Market Trends of Pharmacovigilance Outsourcing Industry
The Oncology Segment is Expected to Hold Significant Market Share During the Forecast Period
Pharmacovigilance in oncology refers to the specialized monitoring and assessment of safety data related to anticancer drugs and therapies. It involves the systematic collection and analysis of adverse events specific to oncology patients, identification of potential drug-related risks, and proactive risk management strategies to ensure that they are promptly addressed. The increasing prevalence of cancer cases coupled with the rising geriatric population, rising investment in the research and development of cancer drugs, and growing government initiatives to improve the lives of cancer patients are expected to drive the market during the forecast period. The growing prevalence of cancer cases, along with the increasing geriatric population, is expected to increase the demand for research activities for the development of oncology drugs, which further increases the demand for pharmacovigilance outsourcing services for the surveillance of adverse effects caused by new cancer drugs, which will drive the market during the forecast period.
For instance, according to the American Cancer Society 2024 update, about 2 million new cancer cases are expected to be diagnosed in the United States in 2024. Also, 5,480 new cancer cases are likely to be identified in the United States daily. Thus, the high burden of cancer is expected to augment the demand for pharmacovigilance outsourcing services. Cancer therapies require adequate and quick regulatory approvals, clinical trial support, etc., which will boost market growth during the forecast period.
Also, the increasing incorporation of artificial intelligence to enable real-world data collection for oncology pharmacovigilance is expected to increase the outsourcing of pharmacovigilance services to complement the oncology clinical trials. For instance, according to an article published in Clinical Cancer Informatics in May 2024, the ubiquitous uptake of electronic health records (EHRs) in the United States, combined with advances in artificial intelligence (AI), presents new opportunities to leverage real-world data (RWD) collected as a part of routine clinical care to complement clinical trials for oncology pharmacovigilance. Hence, advanced artificial intelligence that can be utilized in pharmacovigilance services is expected to increase the adoption of these services and drive the market during the forecast period. Hence, the increasing prevalence of cancer diseases, the rising geriatric population, and the growing incorporation of artificial intelligence in pharmacovigilance services are expected to drive the market during the forecast period.
North America is Expected to Hold the Significant Market Share During the Forecast Period
The pharmacovigilance outsourcing market in North America is primarily driven by increasing adverse drug reactions and drug abuse in the region, advanced healthcare infrastructure, growing digitalization of healthcare systems, and increasing strategic activities by key players. The increasing government initiatives to reduce adverse drug reactions in the region are expected to increase the demand for pharmacovigilance services, which will drive the market during the forecast period. For instance, in the first half of 2024, the US Food and Drug Administration introduced the Emerging Drug Safety Technology Program (EDSTP), which is specifically focused on the use of artificial intelligence (AI) and other emerging technologies in pharmacovigilance (PV). This initiative solves challenges, such as timely and efficient collection, processing, and evaluation of single and aggregate patient safety data compounded by ever-increasing case volumes faced by pharmaceutical and regulatory bodies. Such initiatives will increase the adoption of pharmacovigilance outsourcing services during the forecast period. Also, increasing strategic activities such as acquisitions and collaborations by key players are expected to drive the market during the forecast period. For instance, in October 2023, IQVIA, a provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, reported a strategic collaboration with Argenx to advance treatment to patients with rare autoimmune diseases through innovative and integrated technology-enabled pharmacovigilance (PV) safety services and solutions. Also, in February 2024, Ergomed Group expanded its presence in the United States by opening a new office in Boston. Through the new office, the company will provide solutions in both rare complex diseases and oncology to the local biotechnology community. The company will provide oncology and rare and complex diseases pharmacovigilance services from this office. Hence, such strategic activities will increase the accessibility of pharmacovigilance services and drive the market during the forecast period. Hence, the increasing demand for government initiatives to increase the adoption of pharmacovigilance services and growing strategic activities, such as collaborations and expansions by key players, are expected to drive the demand for pharmacovigilance outsourcing services and boost the market in North America.
