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The pharmacovigilance market is forecasted to achieve notable growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 12%, as per The Business Research Company’s market report!

Read More On The Pharmacovigilance Market Report 2022 – https://www.thebusinessresearchcompany.com/report/pharmacovigilance-global-market-report

The Pharmacovigilance Market Size In 2022 And Forecast

The global pharmacovigilance market is expected to grow from $5.71 billion in 2021 to $6.64 billion in 2022 at a compound annual growth rate (CAGR) of 16.2%. 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, affecting many markets across the globe. The pharmacovigilance market is expected to reach $10.57 billion in 2026 at a CAGR of 12.3%.

The pharmacovigilance market consists of sales of pharmacovigilance services by entities (organisations, sole traders, and partnerships) that collect, assess, and distribute drug safety and efficiency data.

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Growth In Incidences Of Adverse Drug Reactions Is Driving The Growth Of The Pharmacovigilance Market

For instance, according to United Nations Office on Drugs and Crime (UNODC) World Drug Report published in 2021, approximately 36 million persons worldwide suffered from drug use disorders in 2020, out of 275 million drug users. Therefore, the growing incidence of adverse drug reactions is promoting the growth of the pharmacovigilance market.

Competitive Landscape And The Regional Analysis Of The Pharmacovigilance Market

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.

Additionally, as per TBRC’s research – North America was the largest region in the pharmacovigilance market in 2021 holding the largest market share and Asia Pacific is expected to be the fastest-growing region in the forecast period.

The Pharmacovigilance Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. 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. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the pharmacovigilance market.

Technological Advancement – A Key Trend In The Pharmacovigilance Market

Many companies operating in the pharmacovigilance sector are adopting advanced technological solutions such as Artificial intelligence (AI) to reduce cycle time, enriched quality and accuracy, scalable and futuristic solutions, improve productivity, and better compliance.

Pharmacovigilance Market Segmentation By The Business Research Company

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

Here Are Some Reports Related To The Pharmacovigilance Market –

Pharmaceutical Sterility Testing Global Market Report 2022

Pharmaceutical Drugs Global Market Report 2022

Pharmaceutical Contract Development And Manufacturing Organization (CMO) Global Market Report 2022

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