Global Pharmacovigilance Market

Global Pharmacovigilance Market Opportunities And Strategies 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s pharmacovigilance market report forecasts the pharmacovigilance market size to grow to $11.98 Billion by 2027, with a CAGR (compound annual growth rate) of 12%.

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Pharmacovigilance Market Size Forecast
The global pharmacovigilance market is expected to grow from $6.66 billion in 2022 to $7.62 billion in 2023 at a compound annual growth rate (CAGR) of 14.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pharmacovigilance market size is expected to grow to $11.98 billion in 2027 at a CAGR of 12.0%.

North America held the largest pharmacovigilance market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Pharmacovigilance Market Driver ­– Growth In The Incidences Of Adverse Drug Reactions
According to the United Nations Office on Drugs and Crime (UNODC) World Drug Report 2021, approximately 36 million people worldwide suffered from drug use disorders in 2020, out of 275 million drug users. As a result, the rising incidence of adverse drug reactions is driving the pharmacovigilance market forward.

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Key Pharmacovigilance Market Trend – Technological Advancement
Many pharmacovigilance companies are implementing advanced technological solutions, such as artificial intelligence (AI), to reduce cycle time, improve quality and accuracy, provide scalable and futuristic solutions, increase productivity, and improve compliance. For example, Saama Technologies, Inc., a clinical research technology company based in the United States, will launch the Active Safety Analytics for Pharma (ASAP) platform in October 2020, based on RWD-technology and its pharmacovigilance technology. ASAP is the first validated pharmacovigilance system to use the TreeScan safety signal detection technology and the FDA Sentinel Common Data Model, both of which were developed in collaboration with Gilead Sciences. ASAP introduces a new standard for using real-world data (RWD), such as claims and electronic medical records, to improve safety surveillance and pharmacovigilance (EMR) data.

Pharmacovigilance Market Segment
1) By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining
2) By Service Provider: In-House, Contract Outsourcing
3) By Process Flow: Case Data Management, Signal Detection, Risk Management System
4) By Clinical Trial Phases: Preclinical, Phase I, Phase II, Phase III, Phase IV
5) By End User: Hospitals, Pharmaceutical Companies, Other End Users

Pharmacovigilance Market Major Players and Strategies
Major players in the pharmacovigilance market are Accenture, Cognizant, Labcorp Drug Development, IQVIA, IQVIA, Parexel International Corporation, BioClinica Inc., Clinquest Inc., ITClinical, TAKE Solutions Limited, United BioSource LLC, Wipro Limited, Bristol-Myers Squibb Company, Linical Americas, iMEDGlobal, Boehringer Ingelheim International GmbH, Novartis AG, Ecron Acunova Limited, and Sanofi.

Ergomed PLC, a UK-based pharmaceutical industry service provider, paid $10 million for Ashfield Pharmacovigilance Inc. in January 2020. Ergomed PLC. will strengthen its CRO business in the US market as a result of this acquisition, and will become a global leader in pharmaceutical service specialists. Ashfield Pharmacovigilance Inc. is a pharmacovigilance company based in the United States.

The Pharmacovigilance Global Market Report 2023 covers regional data on pharmacovigilance market size, pharmacovigilance market trends and drivers, opportunities, strategies, and pharmacovigilance market competitor analysis. The countries covered in the pharmacovigilance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Pharmacovigilance is the science and practise of identifying, evaluating, comprehending, and mitigating side effects and other medical/vaccination-related issues. It is used to determine whether the benefits of a drug outweigh the risks, and it does not end once the drugs are approved.

View More Reports Related To The Pharmacovigilance Market –
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