Drug Safety Solutions and Pharmacovigilance Market is expected to reach USD 13.91 billion by 2030

The rising prevalence of adverse drug reactions (ADRs) is the primary driver of the drug safety solutions and pharmacovigilance market. Furthermore, the increasing adoption of pharmacovigilance software by outsourcing companies and strict government regulations for drug prior and post-commercialization contribute to the market's overall growth. The market is expected to benefit from research collaborations and partnerships, as well as drug safety solutions and pharmacovigilance automation, which aid in achieving more effective and durable mechanical hemostasis.

Data Bridge Market Research analyses that the drug safety solutions and pharmacovigilance market which was USD 7.8 billion in 2022, is expected to reach USD 13.91 billion by 2030, at a CAGR of 7.50% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Drug safety and pharmacovigilance (PV or PHV) is a scientific procedure for collecting, analyzing, monitoring, and preventing adverse effects in drugs and therapies. Its primary goal is to ensure that pharmaceutical developers meet industry regulatory standards, and it puts additional pressure on biotechnology and pharmaceutical companies to manufacture safe drugs and evaluate their post-sales results.

Recent Developments

In 2019, The Laboratory Corporation of America Health EC and The New Jersey announced a collaboration and the development of a database and information exchange platform. This platform will be beneficial in conjunction with LabCorp's Care Intelligence application. This collaboration will result in better lives and health for LabCorp employees. This will result in increased patient satisfaction and recognition.
In 2019, Parexel International Corporation announced that they had formed a strategic partnership with Datavant, Inc. to connect real-world data, including all clinical trials conducted by Parexel. This collaboration will broaden and extend the company's entire portfolio, making data linking available to more customers.

Some of the major players operating in the drug safety solutions and pharmacovigilance market are:

PPD Inc (U.S.)
Drug Safety Solutions Limited (U.S.)
C3i (U.S.)
Worldwide Clinical Trials (U.S.)
Bioclinica (U.S.)
United Biosource LLC (U.S.)
Ennov (Hong Kong)
AB Cube S.A.S. (France)
Labcorp Drug Development (U.S.)
ICON plc (U.S.)
Ergomed plc (U.K.)
IQVIA (U.S.)
Genpact (U.S.)
Cognizant (U.S.)
Parexel International Corporation (U.S.)
ArisGlobal (U.S.)

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