Pharmacovigilance Market is expected to reach USD 15.84 Billion by 2030

The global pharmacovigilance market size is expected to reach USD 15.84 Billion by 2030 according to a new study by Polaris Market Research.

The primary drivers of the market include rising medication intake novel drug development frequencies, rising prices of negative drug responses and drug toxicities, as well as an expanding tendency of contracting pharmacovigilance solutions is expected to boost the industry growth. Moreover, the pharmaceutical sector's excessive expenditure, rising incidence of adverse drug events, and drug mistakes are propelling the industry forward. Furthermore, the coronavirus pandemic has produced an emergency demand for a vaccine that has offered several chances for industry participants.

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The contract outsources segment is expected to hold the major shares in the global market during the forecast period due to its benefits such as transforming fixed supply costs into variables, refining on-demand contact to distinctive expertise along with other benefits.

North America is expected to hold the major share in the global market over the forecast period due to increasing investment by the industry players in introducing novel drugs. Moreover, stringent regulations along with the presence of advanced healthcare systems in countries like the U.S. and Canada are expected to create lucrative opportunities for industry growth.

Some of the major players operating in the global market are ArisGlobal, BioClinica, Inc., United BioSource Corporation, Clinquest Group B.V. (Linical Americas), Cognizant, Capgemini, FMD K&L, IBM Corporation, IQVIA, ICON Plc., ITClinical, Linical Accelovance, PAREXEL International Corporation, Laboratory Corporation of America Holdings, TAKE Solutions, and Wipro Limited.

Polaris Market Research has segmented the pharmacovigilance market report on the basis of service provider, product life cycle, type, process flow, therapeutic area, end-use, and region:

Pharmacovigilance, Service Provider Outlook (Revenue - USD Billion, 2018 - 2030)

• In-house
• Contract Outsourcing

Pharmacovigilance, Product Life Cycle Outlook (Revenue - USD Billion, 2018 - 2030)
• Pre-clinical
• Phase I
• Phase II
• Phase III
• Phase IV

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Pharmacovigilance, Type Outlook (Revenue - USD Billion, 2018 - 2030)

• Spontaneous Reporting
• Intensified ADR Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring
• EHR Mining

Pharmacovigilance, Process Flow Outlook (Revenue - USD Billion, 2018 - 2030)

• Case Data Management
o Case Logging
o Case Data Analysis
o Medical Reviewing & Reporting
• Signal Detection
o Adverse Event Logging
o Adverse Event Analysis
o Adverse Event Review & Reporting
• Risk Management System
o Risk Evaluation System
o Risk Mitigation System

Pharmacovigilance, Therapeutic Area Outlook (Revenue - USD Billion, 2018 - 2030)
• Oncology

• Neurology
• Cardiology
• Respiratory Systems
• Others

Pharmacovigilance, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)

• Pharmaceuticals
• Biotechnology Companies
• Medical Device Manufacturers
• Others

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This release was published on openPR.