Post Pandemic Impact Outlook on Pharmacovigilance Market and Latest Developments during the forecasted period

The report " Global Pharmacovigilance Market, By Clinical Trial Phase (Preclinical, Phase I, Phase II, Phase III, and Phase IV), By Service Provider (In-house, Contract, and Outsourcing), By Type of Reporting (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, and EHR Mining), By End User (Hospitals, Pharmaceutical Companies, and Others), and Region - Global Forecast to 2030" Global pharmacovigilance market is projected to grow to US $8.0Bn in 2023. Rise in consumption of drug and drug development is the major driving factor for the growth of the global market. For instance, in 2017, there were 7,493 drugs in pre-clinical phase. Moreover, the rise in the incidence of ADR and drug toxicity due to which they need for pharmacovigilance increases is another propelling factor for the growth of the target market. The growing trend of the outsourcing pharmacovigilance services is the fueling factor for the growth of the global market. Nevertheless, the increasing focus on personalized medicines can create an opportunity for the growth of the global market.

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Driver :
An increase in the prevalence of chronic diseases, such as oncological diseases, diabetes, and cardiovascular and respiratory disorders, has led to an increase in drug consumption worldwide. Therefore, the demand for new drug development via extensive clinical trials has increased. Pharmacovigilance (PV) is the inevitable part of drug discovery and development procedures. The increasing incidence of Adverse Drug Reactions (ADRs) is expected to accelerate the demand for PV services.

Restrain: Regulatory mandates on clinical trial conduct and post-marketing vigilance are expected to spur the demand for PV services in the coming years. However, owing to the factors such as high risk associated with data security, lack of global regulatory harmonization, and lack of data standardization for adverse event collection, the growth of the pharmacovigilance market is expected to get hindered.

Key Highlights from report:
In 2021, ArisGlobal, the leading provider of life sciences software that automates core drug development functions for over 300 life sciences companies, announced that Shanghai Xihua Scientific Co. Ltd., a fast-growing provider of late-phase drug research and development services for the global pharmaceutical industry, has selected ArisGlobal's LifeSphere MultiVigilance to deliver innovative pharmacovigilance services to their global client base.

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Key Market Insights from the report:
The global pharmacovigilance market accounted for US$ 8.0Bn in 2023 and is also projected to register a moderate CAGR of 14.20% over the forecast period. The market report has been segmented based on the clinical trial phase, service provider, type of reporting, end-user, and region.
• By clinical trial phase, the global pharmacovigilance market is segmented into preclinical, phase I, phase II, phase III, and phase IV
• By service provider, the global market is classified into in-house, contract, and outsourcing
• By type of reporting, the target market is bifurcated into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining
• By end-user, the target market is segmented into hospitals, pharmaceutical companies, and others
• By region, The North America region is expected to dominate the global market over the forecast period due to the concentration of the drug manufacturing companies. The pharmaceutical companies in the North America region is investing heavily in drug development, the usage of the pharmacovigilance is more in this region. The Asia Pacific is expected to show significant growth during the forecast period because of the rise in several vendors providing cost-effective pharmacovigilance services.

Competitive Landscape & their strategies:
The prominent player operating in the global pharmacovigilance market includes Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGloba, Foresight Group International AG, ICON PLC., Capgemini, United BioSource Corporation, and Wipro Ltd. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market.

Related Reports:
Global Life Science Analytics Market

https://www.prophecymarketinsights.com/market_insight/Global-Life-Science-Analytics-Market-3367

Global Clinical Trials Market
https://www.prophecymarketinsights.com/market_insight/Global-Clinical-Trials-Market-By-895

About Report:
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Key questions answered in the report:

• What will the market growth rate of Pharmacovigilance Market in 2026?
• What are the key factors driving the global Pharmacovigilance Market?
• Who are the key manufacturers in Pharmacovigilance Market space?
• What are the market opportunities, market risk and market overview of the Global Pharmacovigilance market?
• What are sales, revenue, and price analysis of top manufacturers of Pharmacovigilance Global market?
• What are sales, revenue, and price analysis by types and applications of Pharmacovigilance Market?
• What are sales, revenue, and price analysis by regions of Pharmacovigilance market?

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This release was published on openPR.