Pharmacovigilance Market Scope

Market Research Future (MRFR) pharmacovigilance market size report 2021 for the assessment period till 2028. MRFR assessment study reveals that the global pharmacovigilance market is anticipated to register 14.1% CAGR and earn value USD 14.95 Billion by 2028.

Drivers and Restrains Impacting Pharmacovigilance Market Growth

The Pharmacovigilance Market is experiencing unprecedented expansion, owing to a combination of reasons such as increasing drug development difficulties, more regulatory scrutiny, and a heightened focus on patient safety. Pharmacovigilance is critical in maintaining the efficacy and safety of pharmaceutical goods in an era where precision medicine and biopharmaceutical breakthroughs reign supreme. However, the market faces a number of hurdles, including an increase in adverse event reporting, data management complications, and growing regulatory obligations.

Still, the Pharmacovigilance Market remains at the forefront of protecting public health due to its unwavering dedication to modern technology solutions, automation, and worldwide collaboration. As the healthcare landscape advances, it remains the key in ensuring that every prescription supplied provides not just hope but also trust in safety and efficacy.

Segment Analysis of Pharmacovigilance Market

The segment analysis of the global market of pharmacovigilance is done on the basis of clinical trial phase, end-user, service provider, and type.

The clinical trial phase-based segments of the of pharmacovigilance market are phase IV, phase II, phase III, pre-clinical, and phase I. The segment of Phase IV is expected to churn-up considerable revenue for the pharmacovigilance market owing to adverse drug reactions that can be detected in this phase. The segment of the phase III is likely to expand at high pace over the review tenure.

The service provider-based segments of the global market of pharmacovigilance market are contract outsourcing and in-house. The segment of contract outsourcing can acquire high revenue in the near future. The rise of the pharmacovigilance market can be attributed to the increase in number of contract manufacturing dedicated to serve multiple customers, acquiring raw materials at affordable prices to allow economic benefits. 

The type-based segments of the global market of pharmacovigilance are spontaneous reporting, intensified ADR reporting, cohort event monitoring, EHR mining, and targeted spontaneous reporting. The segment of spontaneous reporting can hold the highest share of the global market owing to its passive approach to pharmacovigilance and its reliance on the motivation of patients to report suspected ADRs to any national or local pharmacovigilance center.

The end-user-based segments of the global pharmacovigilance market are hospitals, pharmaceutical companies, and research organizations among others. The segment of hospitals is expected to contribute considerably to the market upsurge owing to rise in number of hospital admissions from ADRs.

Regional Analysis of Pharmacovigilance Market

The market of pharmacovigilance is studied for key regions; the Americas, Europe, Asia Pacific, and the Middle East Asia and Africa to gain regional insights into the market. In the Americas the pharmacovigilance market rise can be attributed to the high expense on pharmaceutical industry. The study of the pharmacovigilance market in the Americas is done for Latin America and North America. North America pharmacovigilance market is assessed for the US and Canada. In Europe, the study of the market of pharmacovigilance is done for the Eastern Europe and the Western Europe. The regional assessment of the Western European is done across the UK, Germany, Italy, France, and Spain, along with the rest of Western Europe. In the Asia Pacific, the market of pharmacovigilance is studied for Japan, China, Australia, and the other regions of Asia Pacific to learn about demographic and geographic factors that is expected to influence the regional market in the region. The increasing increasing prevalence of infection and chronic conditions in the regions of APAC that has resulted due to adverse reaction of drugs and other medication errors can contribute to the regional market expansion. Asia Pacific market can thrive owing to the gradual increase in research and development in the large number of research organizations that are present. In the Middle East Asia and Africa region, the market of pharmacovigilance is likely to rise at a steady pace.

Pharmacovigilance Market Key Players

Accenture (Ireland), BioClinica (US), ArisGlobal (US), Capgemini (France), Cognizant (US), IBM Corporation (US), Conquest Group BV (Netherlands), ICON PLC (Ireland), ITClinical (Portugal), IMEDGlobal (US), Laboratory Corporation of America Holdings (US), TAKE Solutions Ltd (India), United BioSource Corporation (US), PAREXEL International Corporation (US), and Wipro Ltd (India) are some reputed companies that are listed by MRFR pharmacovigilance market outlook report.

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