Pharmacovigilance Market Is Projected To Witness A High Growth Rate In Coming Years || Cognizant, Labcorp Drug Development, IQVIA, IQVIA, Parexel International Corporation

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Pharmacovigilance Market Size, Growth Rate, And Forecast

The global pharmacovigilance market size grew from $6.66 billion in 2022 to $7.62 billion in 2023 at a compound annual growth rate (CAGR) of 14.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pharmacovigilance market size is expected to grow to $11.98 billion in 2027 at a CAGR of 12.0%.

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Pharmacovigilance Market Drivers

The growing incidences of adverse drug reactions are expected to propel the growth of the pharmacovigilance market going forward. An adverse drug reaction is defined as a harmful, unpleasant, or dangerous reaction resulting from the use of any medicinal product. Pharmacovigilance personnel is primarily responsible for monitoring adverse drug reactions (ADRs) in order to ensure safe drug usage and ensure drug safety prior to approval for public use. For instance, according to United Nations Office on Drugs and Crime (UNODC) World Drug Report published in 2021, approximately 36 million persons worldwide suffered from drug use disorders in 2020, out of 275 million drug users. Therefore, the growing incidence of adverse drug reactions is promoting the growth of the pharmacovigilance market.

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Pharmacovigilance Market Segments

• By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining

• By Service Provider: In-House, Contract Outsourcing

• By Process Flow: Case Data Management, Signal Detection, Risk Management System

• By Clinical Trial Phases: Preclinical, Phase I, Phase II, Phase III, Phase IV

• By End User: Hospitals, Pharmaceutical Companies, Other End Users

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the pharmacovigilance market.

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Pharmacovigilance Market Key Players
Major competitors in the pharmacovigilance market are Cognizant, Labcorp Drug Development, IQVIA, IQVIA, Parexel International Corporation, BioClinica Inc., Clinquest Inc., ITClinical, TAKE Solutions Limited, United BioSource LLC, Wipro Limited, Bristol-Myers Squibb Company, Linical Americas.

The Business Research Company's "Global Pharmacovigilance Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.

The Table Of Content For The Pharmacovigilance Market Include:
1. Executive Summary
2. Pharmacovigilance Market Characteristics
3. Pharmacovigilance Market Trends And Strategies
4. Pharmacovigilance Market - Macro Economic Scenario
5. Pharmacovigilance Market Size And Growth
………………
27. Pharmacovigilance Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Pharmacovigilance Market
29. Pharmacovigilance Market Future Outlook and Potential Analysis
30. Appendix

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