Global Pharmacovigilance Market Report 2023: A $7.1 Billion Market in 2022 Fueled by Growing Drug Consumption - Forecasts to 2031

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May 25, 2023, 13:45 ET

DUBLIN, May 25, 2023 /PRNewswire/ -- The "Global Pharmacovigilance Market Report and Forecast 2023-2031" report has been added to ResearchAndMarkets.com's offering.

The global pharmacovigilance market value was USD 7.10 billion in 2022, driven by the rising drug consumption across the globe. The market size is anticipated to grow at a CAGR of 11.3% during the forecast period of 2023-2031 to achieve a value of USD 18.61 billion by 2031.

The global pharmacovigilance market encompasses various activities, such as adverse event reporting, signal detection, risk management, and regulatory compliance, carried out by pharmaceutical companies, contract research organizations (CROs), and regulatory agencies.

Pharmacovigilance Market Scenario

The global pharmacovigilance market has experienced significant growth in recent years, driven by factors such as the increasing prevalence of chronic diseases, rising drug consumption, growing concerns about drug safety, and stringent regulatory requirements.

Moreover, the expanding drug development pipeline, increasing number of clinical trials, and the emergence of advanced pharmacovigilance technologies have contributed to the market's expansion.

North America: The largest market for pharmacovigilance, driven by factors such as the advanced healthcare infrastructure, a strong focus on research and development, and the presence of major pharmaceutical companies and CROs.

Europe: The second-largest market, with increasing demand for pharmacovigilance services due to growing concerns about drug safety and stringent regulatory requirements.

Asia-Pacific: Expected to witness the highest growth rate due to factors such as a rapidly aging population, increasing prevalence of chronic diseases, and growing investments in healthcare infrastructure.

Key Trends in the Pharmacovigilance Market

Outsourcing of pharmacovigilance activities: Pharmaceutical companies are increasingly outsourcing pharmacovigilance activities to contract research organizations (CROs) to reduce costs, streamline operations, and access specialized expertise, driving market growth

Adoption of advanced technologies: The integration of advanced technologies such as artificial intelligence (AI), machine learning, and data analytics has improved the efficiency and effectiveness of pharmacovigilance processes, contributing to market expansion

Growing emphasis on risk management and post-marketing surveillance: The increasing focus on risk management and post-marketing surveillance has led to a greater demand for pharmacovigilance services, particularly in the area of signal detection and risk evaluation

Pharmacovigilance Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players.

The major companies in the market are as follows:

Drug Safety Solutions Limited
Worldwide Clinical Trials
Baroclinica
United Biosource LLC, Ennov
AB Cube France
Covance Inc
Accenture
PRA Health Sciences, Inc
Ergomed Plc
IQVIA
Genpact
Cognizant
Parexel International Corporation
ArisGlobal
ICON plc
Oracle
Syneos Health

Pharmacovigilance Market Segmentations

Market Breakup by Type

Spontaneous Reporting
Intensified Adverse Drug Reaction (ADR) Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
Electronic Health Record (EHR) Mining
Others

Market Breakup by Service Provider

In - House
Contract Outsourcing

Market Breakup by Product Life Cycle

Pre -Clinical
Phase-I
Phase -II
Phase -III
Phase -VI

Market Breakup by End User

Hospitals
Pharma and Biotech Companies
Contract Research Organizations (CROS)
Healthcare Providers
Others

Patent Analysis

Analysis by Type of Patent
Analysis by Publication year
Analysis by Issuing Authority
Analysis by Patent Age
Analysis by CPC Analysis
Analysis by Patent Valuation
Analysis by Key Players

Grants Analysis

Analysis by year
Analysis by Amount Awarded
Analysis by Issuing Authority
Analysis by Grant Application
Analysis by Funding Institute
Analysis by NIH Departments
Analysis by Recipient Organization

Funding Analysis

Analysis by Funding Instances
Analysis by Type of Funding
Analysis by Funding Amount
Analysis by Leading Players
Analysis by Leading Investors
Analysis by Geography

Partnership and Collaborations Analysis

Analysis by Partnership Instances
Analysis by Type of Partnership
Analysis by Leading Players
Analysis by Geography

Regulatory Framework

Regulatory Overview
US FDA
EU EMA
INDIA CDSCO
JAPAN PMDA
Others

For more information about this report visit https://www.researchandmarkets.com/r/tyida2

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