The latest report by IMARC Group, titled “Pharmacovigilance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global pharmacovigilance market size reached US$ 7.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8.4% during 2023-2028.
Pharmacovigilance refers to the science and activities related to detecting, analyzing, understanding, and preventing adverse effects or other drug-related problems. This field plays a vital role in ensuring that medicinal products are safe and effective for the populations they serve. It is primarily concerned with the safety of pharmaceuticals and involves rigorous monitoring and evaluation of adverse drug reactions (ADRs) reported by healthcare providers and patients. It is crucial in the drug development phase and post-marketing surveillance to ensure that the benefits of the medication outweigh its risks. As a result, pharmacovigilance is widely adopted by pharmaceutical companies, regulatory agencies, and health institutions to provide evidence-based information that supports regulatory decisions, thereby ensuring public safety.
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Pharmacovigilance Market Trends and Drivers:
The global pharmacovigilance market is primarily driven by the growing complexities in drug safety regulations and the heightened demand for new drug developments. Besides this, the rising prevalence of chronic diseases and the associated increase in drug consumption necessitate rigorous drug monitoring, thus spurring the demand for pharmacovigilance services. Moreover, technological advancements, such as the incorporation of artificial intelligence (AI) and machine learning (ML) to improve data analysis capabilities, which enhance the efficiency and accuracy of pharmacovigilance activities, are contributing to market growth. In addition, the rapid expansion of the biopharmaceutical industry and the rising emphasis on the importance of real-world evidence are fueling market growth. Furthermore, as companies aim to ensure both patient safety and regulatory compliance, there is a widespread adoption of pharmacovigilance, thus propelling market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Service Provider:
- In-house
- Contract Outsourcing
Breakup by Product Life Cycle:
- Pre-clinical
- Phase I
- Phase II
- Phase III
- Phase IV
Breakup by Type:
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
Breakup by Process Flow:
- Case Data Management
- Case Logging
- Case Data Analysis
- Medical Reviewing and Reporting
- Signal Detection
- Adverse Event Logging
- Adverse Event Analysis
- Adverse Event Review and Reporting
- Risk Management System
- Risk Evaluation System
- Risk Mitigation System
Breakup by Therapeutic Area:
- Oncology
- Neurology
- Cardiology
- Respiratory Systems
- Others
Breakup by End Use:
- Pharmaceuticals Companies
- Biotechnology Companies
- Medical Device Companies
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Accenture plc
- ArisGlobal LLC
- BioClinica Inc. (Cinven Partners LLP)
- Capgemini
- Cognizant
- International Business Machines Corporation
- ICON plc.
- IQVIA Inc.
- ITClinical
- Parexel International Corporation
- Wipro Limited.
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