A Study by Coherent Market Insights, The Global Pharmacovigilance Market was valued at US$ 5,008.2 Mn in 2019 and is forecast to reach a value of US$ 13,284.0 Mn by 2027 at a CAGR of 13.0% between 2020 and 2027.

Another crucial factor contributing to market dynamics is the increasing globalization of clinical trials and drug development. With pharmaceutical companies conducting trials in diverse geographical locations, the need for a standardized global pharmacovigilance framework becomes paramount. Harmonization of reporting standards and collaboration among regulatory authorities and industry stakeholders are essential to address regional variations and ensure a comprehensive global perspective on drug safety.

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