MEA Pharmacovigilance Market

MEA Pharmacovigilance Market Size (2023 to 2028)

The size of the Middle East and Africa pharmacovigilance market was worth USD 0.38 Billion in 2023. The regional market is expected to be valued at USD 0.76 billion by 2028, growing at a CAGR of 14.36% from 2023 to 2028.

The growing number of people suffering from chronic diseases in the Middle East and African countries is expected to boost the need for pharmacovigilance in MEA and result in regional market growth. The prevalence of chronic diseases such as cancer, cardiovascular disease, and diabetes is growing significantly in MEA countries. The growing patient population suffering from chronic diseases in the MEA region is anticipated to boost the demand for the greater production of various combinations of drugs for treatments. The approved drugs undergo clinical tests to check for possible side effects during the manufacturing process. Detecting these side effects is majorly done through pharmacovigilance. Likewise, the demand for pharmacovigilance services in the MEA region is growing in the MEA region.

The increasing need for innovative drugs to address the growing burden of various diseases in the MEA region is expected to fuel the market’s growth rate. For instance, owing to the increasing spread of the coronavirus, researchers and pharmaceutical companies are focusing on the development of drugs and vaccine which helps the prevention and reduction of the disease. However, when using this medication, some people experience severe side effects that may lead to severe complications in their entire life. Some side effects after using the pharmaceutical drugs are headache, nausea, hair loss, memory loss, diarrhea, skin discoloration, increased sugar levels, formation of kidney stones, tiredness, etc. In addition, pharmaceutical companies also manufacture drugs for cancer, spinal cord pain management, and others.

The growing usage of technological developments in pharmacovigilance further propels the MEA market growth. For instance, artificial intelligence and machine learning are used in pharmacovigilance services for the best results. Furthermore, increasing government support, sufficient time for the verification of the drug side effects, and increasing awareness about the consumption of safe drugs by a large population are expected to drive the pharmacovigilance market forward in the MEA region.

On the other hand, the lack of skilled pharmacovigilance professionals limits the market growth. In addition, a lack of awareness, particularly in developing countries like South Africa and the United Arab Emirates, also inhibits the market's growth rate. Also, variations in raw material availability limit the growth of the pharmacovigilance market in the MEA. Furthermore, issues associated with the healthcare infrastructure and lack of funding from the governments favoring pharmacovigilance in the Middle East and African countries are expected to hinder regional market growth.

This research report on the MEA pharmacovigilance market has been segmented and sub-segmented into the following categories:

By Clinical Trial Phase: 

• Pre-clinical
• Phase I
• Phase II
• Phase III
• Phase IV

By Service Provider: 

• In-house
• Contract Outsourcing

By Method: 

• Spontaneous Reporting
• Intensified ADR Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring
• EHR Mining             

By Country: 

• KSA
• UAE
• Israel
• rest of GCC countries
• South Africa
• Ethiopia
• Kenya
• Egypt
• Sudan
• rest of MEA

Regionally, the MEA is anticipated to register a moderate share in the global pharmacovigilance market during the forecast period. Rising government initiatives to strengthen pharmacovigilance management, increasing investment in R&D activities, and technological advancements in the healthcare sector are propelling the pharmacovigilance market in this region. In addition, the increasing efforts from the key market players to increase awareness programs through medical tourism are expected to boost market growth. As a result, the countries such as South Africa, UAE, and Saudi Arabia majorly contribute to the MEA regional market growth.

Saudi Arabia and Egypt are predicted to occupy a considerable share of the MEA market during the forecast period owing to the presence of advanced pharmacovigilance for detecting approved drugs and ensuring drug safety. In Egypt, this drug's safety is undertaken by the Egyptian Ministry of Health and Population, which provides some guidelines and the best drugs to the patients, reducing the side effects after the drug usage and increasing the treatment quality.

During the forecast period, the market in Algeria is predicted to showcase a healthy CAGR owing to the increasing number of training centers for pharmacovigilance and increasing job opportunities. The government has changed several guidelines for adopting safe drugs for the population. As a result, well-trained professionals with the certification are only allowed to work in the workplace to detect or find the adverse effects of the drug. In Algeria, there is also the presence of veterinary pharmacovigilance, which helps with market growth. Furthermore, increasing online and offline pharmacies in this region to support drug availability for various diseases also demands the production of various drugs, which results in the need for pharmacovigilance services to detect the drug's safety.

KEY MARKET PLAYERS:

Boehringer Ingelheim, Accenture, Bristol-Myers Squibb, Covance, ICON, PAREXEL, Quintiles, United BioSource, Synowlwedge, and Cognizant Technology Solutions Corporation are notable players in the MEA pharmacovigilance market.