Steady Growth Ahead: Pharmacovigilance Market to Grow at 8.8% CAGR, Hitting USD 11.5 Billion by 2028

The global pharmacovigilance market, valued at USD 6.1 billion in 2020, is projected to grow at a CAGR of 8.8% from 2021 to 2028. By the end of 2028, the market is expected to reach USD 11.5 billion, driven by the increasing focus on drug safety and regulatory compliance in the pharmaceutical industry.

The main drivers of this market's expansion include rising medication development and consumption rates, rising rates of adverse drug responses and drug toxicity, and a rising tendency of outsourcing various pharmacovigilance services.

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There is an increased need for drug monitoring due to the rising prevalence of lifestyle-related diseases like hypertension, diabetes, and cardiac disorders brought on by sedentary lifestyles, a lack of physical activity, shifting dietary habits, and unhealthy lifestyle choices, which is expected to drive the market's expansion. For example, according to IDF figures published in 2022, there were roughly 537 million individuals (20-79 years) worldwide who had diabetes in 2021, and this number is projected to rise to 643 million by 2030 and finally 783 million by 2050.

Key Findings of the Market Report

• Global medicine consumption has increased as a result of a rise in the incidence of chronic diseases such as diabetes, oncological diseases, and cardiovascular as well as respiratory problems.
• The need for developing new medications through comprehensive clinical trials has grown.
• Pharmacovigilance (PV) is a necessary step in the process of finding new drugs and developing them.
• The need for PV services is anticipated to increase as adverse drug reactions (ADRs) become more common.
• Asia Pacific market for pharmacovigilance is anticipated to gain new heights during the forecast period

Pharmacovigilance Market: Key Trends

• Spontaneous reporting retained the majority of the market in 2021 due to its widespread use in the identification of novel, severe, and uncommon ADRs. This section offers a quick and affordable solution. The extensive use of monitoring reports produced using this technology by the pharmaceutical industry and regulatory bodies is another factor in the segment's rapid expansion.
• Cohort Event Monitoring (CEM) became the second-largest category in 2021 due to its expanding use in the identification of a variety of adverse clinical events. The combination of CEM alongside statistical techniques and data mining platforms like longitudinal health records is what is driving this type's rising popularity. It functions as an active monitoring technique that may be applied to both new and old machines, thus propelling the growth.

Global Pharmacovigilance Market: Key Players

• Accenture
• Bristol-Myers Squibb
• Cognizant
• Clinquest Group BV
• Laboratory Corporation of America Holdings
• IBM Corporation
• Labcorp Drug Development
• ArisGlobal
• ICON plc.
• F.Hoffmann La Roche Ltd.
• Capgemini
• ITClinical
• GlaxoSmithKline PLC

Some developments by the key players in the global market for pharmacovigilance are:

• Cognizant and Medable Inc. engaged into a cooperation in February 2022 in order to jointly supply clinical research solutions built around Medable's software-as-a-service platform for decentralized clinical trials.
• Viedoc and LINK Medical agreed into a collaboration in February 2022 in order to increase trial effectiveness for LINK Medical and its clients. The collaboration enables ongoing exchanges of knowledge, demands, and suggestions as well as the trialing of novel features.

Global Pharmacovigilance Market Segmentation

By Drug Development

• Preclinical Studies
• Phase I
• Phase II
• Phase III
• Phase IV or Post Marketing Surveillance

By Types of Methods

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

By Types of Services

• In-house
• Contract Outsourcing

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

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