Pharmacovigilance Market Overview 2023 to 2028, Future Trends and Forecast | Eli Lilly and Company, ICON plc, Elsevier
The Worldwide Pharmacovigilance Market was worth USD 6.70 billion in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 6.5% between 2023 and 2028. The rising frequency of chronic illnesses such as diabetes, cancer, respiratory problems, and cardiovascular disease has boosted medication consumption and necessitated massive clinical trials to find new treatments. Pharmacovigilance (PV) services are in high demand since they are critical in guaranteeing medication safety and monitoring Adverse medication Reactions (ADRs). Furthermore, academic activities encouraging Pharmacovigilance (PV) are projected to aid in market growth.
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The Key companies profiled in the Pharmacovigilance Market:
The study examines the Pharmacovigilance Market's competitive landscape and includes data on Eli Lilly and Company, ICON plc, Elsevier, Chiltern, Atlantic Research Group, Mapi Group, Clinquest Group B.V., GSK, PRA Health Sciences, Inc. & Others.
Global Pharmacovigilance Market Split by Product Type and Applications
This report segments the Pharmacovigilance Market on the basis of Types:
On the basis of Application, the Pharmacovigilance Market is segmented into:
Pharma and Biotech Companies
Contract Research Organizations (CROs)
Business Process Outsourcing (BPO) Firms
Other Pharmacovigilance Service Providers
Because of developments in software and services, pharmacovigilance outsourcing is gaining traction in terms of income and expansion. The emergence of an information technology platform has prepared the way for a prosperous worldwide market. Furthermore, the development of COVID-19 has created several prospects for pharmaceutical firms to develop innovative vaccines, which have already begun clinical testing. This element has paved the way for the market, which is the most crucial stage of any medication development process. Furthermore, in November 2020, the European Medicines Agency and national competent authorities will implement the EU Regulatory Network's pharmacovigilance strategy for COVID-19 vaccines.
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North America led the market in 2022, accounting for more than 30% of the total. The presence of large pharmaceutical and medical device businesses in the region improves the region's income tremendously. The rising prevalence of drug addiction and accompanying ADRs contribute to regional market expansion. Furthermore, rising patient knowledge and worries about medication safety have a favorable influence on the market. During the projection period, Asia Pacific is expected to develop at the quickest CAGR of 8%. The region's growing generic medication sector is largely driving this expansion. Factors such as rising ADR instances, increased public safety awareness, and rigorous government regulations are expected to drive pharmacovigilance market development in the area.
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3. To become more competitively aware of the top Pharmacovigilance market players
4. It gives pin point investigation of changing rivalry elements and keeps you in front of contenders.
5. It helps in settling on educated business choices by having total bits of knowledge of the market and by making inside and out investigations of market sections.
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Pharmacovigilance market is split by Type and by Application. For the period 2018-2029, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.
The demand for enhanced manufacturing, pharmacovigilance, clinical data management, R&D streamlining, and medical writing is driven by the competitive market for novel compounds. Pharmaceutical markets are increasingly outsourcing pharmacovigilance services in order to improve flexibility, timeliness, and results. Outsourcing has advantages such as regulatory compliance, quality improvement, increased productivity, and strategic results. Small biotech and pharma firms frequently lack in-house safety knowledge, according to Veeva Systems' February 2021 blog. Modern PV technologies allow businesses to outsource safety services while keeping control and data access, encouraging openness and collaboration with service providers or Contract Research Organisations (CROs).
Major Point of Table of Contents:
Chapter 1 Industry Overview
Chapter 2 Global Pharmacovigilance Competition by Types, Applications, and Top Regions and Countries
Chapter 3 Production Market Analysis
Chapter 4 Global Pharmacovigilance Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Pharmacovigilance Market Analysis
Chapter 6 East Asia Pharmacovigilance Market Analysis
Chapter 7 Europe Pharmacovigilance Market Analysis
Chapter 8 South Asia Pharmacovigilance Market Analysis
Chapter 9 Southeast Asia Pharmacovigilance Market Analysis
Chapter 10 Middle East Pharmacovigilance Market Analysis
Chapter 11 Africa Pharmacovigilance Market Analysis
Chapter 12 Oceania Pharmacovigilance Market Analysis
Chapter 13 South America Pharmacovigilance Market Analysis
Chapter 14 Company Profiles and Key Figures in Pharmacovigilance Business
Chapter 15 Global Pharmacovigilance Market Forecast (2023-2028)
Chapter 16 Conclusions
Global Pharmacovigilance Market Research FAQs
1. What is the study period of this Pharmacovigilance Market?
2. What is the growth rate of this Market?
3. Which region has the highest growth rate in this Market?
4. Which region has the largest share in this Market?
5. What are the key contributing factors to the market growth?
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