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Pharmacovigilance Market global sales are expected to grow at a CAGR of 14.5% by 2032, due to increasing cases of chronic disease | insightSLICE

The Pharmacovigilance market was valued at US$ 4.9 billion in 2021 and is anticipated to expand at a CAGR of 14.5% through 2032.

Pharmacovigilance is a branch of pharmacology that deals with preventing, gathering, monitoring, spotting, and evaluating adverse effects related to pharmaceutical drugs. Commonly referred to as drug safety.

By supplying quality, well-written information for the efficient assessment of the risk-benefit portfolio of drugs, pharmacovigilance focuses on improving patient care and clinical governance connected to the use of medications and sustaining public health programs.

Each medicine might have both beneficial and negative side effects. The primary focus of pharmacovigilance is on drug toxicity and adverse drug responses (ADR).

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Some unintended catastrophes are documented during clinical studies in hospitals, pharmacies, as well as other healthcare settings. These occurrences fall under the pharmacovigilance market.

Due to the rising need for healthcare organizations to recognize and use outsourcing services, the pharmacovigilance market will develop over the forecast period.

Pharmacovigilance’s main objectives are to support the evaluation of a medicine’s benefit, harm, effectiveness, and risk as well as to promote its dependable, logical, more efficient, and cost-effective usage. In addition, it aspires to advance public understanding of pharmacovigilance, as well as its education, training, and clinical application.

The key players of the Global Pharmacovigilance Market are:

Market competition for pharmacovigilance services is average. There are some large corporations present in this sector. Few of the big players presently control the market and account for a sizeable portion of the pharmacovigilance market share.

Some of the major companies involved in the global pharmacovigilance market include BioClinica Inc., ICON plc., IQVIA, Accenture, ArisGlobal, FMD K&L, Capgemini, Cognizant, United BioSource Corporation, IBM Corporation, ITClinical, Laboratory Corporation of America Holdings, TAKE Solutions Ltd., Clinical Accelovance, PAREXEL International Corporation, and Wipro Ltd.

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Increased medication consumption coupled with an uptick in diseases like diabetes, hypertension, and cardiac disorders will boost the growth:

Growing instances of adverse drug responses, rising drug consumption, expanding drug discovery rates, rising toxic side effects, and a growing tendency of outsourcing pharmacovigilance activities are some of the main drivers propelling the market’s expansion.

Chronic illnesses like hypertension, diabetes, and heart ailments are becoming more and more common as a result of sedentary lifestyles, a lack of physical activity, changing lifestyle patterns, and poor nutritional practices.

This has the effect of significantly increasing drug consumption, which suggests a large demand for drug monitoring and further supports the expansion of the pharmacovigilance business.

The demand for routine drug tracking has expanded along with rising drug usage, which has eventually fuelled the pharmacovigilance market’s expansion. Standardization is also necessary for new drug development to grow the pharmacovigilance market as a whole.

 Global Pharmacovigilance Market Key Segments:

By Type:

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

By Product Life Cycle:

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

By Service Provider:

  • Outsourcing
  • In-House

By Process Flow:

  • Risk Management System
  • Signal Detection
  • Case Data Management

By Therapeutic Area:

  • Respiratory Systems
  • Oncology
  • Cardiology
  • Neurology
  • Others

By End-Use:

  • Medical Device Manufacturers
  • Biotechnology Companies
  • Pharmaceuticals
  • Others

By Geography:

  • North America
    • United States
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • United Kingdom
    • Italy
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • Japan
    • India
    • China
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

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The leading market segments of Global Pharmacovigilance Market

In the end-user segment, pharmaceutical companies are anticipated to hold the largest market share:

The pharmaceutical businesses category is predicted to hold the biggest market share in 2019 based on end-user. Over the forecast period, the pharmaceutical segment is anticipated to dominate and continue its growth. Additionally, it is anticipated that the biotechnology sector will experience rapid expansion during the research study time.

To improve patients’ health and quality of life, pharmaceutical companies must invest in the research and development of new compounds, the introduction of new medications, and the strict conduct of clinical trials and product development activities.

Finally, they must maintain relationships with patients and healthcare professionals following ethical and legal standards.

Within various research and development sections, major pharmaceutical corporations have pharmacovigilance professionals with extensive experience.

This progress has been fuelled by heightened awareness of the crucial roles played by pharmacovigilance, development, and advertising of a variety of pharmaceuticals, as well as by stricter and more thorough regulatory requirements.

The pharmaceutical industry is undergoing such changes, which are causing the pharmacovigilance market to expand rapidly.

North America currently controls the market and is anticipated to remain so during the forecast period:

The pharmacovigilance sector is dominated by North America, and it is anticipated that this monopoly will last for a few more years. The US pharmacovigilance system is evolving from a reactive to a proactive role in the healthcare system as a result of the fluctuating high costs of internal pharmacovigilance activities.

According to a 2017 article in the Journal of the American Medical Association, one out of every three medications in the United States may have safety concerns. As a result, it is necessary to alter the current procedures to allow for speedy contact between medical professionals and the FDA.

Additionally, businesses are anticipated to concentrate on in-depth product innovation research, which is likely to have a favourable impact on regional growth. The United States is therefore likely to have a considerable market share in North America and to expand at a substantial rate over the forecast period.

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Last Updated: 16-Nov-2022