization, and demand forecasting.

Agriculture: Precision agriculture utilizes data science to optimize crop yield, resource allocation, pest control, and environmental monitoring.

Transportation and Logistics: Data science plays a role in route optimization, fleet management, demand forecasting, and autonomous vehicles.

Telecommunications: Data science assists in customer churn prediction, network optimization, and personalized service offerings.

Media and Entertainment: Content recommendation, audience segmentation, and analyzing viewer engagement are areas where data science is making an impact.

Real Estate: Data science helps in property price prediction, market trend analysis, and investment decision-making.

Environmental Conservation: Data science aids in monitoring and analyzing environmental data, including climate patterns, pollution levels, and habitat preservation.

Education: Data science can personalize learning experiences, assess student performance, and optimize educational resources.

Government and Public Services: Data-driven decision-making is becoming increasingly important for optimizing public services, policy formulation, and resource allocation.

Insurance: Insurers use data science for risk assessment, claims processing, fraud detection, and customized pricing.

Travel and Tourism: Data science enhances traveler experiences through personalized recommendations, pricing optimization, and destination insights.

Pharmaceuticals: Data science plays a role in drug discovery, clinical trials optimization, and pharmacovigilance.

Smart Cities: The concept of smart cities involves integrating data science for efficient urban planning, traffic management, energy consumption, and public services.

Cybersecurity: Data science helps in identifying and responding to cyber threats by analyzing patterns and anomalies in network data.

As technology continues to advance and businesses recognize the value of data-driven insights, certybox is creating a difference in providing the top professional courses along with job assistance. It's essential for professionals in the field to stay updated with the latest developments and tools to make the most of these opportunities.

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Life Science Analytics Market 2030 Outlook, Regions, Size Estimation and Upcoming Trend

The global life science analytics market was valued at USD 9.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. This growth is primarily driven by the life sciences industry’s increasing reliance on analytics. Life sciences organizations are using descriptive and reporting analytics to build extensive databases and leveraging prescriptive and predictive analytics to forecast trends and outcomes. This analytics integration is crucial for enhancing decision-making and is expected to propel the market forward.

One of the significant factors contributing to this growth is the rising impact of social media and internet usage, which enhances patient engagement and influences the adoption of analytical solutions across the life sciences sector. Healthcare facilities and life science organizations are increasingly adopting analytics to improve clinical, financial, and operational outcomes. These analytics solutions help to optimize resource use and minimize healthcare expenses, adding momentum to the market's expansion.

Life science companies are using advanced analytics for various operational functions, including supply chain management, research and development (R&D), clinical trial design, regulatory compliance, sales, marketing, and pharmacovigilance. The widespread adoption of big data analytics and data mining techniques allows these organizations to identify and manage high-risk populations, thereby supporting informed strategic decisions. Government bodies and healthcare financing organizations also rely on predictive analytics to manage claims, prevent fraud, and improve cost efficiencies, further driving market growth.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

The COVID-19 pandemic placed unprecedented pressure on healthcare systems, highlighting the need for advanced technologies to support the digital transformation of healthcare. During this time, there was a significant surge in the demand for analytical solutions in life sciences. Analytics played a critical role in managing vaccines, medical supplies, medicines, and other essential resources. This heightened demand during the pandemic has accelerated the adoption of life science analytics solutions across various sectors within the industry.

Furthermore, there is an increasing need for personalized medication, which relies on analyzing diverse human genome combinations and leveraging datasets generated through eHealth, mHealth, and electronic health records (EHR). The application of analytics in these areas aims to enhance patient care and treatment customization. As a result, companies in the market are developing strategies to incorporate artificial intelligence-based algorithms into data analytics. This integration allows organizations to mine valuable information from health datasets, enabling tailored treatment approaches and improving patient outcomes.

End-user Segmentation Insights:

In 2022, the pharmaceutical sector dominated the life science analytics market, accounting for a revenue share of over 46.7%. This dominance is attributed to the sector’s adoption of analytical solutions to improve resource management, drug discovery, and development processes, as well as to streamline clinical trials and drug utilization. For example, SAS Institute, Inc.’s SAS Life Science Analytics Framework was utilized in November 2020 to support the management of COVID-19 vaccine clinical trials. This framework allowed real-time data transformation, delivering data-enriched insights to enhance trial outcomes.

Biotechnology companies are expected to exhibit the fastest growth rate in the market, with a projected CAGR of 8.7% over the coming years. This rapid growth can be attributed to the increased adoption of analytical solutions in genome sequencing and analysis. Personalized data analytics solutions are also fueling the biotechnology segment’s expansion by facilitating precision medicine and personalized treatment plans. For instance, in May 2021, a partnership between Wipro and Transcell Oncologies aimed to improve vaccine safety assessments. This collaboration leveraged Transcell’s advanced stem cell technology alongside Wipro Holmes’ augmented intelligence platform to enhance vaccine research, safety, and efficacy assessments.

In conclusion, the growing application of analytics across various functions within life sciences, along with advancements in technology and data processing capabilities, is driving significant growth in the life science analytics market.

Order a free sample PDF of the Life Science Analytics Market Intelligence Study, published by Grand View Research.

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Life Science Analytics Industry Development Trends Report By 2030

The global life science analytics market was valued at USD 9.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. This growth is primarily driven by the life sciences industry’s increasing reliance on analytics. Life sciences organizations are using descriptive and reporting analytics to build extensive databases and leveraging prescriptive and predictive analytics to forecast trends and outcomes. This analytics integration is crucial for enhancing decision-making and is expected to propel the market forward.

One of the significant factors contributing to this growth is the rising impact of social media and internet usage, which enhances patient engagement and influences the adoption of analytical solutions across the life sciences sector. Healthcare facilities and life science organizations are increasingly adopting analytics to improve clinical, financial, and operational outcomes. These analytics solutions help to optimize resource use and minimize healthcare expenses, adding momentum to the market's expansion.

Life science companies are using advanced analytics for various operational functions, including supply chain management, research and development (R&D), clinical trial design, regulatory compliance, sales, marketing, and pharmacovigilance. The widespread adoption of big data analytics and data mining techniques allows these organizations to identify and manage high-risk populations, thereby supporting informed strategic decisions. Government bodies and healthcare financing organizations also rely on predictive analytics to manage claims, prevent fraud, and improve cost efficiencies, further driving market growth.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

The COVID-19 pandemic placed unprecedented pressure on healthcare systems, highlighting the need for advanced technologies to support the digital transformation of healthcare. During this time, there was a significant surge in the demand for analytical solutions in life sciences. Analytics played a critical role in managing vaccines, medical supplies, medicines, and other essential resources. This heightened demand during the pandemic has accelerated the adoption of life science analytics solutions across various sectors within the industry.

Furthermore, there is an increasing need for personalized medication, which relies on analyzing diverse human genome combinations and leveraging datasets generated through eHealth, mHealth, and electronic health records (EHR). The application of analytics in these areas aims to enhance patient care and treatment customization. As a result, companies in the market are developing strategies to incorporate artificial intelligence-based algorithms into data analytics. This integration allows organizations to mine valuable information from health datasets, enabling tailored treatment approaches and improving patient outcomes.

End-user Segmentation Insights:

In 2022, the pharmaceutical sector dominated the life science analytics market, accounting for a revenue share of over 46.7%. This dominance is attributed to the sector’s adoption of analytical solutions to improve resource management, drug discovery, and development processes, as well as to streamline clinical trials and drug utilization. For example, SAS Institute, Inc.’s SAS Life Science Analytics Framework was utilized in November 2020 to support the management of COVID-19 vaccine clinical trials. This framework allowed real-time data transformation, delivering data-enriched insights to enhance trial outcomes.

Biotechnology companies are expected to exhibit the fastest growth rate in the market, with a projected CAGR of 8.7% over the coming years. This rapid growth can be attributed to the increased adoption of analytical solutions in genome sequencing and analysis. Personalized data analytics solutions are also fueling the biotechnology segment’s expansion by facilitating precision medicine and personalized treatment plans. For instance, in May 2021, a partnership between Wipro and Transcell Oncologies aimed to improve vaccine safety assessments. This collaboration leveraged Transcell’s advanced stem cell technology alongside Wipro Holmes’ augmented intelligence platform to enhance vaccine research, safety, and efficacy assessments.

In conclusion, the growing application of analytics across various functions within life sciences, along with advancements in technology and data processing capabilities, is driving significant growth in the life science analytics market.

Order a free sample PDF of the Life Science Analytics Market Intelligence Study, published by Grand View Research.

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Life Science Analytics Market - Industry Size, Growth, Applications, Opportunities and Forecasts to 2030

In 2022, the global life science analytics market was valued at USD 9.0 billion and is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. Analytics is being increasingly adopted across the life science industry, which uses descriptive and reporting analytics for database building and relies on prescriptive and predictive analytics to estimate future trends and outcomes. This shift towards data-driven decision-making is expected to drive market growth. Another significant factor propelling growth is the influence of social media and the internet, which has increased patient engagement and accelerated the adoption of analytical solutions. Life science organizations and healthcare facilities are adopting these solutions to improve clinical, financial, and operational results, aiming to reduce healthcare expenses, a key market driver.

Life science organizations are implementing advanced analytics across functions, including supply chain management, R&D, clinical trial design, regulatory compliance, sales, marketing, and pharmacovigilance. Data mining and big data analytics are also being rapidly adopted to analyze high-risk populations more effectively and to strategize accordingly, further driving market expansion. Additionally, healthcare financing organizations and government bodies are leveraging predictive analytics in claims management and fraud prevention, which continues to boost growth.

The Covid-19 pandemic highlighted the limitations of existing healthcare systems, showcasing the potential of advanced technologies in supporting the digitalization of healthcare. Consequently, demand for life science analytics surged as these solutions played a vital role in managing vaccines, medical supplies, medicines, and other essential resources during the pandemic.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

For instance, Moderna entered a partnership with IBM to efficiently manage their vaccination program using advanced analytics and hybrid computing. Moreover, the increasing prevalence of non-communicable diseases, coupled with the growing global geriatric population and growing demand for enhanced patient care experience, is anticipated to contribute to the growing demand for analytical solutions over the forthcoming years. Life science organizations and other healthcare industry players are using analytical solutions in advanced revenue cycle management and population health management programs.

Analytical solutions are being adopted to cater to the rising demand for personalized medication using different human genome combinations using datasets generated through eHealth, mHealth, and electronic health records (EHR). The use of analytical solutions is focused on improving the patient care experience. Furthermore, market players are devising strategies to integrate artificial intelligence-based algorithms into data analytics to efficiently mine data from health datasets, which would aid organizations in customizing different treatment approaches.

Component Segmentation Insights:

In 2022, the services segment led the life science analytics market, accounting for over 57.1% of total revenue. This dominance is largely due to a growing trend of outsourcing services, including planning, training, staffing, implementation, and maintenance, as life science organizations often lack the expertise and resources for in-house analytics management. The services segment is expected to grow at a fast rate of 8.1% over the forecast period, with its rapid growth attributed to multi-service packages offered by outsourcing companies to major industry players.

The increased digitalization of healthcare and the advancement of healthcare IT infrastructure across both developed and emerging markets are boosting demand for analytics solutions and associated services. Rising digital literacy and supportive government initiatives further promote this demand. Additionally, the integration of artificial intelligence (AI) algorithms in analytical solutions and the widespread adoption of big data analytics are fueling the services segment. The emergence of new startups, increasing technological collaborations, and favorable funding options also positively impact this segment's growth, which is expected to continue strongly over the forecast period.

Order a free sample PDF of the Life Science Analytics Market Intelligence Study, published by Grand View Research.

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Life Science Analytics Market 2030 Future Scope, Size Estimation, Regional Outlook

In 2022, the global life science analytics market was valued at USD 9.0 billion and is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. Analytics is being increasingly adopted across the life science industry, which uses descriptive and reporting analytics for database building and relies on prescriptive and predictive analytics to estimate future trends and outcomes. This shift towards data-driven decision-making is expected to drive market growth. Another significant factor propelling growth is the influence of social media and the internet, which has increased patient engagement and accelerated the adoption of analytical solutions. Life science organizations and healthcare facilities are adopting these solutions to improve clinical, financial, and operational results, aiming to reduce healthcare expenses, a key market driver.

Life science organizations are implementing advanced analytics across functions, including supply chain management, R&D, clinical trial design, regulatory compliance, sales, marketing, and pharmacovigilance. Data mining and big data analytics are also being rapidly adopted to analyze high-risk populations more effectively and to strategize accordingly, further driving market expansion. Additionally, healthcare financing organizations and government bodies are leveraging predictive analytics in claims management and fraud prevention, which continues to boost growth.

The Covid-19 pandemic highlighted the limitations of existing healthcare systems, showcasing the potential of advanced technologies in supporting the digitalization of healthcare. Consequently, demand for life science analytics surged as these solutions played a vital role in managing vaccines, medical supplies, medicines, and other essential resources during the pandemic.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

For instance, Moderna entered a partnership with IBM to efficiently manage their vaccination program using advanced analytics and hybrid computing. Moreover, the increasing prevalence of non-communicable diseases, coupled with the growing global geriatric population and growing demand for enhanced patient care experience, is anticipated to contribute to the growing demand for analytical solutions over the forthcoming years. Life science organizations and other healthcare industry players are using analytical solutions in advanced revenue cycle management and population health management programs.

Analytical solutions are being adopted to cater to the rising demand for personalized medication using different human genome combinations using datasets generated through eHealth, mHealth, and electronic health records (EHR). The use of analytical solutions is focused on improving the patient care experience. Furthermore, market players are devising strategies to integrate artificial intelligence-based algorithms into data analytics to efficiently mine data from health datasets, which would aid organizations in customizing different treatment approaches.

Component Segmentation Insights:

In 2022, the services segment led the life science analytics market, accounting for over 57.1% of total revenue. This dominance is largely due to a growing trend of outsourcing services, including planning, training, staffing, implementation, and maintenance, as life science organizations often lack the expertise and resources for in-house analytics management. The services segment is expected to grow at a fast rate of 8.1% over the forecast period, with its rapid growth attributed to multi-service packages offered by outsourcing companies to major industry players.

The increased digitalization of healthcare and the advancement of healthcare IT infrastructure across both developed and emerging markets are boosting demand for analytics solutions and associated services. Rising digital literacy and supportive government initiatives further promote this demand. Additionally, the integration of artificial intelligence (AI) algorithms in analytical solutions and the widespread adoption of big data analytics are fueling the services segment. The emergence of new startups, increasing technological collaborations, and favorable funding options also positively impact this segment's growth, which is expected to continue strongly over the forecast period.

Order a free sample PDF of the Life Science Analytics Market Intelligence Study, published by Grand View Research.

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Pricing Strategies in the Global Pharmacovigilance and Drug Safety Software Market

The global Pharmacovigilance and Drug Safety Software Market, which was valued at USD 6.83 billion in 2022, is expected to experience substantial growth, reaching USD 14.86 billion by 2030. This robust expansion, with a projected compound annual growth rate (CAGR) of 10.2% from 2023 to 2030, reflects the increasing need for efficient drug safety management solutions across the pharmaceutical and healthcare sectors.

Pharmacovigilance software plays a critical role in the detection, assessment, monitoring, and prevention of adverse drug reactions (ADRs). As the global pharmaceutical industry continues to expand, the need for effective tools to track and manage drug safety has become paramount. The rising volume of clinical trials, coupled with stringent regulatory requirements for drug safety, has significantly driven the adoption of pharmacovigilance and drug safety software.

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Key Market Drivers and Trends

The increasing incidence of adverse drug reactions and the rising awareness around drug safety have been major contributors to the growth of the pharmacovigilance software market. Governments and regulatory bodies worldwide are imposing stringent regulations on pharmaceutical companies to ensure drug safety, which in turn, has led to increased adoption of advanced software solutions to monitor, report, and manage drug safety incidents effectively.

The global rise in clinical trials, particularly for novel therapies and vaccines, has also fueled the demand for sophisticated pharmacovigilance software. These systems streamline the process of data collection and reporting, ensuring that pharmaceutical companies can comply with international regulatory standards.

Furthermore, advancements in artificial intelligence (AI) and machine learning (ML) are transforming pharmacovigilance software, enabling better data analysis, faster detection of safety signals, and more efficient case processing. AI-powered tools are being integrated to automate the identification of patterns and predict potential ADRs, thus improving the efficiency of drug safety monitoring.

Regional Insights

North America has been leading the Pharmacovigilance and Drug Safety Software Market, with the highest revenue share in 2022. This dominance is attributed to the strong presence of major pharmaceutical companies, well-established healthcare infrastructure, and stringent drug safety regulations enforced by bodies like the U.S. Food and Drug Administration (FDA). The region’s focus on advanced healthcare technologies and increasing R&D activities are also contributing to market growth.

The Asia-Pacific region is anticipated to witness the highest growth rate over the forecast period. Factors such as the rapid expansion of the pharmaceutical industry, increasing clinical trials, and growing investments in healthcare infrastructure are driving the demand for pharmacovigilance software across countries like China, India, and Japan. Additionally, the rising focus on developing generic drugs and biosimilars is boosting the need for robust drug safety systems in this region.

Key Players in the Market

The competitive landscape of the Pharmacovigilance and Drug Safety Software Market is characterized by the presence of several key players who are focusing on product innovation, strategic collaborations, and mergers & acquisitions to strengthen their market position. Some of the leading companies in this sector include Oracle Corporation, ArisGlobal, Sparta Systems, Ennov, Veeva Systems, and United BioSource LLC. These companies are investing in R&D to introduce advanced software solutions that address the evolving needs of the pharmaceutical industry and regulatory bodies.

Conclusion

The global Pharmacovigilance and Drug Safety Software Market is on a path of significant growth, driven by the increasing emphasis on drug safety, regulatory compliance, and the adoption of cutting-edge technologies. As the pharmaceutical sector continues to innovate and expand, the need for reliable pharmacovigilance software will remain crucial, offering substantial growth opportunities for market players over the next decade.

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Life Science Analytics Market Scenario, Size, Outlook and Forecast Report, 2030

The global life science analytics market size was valued at USD 9.0 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. 

The life science industry is rapidly adopting analytics and relies on descriptive and reporting analysis in building databases and uses prescriptive and predictive analysis in estimating future trends and results, which is anticipated to propel the market growth. Another key driving force significantly impacting the life sciences industry is the rising influence of social media and the internet, which directly impacts patient engagement and drives the adoption of analytical solutions. Healthcare facilities and life science organizations are readily adopting analytical solutions to enhance clinical, financial, and operational outcomes and minimize healthcare expenditure, which will drive the market.

Life science organizations are rapidly implementing advanced analytics in their various functionalities such as supply chain, R&D activities, clinical trial designing, regulatory compliance, sales and marketing, and pharmacovigilance. Life science organizations and other healthcare industry stakeholders are rapidly adopting advanced data mining techniques and big data analytics to accurately analyze the population at high risk and strategize accordingly to drive the market. Healthcare financing organizations and government bodies are implementing predictive analytics in claims management and prevention of frauds, which is further boosting market growth.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

Life Science Analytics Market Report Highlights

• The services component segment dominated the market in 2022 due to the lack of expertise and resources in life science organizations, which drives them to outsource these services

• The descriptive type segment led the market in 2022 owing to the rising adoption of descriptive analytics on historic datasets to understand the current business scenarios

• The sales and marketing support application segment captured the largest revenue share in 2022 owing to the rising adoption of analytical solutions in enhancing customer responsiveness and engagement to improve sales productivity

• The on-demand delivery segment dominated the market in 2022 owing to the growing demand for cloud-deployed and web-hosted analytical solutions

• By end-user, the pharmaceutical segment held the largest revenue share in 2022 owing to the rising adoption of analytical solutions in clinical trials management and growing product pipeline

• North America dominated the market in 2022 owing to the availability of adequate healthcare IT infrastructure and higher digital literacy

Browse through Grand View Research's Healthcare IT Industry Research Reports.

• The global pharmacy inventory management software solutions and cabinets market size was valued at USD 6.10 billion in 2023 and is projected to grow at a CAGR of 7.9% from 2024 to 2030.

• The global healthcare predictive analytics market size was estimated at USD 14.58 billion in 2023 and is projected to grow at a CAGR of 24.0% from 2024 to 2030. 

Life Science Analytics Market Segmentation

Grand View Research, has segmented the global life science analytics market on the basis of component, type, application, delivery, end-user, and region:

Life Science Analytics Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software

• Services

Life Science Analytics Type Outlook (Revenue, USD Million, 2018 - 2030)

• Reporting

• Descriptive

• Predictive

• Prescriptive

Life Science Analytics Application Outlook (Revenue, USD Million, 2018 - 2030)

• Research and Development

• Sales and Marketing Support

• Regulatory Compliance

• Supply Chain Analytics

• Pharmacovigilance

Life Science Analytics Delivery Outlook (Revenue, USD Million, 2018 - 2030)

• On-demand

• On-premises

Life Science Analytics End User Outlook (Revenue, USD Million, 2018 - 2030)

• Medical Device

• Pharmaceutical

• Biotechnology

• Others

Life Science Analytics  Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o Germany

o U.K.

o France

o Italy

o Spain

o Denmark

o Sweden

o Norway

• Asia Pacific

o Japan

o China

o India

o South Korea

o Australia

o Thailand

• Latin America

o Brazil

o Mexico

o Argentina

• Middle East & Africa

o South Africa

o Saudi Arabia

o UAE

o Kuwait

Order a free sample PDF of the Life Science Analytics Market Intelligence Study, published by Grand View Research.

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Pharmacovigilance Market Size, Share, Growth, Analysis Forecast to 2030

Pharmacovigilance Industry Overview

The global pharmacovigilance market size was estimated at USD 7.32 billion in 2023 and is anticipated to grow at a CAGR of 6.8% from 2024 to 2030.

The rising incidence of Adverse Drug Reactions (ADRs) owing to drug abuse and the prevalence of diseases that require a combination of drugs are the major growth drivers for the market. In addition, an upward shift in the production of novel drugs and the presence of stringent government regulatory frameworks for drug safety are significantly boosting the market growth. For instance, the U.S. FDA and the EU’s European Medical Agency (EMA) formulate regulatory guidelines for all phases of clinical trials. Moreover, advancements in the development of ADR databases and information systems have enabled accurate reporting of information, which can be further utilized by research professionals for prospective clinical studies, thereby fueling overall growth.

Gather more insights about the market drivers, restrains and growth of the Pharmacovigilance Market

A rise in the incidence of chronic diseases, such as cancers, diabetes, and cardiovascular & respiratory disorders, has led to an increase in drug consumption worldwide. According to a WHO report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in nonhospital setups. Increasing drug development activities in areas such as personalized medicines, biosimilars, orphan drugs, and companion diagnostics, along with adaptive trial designs, is projected to boost the demand for pharmacovigilance services in the coming years.

Furthermore, the increasing incidence of ADR and drug toxicity is fueling the market growth. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in a year are due to ADR in Europe. Furthermore, a February 2022 article published in the Journal of Current Medicine Research and Practice titled "Characterization of Seriousness and Outcome of Adverse Drug Reactions in Patients Receiving Cancer Chemotherapy Drugs - A Prospective Observational Study" revealed that serious Adverse Drug Reactions (ADRs) in the U.S. result in over 100,000 deaths annually and have been a major health concern since the past decade.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

The global personalized medicine market was valued at USD 529.28 billion in 2023 and is projected to grow at a CAGR of 8.20% from 2024 to 2030.

The global medical writing market size was valued at USD 3.8 billion in 2022 and is expected to expand at a CAGR of 10.46% from 2023 to 2030.

Key Pharmacovigilance Company Insights

The market is characterized by a few notable players, including Accenture, IQVIA, Cognizant, Aris Global, and IBM Corporation. These manufacturers are actively utilizing strategic initiatives such as mergers and acquisitions to strengthen their market positions. For instance, in October 2023,  IQVIA strategically collaborated with argenx to advance treatment to patients with rare autoimmune diseases through innovative and integrated technology-enabled pharmacovigilance (PV) safety services and solutions.

"We look forward to collaborating closely with IQVIA on this important business need. We aim to innovate in all that we do and IQVIA’s technology-enabled PV services and solutions will allow for efficient data integration as we work to bring new treatment options to autoimmune patients”.

- Tim Van Hauwermeiren, CEO, argenx.

In November 2022, Linical Americas (a U.S. subsidiary of The Linical Group) and Science 37 Holdings, Inc. announced a partnership to enable the deployment of hybrid and fully decentralized trials. This partnership will provide enhanced access to Linical’s offerings.

“By partnering with Linical, we have an important new ally in our mission to accelerate clinical research and enable universal access for patients,” “Our technology-enabled Metasite will empower and enhance Linical’s solutions, helping patient’s access new life-changing treatments quicker, in the largest and most prevalent therapeutic areas.”

- ”David Coman, Chief Executive Officer of Science 37

Recent Developments

In March 2023, ICON plc and LEO Pharma announced partnerships to impel execution of clinical trials in medical dermatology space.

“We’ve been exploring several outsourcing models but found a hybrid sourcing model to be the most efficient. Partnering with ICON supports our 2030 strategy as it will help us to bring innovative treatments to patients faster while also supporting a more sustainable business through scalability and flexibility. “ICON’s wealth of services and leading position in clinical development will support LEO Pharma’s R&D strategy building on driving innovation through partnerships and support staying competitive.”

- Jörg Möller, Executive Vice President and head of Global R&D at LEO Pharma

In February 2023, Parexel International Corporation announced the launch of Expert Series-New Medicines, Novel Insights. The series features latest insights from company’s cross-functional experts postanalysis of trends that impact drug development and evidence-based guidance for the biopharmaceutical industry.

“Cutting-edge medicines are becoming more personalized and precise across the therapeutic landscape, while the process to develop those therapies is reaching new heights of complexity. “Parexel’s New Medicines, Novel Insights research series offers expert-led guidance to deliver on the promise of patient-focused drug development and bring impactful treatments to patients more rapidly.”

- Amy McKee, MD, Chief Medical Officer and Head of Oncology Center of Excellence

Key Pharmacovigilance Companies

The following are the leading companies in the pharmacovigilance market These companies collectively hold the largest market share and dictate industry trends

Accenture

IQVIA Inc.

Cognizant

Clinquest Group B.V. (Linical Americas)

IBM

Laboratory Corporation of America Holdings

ArisGlobal

Capgemini

ITClinical

ICON plc.

TAKE Solutions Limited

Parexel International (MA) Corporation

Wipro

United BioSource LLC

BioClinica Inc. (Clario)

ClinChoice (formerly FMD K&L

Order a free sample PDF of the Pharmacovigilance Market Intelligence Study, published by Grand View Research.

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Healthcare Contract Research Organization Market to Reach USD 88.07 Billion by 2031

Robust Growth Projected for Healthcare CRO Sector Driven by Increased R&D Investments

TheHealthcare Contract Research Organization (CRO) market, valued at USD 50.5 billion in 2023, is set to experience significant growth, with projections indicating it will reach USD 88.07 billion by 2031. This represents a robust compound annual growth rate (CAGR) of 7.2% over the forecast period from 2024 to 2031.

Factors Driving Market Expansion

The market’s expansion is largely driven by rising investments in research and development (R&D) across the pharmaceutical, biotechnology, and medical device industries. As companies increasingly outsource their clinical trials and research activities to specialized CROs to streamline operations and reduce costs, the demand for these services has surged.

Technological Advancements and Service Diversification

Technological advancements and the growing complexity of clinical trials are also contributing to market growth. CROs are investing in cutting-edge technologies such as artificial intelligence (AI) and advanced data analytics to enhance trial efficiency and accuracy. Additionally, the increasing demand for specialized services, including regulatory affairs and pharmacovigilance, is further expanding the scope of CRO operations.

Regional Insights and Market Dynamics

North America remains the largest market for Healthcare CROs, driven by a high concentration of pharmaceutical and biotechnology companies. However, the Asia-Pacific region is anticipated to exhibit the highest growth rate, fueled by increasing clinical trial activities and a growing number of pharmaceutical companies in emerging markets.

Future Outlook

With a favorable outlook for the healthcare CRO market, driven by ongoing advancements in technology and increasing R&D investments, the sector is poised for continued growth. The focus on efficiency, innovation, and specialized services will likely shape the future landscape of the Healthcare CRO market through 2031.

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The Pharmacovigilance Market is projected to grow from USD 9,574.26 million in 2023 to USD 18,325.43 million by 2032, at a compound annual growth rate (CAGR) of 7.48%.Pharmacovigilance, the science and activities related to detecting, assessing, understanding, and preventing adverse effects or any other drug-related problem, has gained critical importance in the global healthcare landscape. As the pharmaceutical industry continues to grow, so does the need for rigorous pharmacovigilance practices to ensure drug safety and efficacy. The pharmacovigilance market, therefore, has seen significant expansion, driven by regulatory requirements, the increasing complexity of drug development, and the rising incidence of adverse drug reactions (ADRs).

Browse the full  report at https://www.credenceresearch.com/report/pharmacovigilance-market

Market Drivers

One of the primary drivers of the pharmacovigilance market is the stringent regulatory environment established by health authorities such as the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and other national agencies. These organizations require pharmaceutical companies to monitor the safety of their products post-approval and report any adverse events. Failure to comply with these regulations can result in significant financial penalties and reputational damage. As a result, companies are investing heavily in pharmacovigilance activities to maintain compliance and protect patient safety.

Another significant driver is the increasing volume and complexity of clinical trials. As drug development processes become more sophisticated, with the rise of personalized medicine, biologics, and gene therapies, the need for effective pharmacovigilance systems has become more pronounced. These advanced therapies often come with complex safety profiles, necessitating more robust monitoring and reporting mechanisms.

Furthermore, the global rise in chronic diseases such as diabetes, cardiovascular diseases, and cancer has led to an increase in long-term drug use. This trend has amplified the need for continuous monitoring of drug safety over extended periods, further boosting the pharmacovigilance market.

Technological Advancements

The integration of technology in pharmacovigilance has been a game-changer, transforming how data is collected, analyzed, and reported. Artificial intelligence (AI) and machine learning (ML) are being increasingly utilized to automate routine tasks such as case processing and signal detection, thereby improving efficiency and reducing human error. AI algorithms can sift through vast amounts of data to identify patterns and predict potential adverse drug reactions before they occur, significantly enhancing the proactive capabilities of pharmacovigilance systems.

Additionally, the use of big data analytics in pharmacovigilance has enabled companies to analyze real-world data from various sources, including electronic health records (EHRs), social media, and patient registries. This approach provides a more comprehensive view of a drug's safety profile and helps in the early detection of safety signals. The integration of cloud computing has also facilitated the seamless sharing of pharmacovigilance data across different geographies, ensuring timely reporting and compliance with global regulations.

Market Segmentation

The pharmacovigilance market can be segmented based on service providers, type of method, end-users, and region. Service providers include in-house departments within pharmaceutical companies and contract research organizations (CROs) that offer outsourced pharmacovigilance services. The growing trend of outsourcing pharmacovigilance activities to specialized CROs has gained traction due to cost-efficiency and access to expertise.

Based on the type of method, the market is divided into spontaneous reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining. Spontaneous reporting remains the most widely used method, but the adoption of more advanced techniques like EHR mining is on the rise due to its ability to provide real-time data and improve signal detection accuracy.

End-users of pharmacovigilance services include pharmaceutical and biotechnology companies, medical device manufacturers, and regulatory authorities. Pharmaceutical companies are the largest consumers of these services, given their responsibility for ensuring drug safety throughout the product lifecycle.

Regional Insights

Geographically, North America dominates the pharmacovigilance market, driven by the presence of a large number of pharmaceutical companies, stringent regulatory frameworks, and advanced healthcare infrastructure. The U.S., in particular, is a significant contributor to market growth due to its robust drug safety regulations and a high volume of drug approvals.

Europe follows closely, with countries like the UK, Germany, and France leading the charge in pharmacovigilance activities. The region’s well-established regulatory environment and strong emphasis on patient safety have fueled market expansion.

The Asia-Pacific region is expected to witness the fastest growth in the coming years, driven by the burgeoning pharmaceutical industry in countries like India and China, increasing clinical trial activities, and growing awareness of drug safety issues.

Challenges and Future Outlook

Despite its growth, the pharmacovigilance market faces several challenges, including the high cost of implementing and maintaining robust pharmacovigilance systems, the complexity of global regulatory requirements, and the need for skilled personnel. Moreover, the increasing volume of data generated from various sources presents challenges in data integration and analysis.

Looking ahead, the pharmacovigilance market is expected to continue its upward trajectory, driven by the ongoing advancements in technology, the increasing complexity of drug development, and the global focus on patient safety. As the industry evolves, companies that can effectively leverage technology and maintain compliance with regulatory requirements will be well-positioned to thrive in this dynamic market.

Key Player Analysis

Accenture

IQVIA Inc.

Cognizant

Clinquest Group B.V. (Linical Americas)

IBM

Laboratory Corporation of America Holdings

ArisGlobal

Capgemini

ITClinical

ICON plc.

TAKE Solutions Limited

Parexel International (MA) Corporation

Wipro

United BioSource LLC

BioClinica Inc. (Clario)

ClinChoice (formerly FMD K&L)

Segments:

Based on Product Life Cycle:

Pre-clinical

Phase I

Phase II

Phase III

Phase IV

Based on Type:

Spontaneous Reporting

Intensified ADR Reporting

Targeted Spontaneous Reporting

Cohort Event Monitoring

EHR Mining

Based on Service Provider:

In-house

Contract Outsourcing

Based on End-use:

Pharmaceuticals

Biotechnology Companies

Medical Device Manufacturers

Others

Based on Process Flow:

Case Data Management

Case Logging

Case Data Analysis

Medical Reviewing & Reporting

Signal Detection

Adverse Event Logging

Adverse Event Analysis

Adverse Event Review & Reporting

Risk Management System

Risk Evaluation System

Risk Mitigation System

Based on Therapeutic Area:

Oncology

Neurology

Cardiology

Respiratory Systems

Others

Based on the Geography:

North America

U.S.

Canada

Mexico

Europe

Germany

France

U.K.

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

South-east Asia

Rest of Asia Pacific

Latin America

Brazil

Argentina

Rest of Latin America

Middle East & Africa

GCC Countries

South Africa

Rest of the Middle East and Africa

Browse the full  report at https://www.credenceresearch.com/report/pharmacovigilance-market

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Understanding Pharmaceutical Supply Chain Management

Pharmaceutical supply chain management (PSCM) is a critical and complex aspect of the healthcare industry. It encompasses the entire process of producing and delivering medications to patients, ensuring that they receive safe, effective, and timely treatments. The importance of PSCM cannot be overstated, as any disruption or inefficiency can have serious consequences for patient health and safety. This blog will explore the key components of pharmaceutical supply chain management, the challenges it faces, and the emerging trends shaping its future.

Key Components of Pharmaceutical Supply Chain Management

Procurement: This is the initial stage where raw materials, active pharmaceutical ingredients (APIs), and other necessary components are sourced. The procurement process must ensure quality, regulatory compliance, and cost-effectiveness.

Manufacturing: After procurement, these materials are used in the manufacturing process to produce pharmaceutical products. This stage involves stringent quality control and compliance with Good Manufacturing Practices (GMP) to ensure the safety and efficacy of the final product.

Warehousing and Inventory Management: Once produced, pharmaceutical products are stored in warehouses under controlled conditions. Inventory management is crucial to prevent stockouts or overstock situations, both of which can be costly and harmful.

Distribution and Logistics: This involves the transportation of products from manufacturing facilities to distributors, pharmacies, hospitals, and ultimately, to the patients. The logistics process must maintain the integrity of the products, often requiring cold chain logistics for temperature-sensitive medications.

Regulatory Compliance: The pharmaceutical supply chain is highly regulated to ensure that products are safe, effective, and of high quality. Compliance with international standards and regulations, such as the FDA in the U.S. and the EMA in Europe, is essential at every stage of the supply chain.

Pharmacovigilance: After the products reach the market, continuous monitoring is necessary to track their performance, safety, and any adverse effects. This feedback loop helps in making informed decisions about product recalls or modifications.

Challenges in Pharmaceutical Supply Chain Management

Complexity and Fragmentation: The pharmaceutical supply chain is often fragmented, with multiple stakeholders involved at different stages. This complexity can lead to inefficiencies, communication breakdowns, and increased risks of errors.

Regulatory Variations: Different countries have varying regulatory requirements, making it challenging for pharmaceutical companies to maintain compliance across all markets. Navigating these regulations requires significant resources and expertise.

Counterfeit Drugs: The global nature of the pharmaceutical supply chain has made it vulnerable to the infiltration of counterfeit drugs. Ensuring the authenticity of products is a major challenge, requiring advanced technologies like serialization and blockchain.

Cold Chain Logistics: Many pharmaceutical products, especially vaccines and biologics, require strict temperature control during transportation and storage. Maintaining the cold chain is critical to preserving the efficacy of these products, but it also adds complexity and cost.

Demand Forecasting and Inventory Management: Accurately predicting demand and managing inventory levels is a constant challenge in PSCM. Overestimating demand can lead to wasted resources, while underestimating it can result in stockouts and unmet patient needs.

Emerging Trends in Pharmaceutical Supply Chain Management

Digitalization and Automation: The adoption of digital technologies and automation is transforming PSCM. Advanced analytics, AI, and machine learning are being used to optimize processes, predict demand more accurately, and improve decision-making.

Blockchain Technology: Blockchain is being increasingly used to enhance traceability and transparency in the pharmaceutical supply chain. By providing an immutable record of every transaction, blockchain helps in combating counterfeit drugs and ensuring the integrity of the supply chain.

Sustainability: There is a growing emphasis on making the pharmaceutical supply chain more sustainable. This includes reducing waste, minimizing the environmental impact of transportation, and adopting greener manufacturing practices.

Personalized Medicine: The rise of personalized medicine is leading to more complex and customized supply chains. This trend requires greater flexibility and responsiveness in manufacturing and distribution processes.

Collaborative Networks: Companies are increasingly forming collaborative networks to share resources, data, and expertise. These partnerships help in overcoming challenges, such as regulatory compliance and logistics, and in improving overall supply chain efficiency.

Conclusion

Pharmaceutical supply chain management is a dynamic and challenging field that plays a critical role in ensuring the availability and safety of medications. As the industry continues to evolve, embracing new technologies and innovative approaches will be essential for overcoming challenges and meeting the growing demands of healthcare systems worldwide. By focusing on digitalization, sustainability, and collaboration, pharmaceutical companies can build more resilient and efficient supply chains, ultimately improving patient outcomes and advancing global health.