The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Pharmacovigilance Global Market Report 2024, the pharmacovigilance market is expected to show significant growth in the forecast period.

Market Overview:

• Rapid growth from $7.63 billion in 2023 to $8.67 billion in 2024.
• Compound annual growth rate (CAGR) of 13.6%.

Historic Growth Drivers:

• Increasing incidence of adverse drug reactions (ADRs).
• Growing research and development (R&D) activities.
• Accelerated drug development rates.
• Focus on personalized medicine.
• Rising prevalence of chronic diseases.

Future Projections:

• Expected to reach $14.11 billion by 2028.
• CAGR of 12.9%.
• Driven by rising healthcare expenditure.
• Increased government support.
• Aging population driving demand.

View More On The Pharmacovigilance Market Report 2024 – https://www.thebusinessresearchcompany.com/report/pharmacovigilance-global-market-report

Emerging Trends:

• Increasing investments in pharmacovigilance.
• Use of artificial intelligence (AI).
• Adoption of innovative platforms.
• Cloud-based system advancements.
• Strategic mergers and acquisitions.

Research and Development Drive Growth:

• Investment in R&D:
  • Pharmaceutical companies developing innovative drugs.
  • Enhanced safety profiles through rigorous testing.
• Technological Advancements:
  • Improved adverse event monitoring.
  • Better data analysis and signal detection.
• Case Study:
  • IQVIA study in February 2022

shows venture capital deal activity and investment flows have surged in the life sciences sector. Over 2,000 agreements and $47 billion in deal value were projected in 2021.

• Top 15 pharmaceutical companies invested a record $133 billion in R&D in 2021, a 44% increase from previous years.

Embracing Artificial Intelligence for Enhanced Efficiency:

• AI Integration:
  • AI improves efficiency and accuracy in pharmacovigilance.
  • Streamlines processes, enhances data management, and accelerates drug discovery.
• Industry Collaboration:
  • In November 2021, Deloitte and Sanofi collaborated on ConvergeHEALTH Safety, an AI-driven adverse events case intake platform.
  • Initial deployment increased case quality and processing efficiency, allowing Sanofi to focus on optimizing benefit-risk profiles.

Strategic Acquisitions:

• AmerisourceBergen and Pharma Lex:
  • In January 2023, AmerisourceBergen acquired Pharma Lex to enhance its service offerings.
  • The acquisition provided comprehensive pharmacovigilance systems and benefit-risk management services.
  • Pharma Lex’s team in Germany contributed to end-to-end solutions in pharmacovigilance.

Market Segmentation:

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

Regional Insights:

• North America was the largest region in the pharmacovigilance market in 2023.
• Asia-Pacific is expected to be the fastest-growing region during the forecast period.

The pharmacovigilance market is experiencing robust growth driven by the increasing incidence of adverse drug reactions, expanding R&D activities, and the rising prevalence of chronic diseases. With a projected market size of $14.11 billion by 2028, the industry is set for significant advancements through the integration of AI, innovative platforms, and strategic acquisitions. As the market evolves, the focus on enhancing efficiency, improving safety profiles, and supporting personalized medicine will continue to drive growth and innovation in pharmacovigilance.

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