Over the forecast period, adverse medication or vaccine reactions are anticipated to drive market expansion for pharmacovigilance. For instance, AstraZeneca voluntarily stopped a randomised clinical study of its coronavirus vaccine in September 2020 because a volunteer developed an unexpected sickness. Additionally, a rise in clinical trials is anticipated to help the worldwide pharmacovigilance market expand. For instance, the U.S. National Library of Medicine reports that in 2019, there were 32,523 clinical trials conducted in the U.S., up from 30,978 in 2018.
The size of the global Pharmacovigilance Market, which was expected to be worth US$ 5,008.2 million in 2019, is predicted to grow at a CAGR of 13.0% from 2020 to 2027.
Leading Companies in the Pharmacovigilance Industry:
1. Accenture Plc: Global management consulting company Accenture was established in 1989 and is headquartered in Dublin, Ireland. The company focuses on providing management consulting, systems integration, business process outsourcing, risk management, information technology, and infrastructure outsourcing services. The banking, financial markets, travel, utilities, communications, healthcare, natural resources, energy, media, technology, and retail sectors are just a few of the many industries that Accenture serves. Flutura, an industrial artificial intelligence (AI) business with headquarters in Bangalore, India, has been fully acquired by Accenture (NYSE: ACN).
2. Bristol-Myers Squibb: Built in 1887. Bristol-Myers Squibb finds, creates, and sells medications for a range of therapeutic areas, including immunological, cancer, and cardiovascular illnesses. Bristol is a leader in drug discovery and has immuno-oncology as one of its main areas of concentration. Bristol is more dependent on the American market than the majority of its peer group, with close to 70% of its entire revenues coming from this country. A formal merger agreement between Bristol Myers Squibb (NYSE:BMY) and Turning Point Therapeutics, Inc. (NASDAQ:TPTX) was announced today. Bristol Myers Squibb will purchase Turning Point Therapeutics for $76.00 per share.
3. Clinquest Group B.V.: Established in 1998. Headquarters in the Netherlands, at Amsterdam. Service provider for clinical research. The business specialises in consulting services for the pharmaceutical, biotechnology, biomedical device, and medical data industries. These services include drug discovery and development, implementation, post-approval, and compound partnering programmes. It offers the pharmaceutical and biotech industries services in clinical research, data administration, biostatistics, medical information, and pharmacovigilance.
4. Cognizant Technology Solutions: Established in 1994. United States headquarters. A leading provider of IT services globally, Cognizant works with some of the biggest companies in the consumer goods, media and communications, healthcare, natural resources, and financial services sectors. Despite having its headquarters in Teaneck, New Jersey, Cognizant employs close to 300,000 individuals worldwide, with almost 70% of those workers living in India. The acquisition of AustinCSI, a leading digital transformation consultancy specialising in enterprise cloud and data analytics advisory services, by Cognizant (NASDAQ: CTSH), was announced in 2022.
5. Covance, Inc.: Established in 1996. United States headquarters. A company that offers contract research services to the chemical, medical device, crop protection, and pharmaceutical industries. The business provides end-to-end drug development support to a variety of sectors through the provision of drug development, nonclinical safety evaluation, bioanalytical service, clinical trial testing, toxicology, clinical trial management, and other consulting services. GlobalCare Clinical Trials (July 2020), Rcri (Apr 2019), and PMI Preclinical (Oct 2018) are the most recent acquisitions.
6. GlaxoSmithKline: According to overall sales, GSK is one of the biggest corporations in the pharmaceutical sector. The corporation exercises its influence in a number of therapeutic areas, including vaccines, cancer, antiviral, and respiratory treatments. GSK employs collaborative ventures to increase its market share in niche sectors like the HIV market. A newly independent firm with a focused strategy is expected to become the world leader in consumer health and produce sustainable above-market growth and competitive shareholder returns.
7. ICON, Plc: Founded in 1990. Headquarters in Ireland. Icon is a multinational late-stage contract research organisation that works with pharmaceutical, biotechnology, and medical device companies to develop new drugs and conduct clinical trials. Icon provides ancillary services including laboratory and imaging capabilities in addition to clinical research, which accounts for the great majority of its revenue. Ireland serves as the company's headquarters. ICON completes the $12 billion purchase of PRA Health Sciences.
Definition: Pharmacovigilance is the process and science of monitoring the safety of medicines and taking action to reduce the risks and increase the benefits of medicines.
