The pharmacovigilance market in the United Kingdom is set to experience significant growth, with a projected compound annual growth rate (CAGR) of 12.1% from 2023 to 2033. This promising outlook highlights the increasing focus on drug safety and efficacy, driven by the rising demand for effective adverse event monitoring and regulatory compliance in the pharmaceutical sector.
Pharmacovigilance, the science and activities related to the detection, assessment, understanding, and prevention of adverse effects or any other drug-related problems, is becoming increasingly crucial as the complexity of drug development and approval processes grows. The UK’s robust healthcare system, combined with its stringent regulatory environment, has fostered an ecosystem conducive to advancements in pharmacovigilance practices.
The pharmacovigilance market is set for substantial growth, with expectations to rise from USD 6.87 billion in 2023 to an impressive USD 23.31 billion by 2033. According to a recent report by Future Market Insights (FMI), this remarkable expansion is projected to occur at a compound annual growth rate (CAGR) of 13% throughout the forecast period.
Key Drivers of Market Growth:
- Regulatory Compliance: With regulatory authorities, including the Medicines and Healthcare products Regulatory Agency (MHRA), emphasizing the importance of pharmacovigilance in ensuring patient safety, pharmaceutical companies are investing significantly in developing and implementing robust pharmacovigilance systems.
- Advancements in Technology: The integration of artificial intelligence (AI) and machine learning (ML) in pharmacovigilance processes is revolutionizing data analysis, enabling quicker identification of adverse events and enhancing overall patient safety.
- Rising Awareness: Increased awareness among healthcare professionals and patients about the significance of monitoring drug safety is contributing to the demand for effective pharmacovigilance solutions.
- Growing Pharmaceutical Sector: The expansion of the pharmaceutical industry in the UK, with a focus on innovative therapies, necessitates comprehensive pharmacovigilance practices to ensure the safety and efficacy of new medications.
Pharmacovigilance Trends Explored: Read Our Full Report for Comprehensive Insights!
Market Outlook:
The UK pharmacovigilance market is expected to witness substantial investment in both software solutions and service-based approaches. Companies are increasingly adopting cloud-based pharmacovigilance systems to streamline data management and reporting processes, enhancing overall efficiency and compliance.
As the market continues to evolve, stakeholders, including pharmaceutical companies, regulatory bodies, and healthcare providers, must prioritize the implementation of effective pharmacovigilance strategies to navigate the complexities of drug safety monitoring and ensure optimal patient outcomes.
With a projected CAGR of 12.1% from 2023 to 2033, the UK pharmacovigilance market is on the verge of transformative growth. As the emphasis on drug safety intensifies, stakeholders are encouraged to invest in advanced technologies and systems that bolster pharmacovigilance efforts, ultimately safeguarding public health and enhancing the overall quality of healthcare in the United Kingdom.
Competitive Landscape:
Key players in the pharmacovigilance industry, including pharmaceutical companies, regulatory authorities, and specialized service providers, are actively working to monitor and assess drug safety. They invest in advanced technologies and data analytics to improve pharmacovigilance processes and maintain compliance with regulations.
Recent developments include:
- Qinecsa Solutions Ltd.: Acquired Commonwealth Informatics, Inc. in December 2022, establishing a comprehensive vigilance platform that combines top-tier pharmacovigilance services with a powerful digital platform.
- Italian Medicines Agency: Launched the National Pharmacovigilance Network (RNF) in June 2022, featuring an international standard format for adverse reaction data collection and enhanced report management capabilities.
Key Market Players:
- Accenture Plc.
- Bristol-Myers Squibb
- Clinquest Group B.V.
- Cognizant Technology Solutions
- Covance Inc.
- F. Hoffmann-La Roche Ltd.
- GlaxoSmithKline Plc.
- ICON Plc
- iGATE Corporation
- iMED Global Corporation
- inVentiv Health Inc.
Market Segmentation:
- By Phase of Drug Development: Preclinical Studies, Phase I, Phase II, Phase III, Phase IV
- By Type of Methods: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining
- By Service Type Provider: In-house Pharmacovigilance, Contract Outsourcing
- By Geography: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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