Pharmacovigilance Market Size to Reach USD 7778 Million by 2027 at a CAGR of 8.1% | Valuates Reports

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BANGALORE, India, Nov. 15, 2021 /PRNewswire/ -- Pharmacovigilance Market is Segmented by Type (Chemotherapy, Contract Outsourcing), by Application (Pharma and Biotech Companies, Contract Research Organizations (CROs), Business Process Outsourcing (BPO) Firms, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.

The global Pharmacovigilance market size is projected to reach USD 7778 Million by 2027, from USD 4385.7 Million in 2020, at a CAGR of 8.1% during 2021-2027.

Major factors driving the growth of the pharmacovigilance market

Pharmacovigilance (PV) software comprises a drug safety management software solution that enables the creation, classification, review, submission, and maintenance of pharmacovigilance data and adverse event reports. This PV software is used by pharma and biotech companies, contract research organizations (CROs), business process outsourcing firms (BPOs), and other pharmacovigilance service providers.

The pharmacovigilance market is likely to be driven by an increase in medication research and development activity. Pharmacovigilance (PV) is a mandatory part of the medication research and discovery process.

Furthermore, the rising rate of Adverse Drug Reactions (ADR) is a major driver for the growth of the pharmacovigilance market. ADR is one of the leading causes of morbidity in affluent countries, putting a significant strain on healthcare systems.

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TRENDS INFLUENCING THE GROWTH OF PHARMACOVIGILANCE MARKET

Increased medication use has resulted from an increase in the prevalence of chronic diseases such as oncological diseases, diabetes, and cardiovascular and respiratory problems around the world. As a result, there is a greater demand for novel drug development through large clinical trials. This, in turn, is projected to propel the Pharmacovigilance market forward.

The pharmacovigilance market is predicted to grow in response to the rising prevalence of Adverse Drug Reactions (ADR). When a pharmaceutical drug is first introduced to the market, there is still a lot of uncertainty about its safety. Once marketed, medicines are used by patients with a variety of conditions, who are taking several medications, and who have various traditions and diets, all of which can influence how people react to a pharmaceutical. Different brands of medicines may differ in the way they are made and the substances they contain. In each country, adverse medication responses and poisonings linked to traditional and herbal medicines must also be tracked.

To cut costs and cut operational expenses, leading pharma corporations in industrialized countries are outsourcing Pharmacovigilance services. Contact research groups in developing regions should be able to increase their revenue share as a result of this. Manufacturers are rethinking their product development methods in order to meet the needs of patients all around the world. During the projected period, these factors are expected to boost demand for pharmacovigilance services.

Furthermore, the recent COVID-19 pandemic and ongoing vaccine research efforts have considerably increased the need for effective pharmacovigilance techniques.

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PHARMACOVIGILANCE MARKET SHARE ANALYSIS

North America is likely to be the most profitable region. Drug addiction and adverse drug reactions are on the rise, and they are a primary cause of morbidity and death. This serves as a high-growth rendering factor for the North American market. The regional market is expected to rise as key players increase their investment in novel drug development.

MAJOR PLAYERS IN THE PHARMACOVIGILANCE MARKET

• Eli Lilly and Company
• ICON
• Elsevier
• Chiltern
• Atlantic Research Group
• Mapi Group
• Accenture
• Clinquest Group
• GSK
• PRA Health Sciences.

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SIMILAR REPORTS 

-  The global Pharmacovigilance and Drug Safety Software market size is projected to reach USD 171.5 Million by 2027, from USD 116.7 Million in 2020, at a CAGR of 5.2% during 2021-2027.

-  The global Contract Research Organization (CRO) market size is projected to reach USD 124230 million by 2027, from USD 58000 million in 2020, at a CAGR of 11.4% during 2021-2027.

-  The global Pharmaceutical Contract Manufacturing and Contract market size is projected to reach USD 127440 Million by 2027, from USD 82550 Million in 2020, at a CAGR of 6.4% during 2021-2027.

-  Global Healthcare Contract Research Organization Sales Market Report 2021

-  Global Pharmacovigilance Outsourcing Market Size, Status and Forecast 2021-2027

-  Global Pharmacovigilance Software Market Size, Status and Forecast 2021-2027

-  Global Drug Safety Solutions and Pharmacovigilance Market Size, Status and Forecast 2021-2027

-  The global healthcare information technology (IT) market size was valued at USD 250,577.15 Million in 2020 and is projected to reach USD 880,688.75 Million by 2030, registering a CAGR of 13.3% from 2021 to 2030.

-  The global Digital Healthcare market size is projected to reach USD 95430 Million by 2026, from USD 77240 Million in 2020, at a CAGR of 22.4% during 2021-2026.

-  The global Healthcare Artificial Intelligence market size is projected to reach USD 2256 Million by 2027, from USD 558.6 Million in 2020, at a CAGR of 21.5% during 2021-2027.

-  The global Healthcare Virtual Assistants market size is projected to reach USD 996.2 Million by 2027, from USD 293.9 Million in 2020, at a CAGR of 18.5% during 2021-2027.

-  The global Healthcare Cloud Computing market size is projected to reach USD 75710 Million by 2027, from USD 25110 Million in 2020, at a CAGR of 17.1% during 2021-2027.

-  The global Healthcare BPO market size is projected to reach USD 316930 Million by 2027, from USD 178070 Million in 2020, at a CAGR of 8.6% during 2021-2027.

-  The global Augmented and Virtual Reality in Healthcare Market size is projected to reach USD 4367 Million by 2027, from USD 962.6 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 23.6% during 2021-2027.

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