U.K. Pharmacovigilance Market Trends & Future Scope to 2028
U.K. Pharmacovigilance Industry Overview
The U.K. pharmacovigilance market size was valued at USD 211.05 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.9% from 2021 to 2028.
Rising incidence of Adverse Drug Reactions (ADRs) owing to drug abuse and the prevalence of diseases that require a combination of drugs are major growth drivers of the overall market. In addition, an upward shift in the production of new drugs and the presence of a stringent government regulatory framework for drug safety are responsible for the significant growth of the market. Advancements in the development of ADR databases and information systems have enabled reporting accurate information, which can be further utilized by research professionals for prospective clinical studies, thereby fueling the overall demand for the market. Moreover, increasing drug development activities in areas, such as personalized medicines, biosimilars, orphan drugs, companion diagnostics, along with adaptive trial designs, are projected to boost the demand for pharmacovigilance (PV) services in the coming years. According to the Royal Society of Chemistry Position Paper, U.K. had been a world spearhead in medicines discovery and research with as a minimum 10 of the top-selling drugs globally having U.K.-trained PhD organic chemists as named originators.
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The pandemic is changing the way the industry is handling ongoing or upcoming clinical trials. The pandemic has accelerated the need for remote and risk-based monitoring in clinical research, which, in turn, has augmented the acceptance of virtual trial technology. This technology was deployed to speed vaccine development and helped secure full-service COVID trials and new studies. The U.K. government has adopted progressive technologies to support the processing of adverse event reports relating to COVID-19 vaccines, paying Genpact U.K. USD 2.08 million (£1.5) to develop a powerful, vaccine-specific AI tool to sift through adverse drug reactions. The pandemic has shown how these new technologies can help corporations quickly and accurately navigate complex administrative necessities, particularly amid the influx of new data. For instance, ArisGlobal, through LifeSphere MultiVigilance, offers an end-to-end safety system with production-ready automation.
The U.K. has left the European Union and the Brexit transition period came to an end in December 2020. By the end of this period, the legal framework changed, disturbing all involved parties. Starting from January 2021, the U.K. will only have one main medication regulator-the Medicines and Healthcare products Regulatory Agency (MHRA), which will retain full accountability for pharmacovigilance.
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- Artificial Intelligence Market – The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030.
- Pharmacovigilance Market – The global pharmacovigilance market size was valued at USD 6.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2030. An increase in the prevalence of chronic diseases such as oncological diseases, diabetes, and cardiovascular and respiratory disorders has led to an increase in drug consumption worldwide.
Market Share Insights
- January 2021: Reddy’s Laboratories Ltd. has chosen ArisGlobal’s LifeSphere Signal and Risk Management system for its worldwide pharmacovigilance team.
- November 2020: The MHRA delivered several documents that serve as guidelines to help affected parties, particularly Marketing Authorization Holders (MAH) in the whole country, to acclimate to the future scenario.
- June 2019: Cancer Research U.K. chose Ideagen’s Q-Pulse and PleaseReview product.
Key Companies profiled:
Some prominent players in the U.K. pharmacovigilance market include
- Accenture
- Cognizant
- IBM Corporation
- ArisGlobal
- ICON plc.
- Capgemini
- IQVIA
- TAKE Solutions Ltd.
- PAREXEL International Corporation
- BioClinica Inc.
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