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Pharmacovigilance Market Growth, Competitive Analysis And Forecast 2023 To 2032 | ITClinical, Cognizant, Labcorp Drug Development, IQVIA, BioClinica Inc
Pharmacovigilance Market Trends
The Business Research Company's Pharmacovigilance Global Market Report 2023 identifies growing incidences of adverse drug reactions as the major driver for the Pharmacovigilance market's growth in the forecast period. 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.
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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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, iMEDGlobal, Boehringer Ingelheim International GmbH, Novartis AG, Ecron Acunova Limited, and Sanofi
A key trend in the Pharmacovigilance market includes technological advancements. Many companies operating in the pharmacovigilance sector are adopting advanced technological solutions such as artificial intelligence (AI) to reduce cycle time, enrich quality and accuracy, provide scalable and futuristic solutions, improve productivity, and improve compliance. For instance, in October 2020, Saama Technologies, Inc., a US-based clinical research technology company, launched the Active Safety Analytics for Pharma (ASAP) platform, based on RWD-technology and its pharmacovigilance technology.
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The Pharmacovigilance market is segmented -
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.
The Business Research Company's "Global Pharmacovigilance Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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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
……
26. Africa Pharmacovigilance Market
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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