Bharat Book Bureau Provides the Trending Market Research Report on “Global Pharmacovigilance Market Report and Forecast 2023-2031” under Life Sciences Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
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.
Pharmacovigilance, also known as drug safety, refers to the collection, analysis, monitoring, and prevention of adverse effects associated with pharmaceutical products. The primary objective of pharmacovigilance is to ensure the safe and effective use of medications by identifying, evaluating, and minimizing potential risks. 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
Some key trends of the market are as follows:
•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
•United Biosource LLC, Ennov
•AB Cube France
•PRA Health Sciences, Inc.
•Parexel International Corporation
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