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Emerging Trends Influencing The Growth Of The Pharmacovigilance Market: Pharmacovigilance Market Embraces Artificial Intelligence For Enhanced Efficiency And Safety
Pharmacovigilance
How Big Is the Pharmacovigilance Market Size Expected to Be by 2034?
The market size of pharmacovigilance has experienced swift growth in recent years. In terms of value, the market is anticipated to escalate from $8.58 billion in 2024 to $9.73 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 13.5%. Key factors that contributed to the growth during the periods of history include the growing occurrence of adverse drug reactions (ADRs), the surge in research and development (R&D) activities, a rise in the rate of drug development, an increased emphasis on personalized medicine, and the escalating prevalence of chronic illnesses.
The size of the pharmacovigilance market is set to experience impressive expansion in the coming years, reaching an anticipated $15.83 billion by 2029 with a CAGR of 12.9%. This predicted growth in the forecast period can be linked to multiple factors, including a surge in healthcare spending, enhanced government backing, and the progressive aging of the population. Prominent trends expected within the forecast period encompass the rise in investments, adoption of artificial intelligence, utilization of innovative platforms and cloud-based systems, as well as strategic consolidations and acquisitions.
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What Are the Emerging Segments Within the Pharmacovigilance Market?
The pharmacovigilance market covered in this report is segmented -
1) By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining
2) By Service Provider: In-House, Contract Outsourcing
3) By Process Flow: Case Data Management, Signal Detection, Risk Management System
4) By Clinical Trial Phases: Preclinical, Phase I, Phase II, Phase III, Phase IV
5) By End User: Hospitals, Pharmaceutical Companies, Other End Users
Subsegments:
1) By Spontaneous Reporting: Individual Case Safety Reports (ICSRs), Voluntary Reporting Systems, Case Reports From Healthcare Professionals
2) By Intensified ADR Reporting: Active Surveillance Programs, Enhanced Monitoring In Clinical Trials, Risk Minimization Strategies
3) By Targeted Spontaneous Reporting: Reporting For Specific Drug Classes, Condition-Specific Reporting, Focused Surveillance Programs
4) By Cohort Event Monitoring: Prospective Cohort Studies, Retrospective Cohort Studies, Longitudinal Studies
5) By EHR Mining: Data Extraction From Electronic Health Records, Signal Detection Through EHR Analysis, Integration Of EHR Data With Pharmacovigilance Systems
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What Long-Term Drivers Are Shaping Pharmacovigilance Market Trends?
Growth in the pharmacovigilance market is being propelled by escalating research and development activities. Such ventures from pharmaceutical companies allow for the creation of inventive drugs that have enhanced safety measures. An extensive examination during the stages of drug creation caters for early detection of possible safety issues, which allows relevant preventive measures to be put in place. In addition, research and development advancements contribute to the progression of technological methods for monitoring side effects, analyzing data, and detecting signals, enabling early identification of negative drug responses in the post-marketing stage. For example, the Llywodraeth Cymru Welsh Government, a government body in the UK, reported in February 2024 that Wales made a £1.0 billion ($1.25 billion) investment in Business Expenditure on Research and Development (BERD) during 2022, equivalent to 1.9% of the UK's overall expenditure in this field. Thus, the escalation in research and development activities played a crucial role in nurturing the growth of the pharmacovigilance market.
Who Are the Top Competitors in Key Pharmacovigilance Market Segments?
Major companies operating in the pharmacovigilance market include IQVIA, Cognizant, ICON Plc, accenture* plc, PAREXEL International Corporation., United BioSource LLC, ArisGlobal, Quanticate, Wipro Limited, Linical Americas, Novotech CRO, Wuxi Apptec, Simcere Pharmaceutical Group, Lee's Pharmaceutical Holdings, Luye Pharma Group, EXTEDO, Arriello, PrimeVigilance, Axios International, C3i Solutions, Alcon, Secure AI Labs, OmniSol dot Tech, Canna Call Company, Veripad, Prevnos Inc., Lifescient, Inc, BeiGene, QuintilesIMS, Labcorp Drug Development, Pharmaceutical Product Development Inc., PRA Health Sciences, Synowledge LLC, RAPAhub, illuminate health, Invenio Medical, ClinChoice Inc., MSD, Novasyte, Fortrea Holdings Inc, Syneos Health Clinical, Zoetis Inc., Telerx Marketing Inc., Gilead Sciences, Inc., Elanco, Abbott Laboratories, Spimaco, Teva Pharmaceutical Industries Ltd.
What Are the Major Trends Shaping the Pharmacovigilance Market?
Pharmacovigilance market entities are leveraging artificial intelligence (AI) with the objective of enhancing efficacy. AI has the potential to upgrade the precision and output of pharmacovigilance endeavours, leading to improved patient results in the long run. Pharma corporations that employ AI can reconstruct their procedures, enhance data regulation, and expedite drug innovation, all while minimizing expenses and elevating safety standards. For example, in August 2024, the Indian government unveiled the Adverse Drug Reaction Monitoring System (ADRMS) software, pioneered by the Minister of Health & Family Welfare and Minister of Chemicals and Fertilizers. This pharmacovigilance software promotes data collection and assessment of unfavorable incidents associated with medications and medical tools. It simplifies the reporting procedure for both clients and medical practitioners. This approach considerably reinforces India's pharmacovigilance infrastructure through better safety data accumulation and improved medication safety oversight. The ADRMS seeks to enhance the effectiveness of drug safety regulation and adherence to norms, with the end goal of establishing India as a premier player in the global pharmaceutical sector.
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Which Regions Are Becoming Hubs for Pharmacovigilance Market Innovation?
North America was the largest region in the pharmacovigilance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast region. The regions covered in the pharmacovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Pharmacovigilance Market?
2. What is the CAGR expected in the Pharmacovigilance Market?
3. What Are the Key Innovations Transforming the Pharmacovigilance Industry?
4. Which Region Is Leading the Pharmacovigilance Market?
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