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AI-Powered Pharmacovigilance Market Takes Flight: Streamlining Drug Safety in the Age of Rising ADRs | Here's How It'll Reach $5.86 Billion by 2032
Pharmacovigilance Market
Pharmacovigilance software encompasses solutions for managing drug safety, facilitating tasks such as data creation, classification, review, submission, and maintenance of pharmacovigilance data and adverse event reports. This software is extensively utilized by pharmaceutical and biotechnology companies, business process outsourcing firms (BPOs), contract research organizations (CROs), and various pharmacovigilance service providers.
According to a thorough research report by Market Research Future (MRFR) titled "Pharmacovigilance Market Information by Clinical Trial Phase, Service Provider, Type, End-User, and Region- Forecast till 2032," the market is projected to exceed USD 5.86 Billion by 2032, with a compound annual growth rate (CAGR) of 8.6%.
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Key Drivers
A significant rise in chronic diseases such as diabetes, cardiovascular disorders, respiratory ailments, and oncological conditions has led to increased global drug consumption. Consequently, there's a heightened demand for new drug development, necessitating extensive clinical trials. Pharmacovigilance (PV) plays a pivotal role in drug discovery and development processes, and the increasing occurrence of Adverse Drug Reactions (ADRs) is expected to drive market demand in the forthcoming years.
The global pharmacovigilance market is highly competitive, prompting companies to focus on introducing new molecules that necessitate enhanced pharmacovigilance, streamlined R&D, improved manufacturing operations, medical writing, and clinical data management. Increasingly, companies are turning to outsourcing as a cost-effective strategy. Outsourcing enhances internal resource flexibility, expedites timelines, and achieves more successful outcomes at reduced costs. Consequently, outsourcing has become a prevailing trend in the global pharmacovigilance market and is poised to drive future growth. Additionally, a surge in government interventions and efforts to enhance pharmacovigilance practices should further benefit the global market.
Market Restraints
A shortage of skilled and experienced healthcare professionals, particularly in developing economies, coupled with substantial expenditures required to maintain compliance levels, may pose significant growth challenges in the coming years.
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Pharmacovigilance Market Competitive Outlook
Some of the top contenders in the global pharmacovigilance market are:
ArisGlobal (US)
BioClinica (US)
Capgemini (France)
Clinquest Group BV (Netherlands)
Cognizant (US)
IBM Corporation (US)
ICON plc. (Ireland)
IMEDGlobal (US)
ITClinical (Portugal)
Laboratory Corporation of America Holdings (US)
PAREXEL International Corporation (US)
TAKE Solutions Ltd (India)
United BioSource Corporation (US)
Wipro Ltd (India)
Segmentation
Clinical Trial Phase
The global pharmacovigilance market is divided into several clinical trial phases, including Phase IV, Phase III, Phase II, Phase I, and Pre-clinical. Phase IV stands out as the dominant segment due to its role in detecting major adverse drug reactions, while Phase III is projected to experience the fastest growth.
Service Provider
Two primary service provider categories are In-house and Contract outsourcing. Contract outsourcing holds sway in the global pharmacovigilance market and is poised for rapid expansion. Contract manufacturing benefits from economies of scale by serving multiple customers and securing raw materials at reduced costs.
Type
The market is segmented based on types of pharmacovigilance activities, including Spontaneous reporting, Cohort event monitoring, Intensified ADR reporting, Targeted spontaneous reporting, and EHR mining. Spontaneous reporting claims the largest market share, relying on individuals' voluntary reporting of suspected adverse drug reactions to local or national pharmacovigilance centers.
Browse In-depth Market Research Report (111 Pages) on Pharmacovigilance: https://www.marketresearchfuture.com/reports/pharmacovigilance-market-8451
End-User
End-users of pharmacovigilance services encompass Hospitals, Research organizations, pharmaceutical companies, and Others. Hospitals represent the largest share due to increased admissions stemming from adverse drug reactions.
Regional Analysis
The global pharmacovigilance market is analyzed across different regions:
Americas: Comprising North America (US, Canada) and Latin America.
Europe: Further categorized into Western Europe (Germany, France, UK, Italy, Spain, rest of Western Europe) and Eastern Europe.
Asia-Pacific: Encompassing Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific.
Middle East & Africa: Divided into the Middle East and Africa.
The Americas are expected to lead the market, driven by substantial spending in the pharmaceutical industry. Asia-Pacific is projected to witness the fastest growth, fueled by increasing chronic conditions, rising adverse drug reactions, and medication errors.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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