Global Pharmacovigilance Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the Pharmacovigilance Market from 2024 to 2033?
The market size of pharmacovigilance has seen a swift expansion in the past few years. The forecast predicts a growth from $7.63 billion in 2023, reaching up to $8.67 billion in 2024, with a compound annual growth rate (CAGR) of 13.6%. This historical growth can be credited to factors such as the escalating occurrences of adverse drug reactions (ADRs), a surge in research and development (R&D) initiatives, increasing rates of drug development, a heightened emphasis on individualized medicine, and the growing occurrence of chronic illnesses.
In the coming years, the pharmacovigilance market is predicted to experience swift expansion, reaching a value of $14.11 billion in 2028, with a compound annual growth rate (CAGR) of 12.9%. The elevated healthcare spending, governmental assistance, and an aging population are factors driving growth in the predicted period. The forecast era will also witness significant trends such as increased investments, the adoption of artificial intelligence, the implementation of innovative platforms, the use of pioneering cloud-based systems, and strategic mergers and acquisitions.
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What Factors Are Encouraging Growth in the pharmacovigilance Market?
The pharmacovigilance market is expected to grow due to the escalation in research and development activities. This is achieved through substantial investments in R&D, allowing pharmaceutical companies to create novel and enhanced drugs with superior safety aspects. In-depth preclinical and clinical trials during drug development facilitate early detection of possible safety risks, making it possible to put in place suitable risk-minimization strategies. Moreover, advancements in technologies for monitoring adverse events, data analysis, and signal detection are also a result of R&D, helping in the prompt identification of negative drug reactions after marketing. As an illustration, a recent research by IQVIA, a US-based provider of biopharmaceutical development and commercial outsourcing services, revealed that venture capital deals and investments have seen a rise in the United States over the past two years due to the growing demand in life sciences. They noted that over 2,000 agreements and deal value of $47 billion are anticipated in 2021. In addition, the 15 leading pharmaceutical firms are set to inject a record $133 billion into R&D in 2021, marking a 44% increase from preceding years. Another significant development is that the total count of research participants in upcoming trials is expected to exceed 2 million in 2021, which is more than twice the number seen prior to the study. Such escalating research and development activities consequently foster the growth of the pharmacovigilance market.
Which Segments Play a Vital Role in the Pharmacovigilance Market?
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
What Trends Are Driving Change in the Pharmacovigilance Market?
Pharmaceutical companies within the pharmacovigilance market are turning attention to Artificial Intelligence (AI) as a means to enhance efficiency. AI stands to boost both the efficiency and precision of pharmacovigilance activities, culminating in improved patient results. Through the incorporation of AI, these companies can simplify their operations, enhance the management of data, speed up the drug discovery process, and meanwhile, save on costs as well as bolster safety. In a case point from November 2021, Deloitte, a UK-based professional services firm, joined forces with Sanofi, a French entity that handles pharmacovigilance tasks globally. They created a new-age, AI SaaS platform for unfavourable event case intake called ConvergeHEALTH Safety™, meant to overhaul the PV sector and address some of its key functional challenges. With the platform’s early deployment, Sanofi has already seen a surge in case quality and procedural efficiency within PV, thereby automating the case intake function. This has empowered Sanofi to dedicate its resources to the remaining sections of the AE case workflow as well as to refining the benefit-risk analyses of their drugs.
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What Regions Are Contributing Significantly to the Growth of the Pharmacovigilance Market?
North America was the largest region in the pharmacovigilance market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast region. The regions covered in the pharmacovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Pharmacovigilance Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the pharmacovigilance market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Pharmacovigilance Market Include
1. Pharmacovigilance Market Executive Summary
2. Pharmacovigilance Market Segments
3. Pharmacovigilance Market Size And Template Market Growth Rate
4. Key Pharmacovigilance Market Trends
5. Major Pharmacovigilance Market Drivers
……
25. Key Mergers And Acquisitions In The Pharmacovigilance Market
26. Top Pharmacovigilance Companies
27. Pharmacovigilance Market Opportunities And Strategies
28. Pharmacovigilance Market, Conclusions And Recommendations
29. Appendix
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