Pharmacovigilance (PV) Market is anticipated to grow further up to USD 18.4 billion by 2032 | IBM Corporation, ArisGlobal, ICON plc., Capgemini, ITClinical

The global Pharmacovigilance Market was valued at 6.4 billion in 2022 and it is anticipated to grow up to USD 18.4 billion by 2032, at a CAGR of 11.1% during the forecast period.

Pharmacovigilance is the science and activities related to the detection, assessment, understanding and prevention of adverse effects or any other drug-related problems. Passive surveillance is the most common type of pharmacovigilance activity. It is important because it can identify previously unknown adverse events. However, it has some limitations, such as under-reporting and reporting bias. Active surveillance is less common, but it is useful for monitoring drugs that are used to treat rare conditions. Experimental studies are the most reliable way to assess the safety of a new medicine, but they are usually only conducted during the development and approval process. Pharmacovigilance is a complex and ever-changing field. It requires close collaboration between healthcare professionals, patients and the pharmaceutical industry.

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Market Trends and Drivers

The key drivers of pharmacovigilance (PV) market are the increasing number of clinical trials, the growing prevalence of chronic and life-threatening diseases, and the need for better patient safety.

The number of clinical trials has been increasing over the years as the pharmaceutical industry seeks to develop new and better treatments for various diseases. This has led to an increase in the number of patients being exposed to new drugs, which has in turn led to an increase in the need for PV.

The prevalence of chronic and life-threatening diseases is also a key driver of the PV market. As the population ages, the number of people suffering from chronic diseases such as cancer and heart disease is increasing. This is leading to a greater need for PV, as these patients are often taking multiple medications that need to be closely monitored for safety.

Market Restraints and Challenges

The key restraints and challenges in Pharmacovigilance (PV) market include the following:

Lack of awareness of PV among patients and healthcare professionals: There is a lack of awareness of PV among patients and healthcare professionals. This is a challenge because it can lead to underreporting of adverse events and lack of data for safety monitoring.
Lack of standardization: There is lack of standardization in PV, which is a challenge because it can lead to inconsistency in data collection and analysis.
Limited resources: PV requires significant resources, which can be a challenge for many organizations.

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Global Pharmacovigilance Market Segmentation

By Clinical Trial Phase

• Preclinical
• Phase I
• Phase II
• Phase III
• Phase IV

Major Players in the Global Pharmacovigilance Market

Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Pharmacovigilance market include Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, ICON plc., Capgemini, ITClinical, FMD K&L, IQVIA among others.

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Reasons to buy Pharmacovigilance (PV) Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
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• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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