Global Pharmacovigilance Market Report 2023: A $7.1 Billion Market in 2022 Fueled by Growing Drug Consumption - Forecasts to 2031
DUBLIN, May 25, 2023 /PRNewswire/ -- The "Global Pharmacovigilance Market Report and Forecast 2023-2031" report has been added to ResearchAndMarkets.com's offering.
The global pharmacovigilance market value was USD 7.10 billion in 2022, driven by the rising drug consumption across the globe. The market size is anticipated to grow at a CAGR of 11.3% during the forecast period of 2023-2031 to achieve a value of USD 18.61 billion by 2031.
The global pharmacovigilance market encompasses various activities, such as adverse event reporting, signal detection, risk management, and regulatory compliance, carried out by pharmaceutical companies, contract research organizations (CROs), and regulatory agencies.
Pharmacovigilance Market Scenario
The global pharmacovigilance market has experienced significant growth in recent years, driven by factors such as the increasing prevalence of chronic diseases, rising drug consumption, growing concerns about drug safety, and stringent regulatory requirements.
Moreover, the expanding drug development pipeline, increasing number of clinical trials, and the emergence of advanced pharmacovigilance technologies have contributed to the market's expansion.
North America: The largest market for pharmacovigilance, driven by factors such as the advanced healthcare infrastructure, a strong focus on research and development, and the presence of major pharmaceutical companies and CROs.
Europe: The second-largest market, with increasing demand for pharmacovigilance services due to growing concerns about drug safety and stringent regulatory requirements.
Asia-Pacific: Expected to witness the highest growth rate due to factors such as a rapidly aging population, increasing prevalence of chronic diseases, and growing investments in healthcare infrastructure.
Key Trends in the Pharmacovigilance Market
Outsourcing of pharmacovigilance activities: Pharmaceutical companies are increasingly outsourcing pharmacovigilance activities to contract research organizations (CROs) to reduce costs, streamline operations, and access specialized expertise, driving market growth
Adoption of advanced technologies: The integration of advanced technologies such as artificial intelligence (AI), machine learning, and data analytics has improved the efficiency and effectiveness of pharmacovigilance processes, contributing to market expansion
Growing emphasis on risk management and post-marketing surveillance: The increasing focus on risk management and post-marketing surveillance has led to a greater demand for pharmacovigilance services, particularly in the area of signal detection and risk evaluation
Pharmacovigilance Market: Competitor Landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players.
The major companies in the market are as follows:
- Drug Safety Solutions Limited
- Worldwide Clinical Trials
- Baroclinica
- United Biosource LLC, Ennov
- AB Cube France
- Covance Inc
- Accenture
- PRA Health Sciences, Inc
- Ergomed Plc
- IQVIA
- Genpact
- Cognizant
- Parexel International Corporation
- ArisGlobal
- ICON plc
- Oracle
- Syneos Health
Pharmacovigilance Market Segmentations
Market Breakup by Type
- Spontaneous Reporting
- Intensified Adverse Drug Reaction (ADR) Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Electronic Health Record (EHR) Mining
- Others
Market Breakup by Service Provider
- In - House
- Contract Outsourcing
Market Breakup by Product Life Cycle
- Pre -Clinical
- Phase-I
- Phase -II
- Phase -III
- Phase -VI
Market Breakup by End User
- Hospitals
- Pharma and Biotech Companies
- Contract Research Organizations (CROS)
- Healthcare Providers
- Others
Patent Analysis
- Analysis by Type of Patent
- Analysis by Publication year
- Analysis by Issuing Authority
- Analysis by Patent Age
- Analysis by CPC Analysis
- Analysis by Patent Valuation
- Analysis by Key Players
Grants Analysis
- Analysis by year
- Analysis by Amount Awarded
- Analysis by Issuing Authority
- Analysis by Grant Application
- Analysis by Funding Institute
- Analysis by NIH Departments
- Analysis by Recipient Organization
Funding Analysis
- Analysis by Funding Instances
- Analysis by Type of Funding
- Analysis by Funding Amount
- Analysis by Leading Players
- Analysis by Leading Investors
- Analysis by Geography
Partnership and Collaborations Analysis
- Analysis by Partnership Instances
- Analysis by Type of Partnership
- Analysis by Leading Players
- Analysis by Geography
Regulatory Framework
- Regulatory Overview
- US FDA
- EU EMA
- INDIA CDSCO
- JAPAN PMDA
- Others
For more information about this report visit https://www.researchandmarkets.com/r/tyida2
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