Pharmacovigilance: A Leading Driver Behind Research And Development Drive Growth In The Pharmacovigilance Market Market Expansion in 2025

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What Will the Pharmacovigilance Industry Market Size Be by 2025?
Recently, the pharmacovigilance market has expanded significantly. The market size is projected to escalate from $8.58 billion in 2024 to $9.64 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 12.4%. The historical growth can be linked to factors such as the rising incidence of adverse drug reactions (ADRs), escalated research and development activities, surging drug development rates, an increasing emphasis on personalized medicine, and the heightened prevalence of chronic diseases.

What's the Long-Term Growth Forecast for the Pharmacovigilance Market Size Through 2029?
In the forthcoming years, the pharmacovigilance market is predicted to witness significant acceleration in its size. It's projected to reach a valuation of ""$15.5 billion by 2029, expanding at a compound annual growth rate (CAGR) of 12.6%. The reasons for such growth include enhanced healthcare spending, increased aid from the government, and an elderly population. The period of forecast will also see several trends making headway, such as an increase in investments, application of artificial intelligence, deployment of innovative platforms and cloud-based systems, and strategic consolidation through mergers and acquisitions.

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What Are the Key Growth Drivers Fueling the Pharmacovigilance Market Expansion?
The growth of the pharmacovigilance market is propelled by escalating research and development activities. Pharmaceutical firms' investment in R&D allows for the creation of innovative and safer drugs. Throughout the drug development process, thorough preclinical and clinical trials aid in the early detection of potential safety issues and the implementation of suitable risk reduction tactics. Furthermore, R&D initiatives foster the progression of technology for observing adverse events, data analysis, and signal identification. This aids in the prompt discovery of adverse drug responses in the post-marketing stage. For example, as stated by Llywodraeth Cymru Welsh Government, a UK-based government body, in 2022, Wales contributed £1.0 billion ($1.25 billion) towards Business Expenditure on Research and Development (BERD), making up 1.9% of the total UK spending in this sphere. Therefore, the uptick in research and development activity has underpinned the expansion of the pharmacovigilance market.

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Which Emerging Trends Are Transforming the Pharmacovigilance Market in 2025?
Firms in the pharmacovigilance market are leveraging artificial intelligence (AI) to enhance their proficiency. AI has the potential to boost the precision and effectiveness of pharmacovigilance tasks, ultimately leading to improved patient outcomes. By employing AI, pharmaceutical firms can streamline their operations, enhance data management, and fast-track drug discovery, while also minimizing expenses and increasing safety. For example, in August 2024, the Indian Government introduced the Adverse Drug Reaction Monitoring System (ADRMS) software, unveiled by the Minister of Health & Family Welfare and the Minister of Chemicals and Fertilizers. This pharmacovigilance software aids in gathering and analyzing adverse events related to medicines and medical devices, simplifying the reporting process for both users and medical practitioners. This move considerably fortifies India's pharmacovigilance infrastructure by ensuring more thorough safety data capture and bolstering drug safety monitoring. The ADRMS strives to enhance the efficacy of drug safety supervision and compliance with guidelines, thereby establishing India as a frontrunner in the international pharmaceutical sector.

How Is the Pharmacovigilance Market Segmented?
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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Which Companies Are Leading the Charge in Pharmacovigilance Market Innovation?
Major companies operating in the pharmacovigilance market include IQVIA, Cognizant, ICON Plc, 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.

Which Regions Are Leading the Global Pharmacovigilance Market in Revenue?
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.

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