Dublin, July 14, 2023 (GLOBE NEWSWIRE) -- The "Pharmacovigilance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global pharmacovigilance market is set to experience substantial growth in the coming years, driven by the increasing importance of drug safety and the need to mitigate adverse effects. Pharmacovigilance encompasses the science and practices involved in identifying, evaluating, understanding, and managing side effects and other medical issues related to medications and vaccines. It plays a crucial role in assessing the balance between a drug's benefits and risks throughout its lifecycle.
The market offers various types of pharmacovigilance services, including spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining. These services are utilized by a range of end-users, including hospitals, pharmaceutical companies, and other healthcare institutions.
According to this latest market research report, the global pharmacovigilance market reached a value of $6.66 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 14.4% to reach $7.62 billion in 2023. Factors such as the Russia-Ukraine war, economic sanctions, supply chain disruptions, and inflation across goods and services have impacted the market in the short term. However, the market is expected to rebound and reach $11.98 billion by 2027, growing at a CAGR of 12.0%.
The report provides comprehensive insights into the pharmacovigilance market, including market size, regional shares, key competitors, market segments, trends, and opportunities. It is designed to equip industry stakeholders, strategists, marketers, and senior management with the critical information needed to assess and thrive in the pharmacovigilance industry.
Technological advancements have emerged as a significant trend in the pharmacovigilance market. Companies are increasingly adopting advanced solutions such as artificial intelligence (AI) to enhance efficiency, accuracy, and compliance in pharmacovigilance processes. For instance, Saama Technologies, Inc. launched the Active Safety Analytics for Pharma (ASAP) platform, which utilizes real-world data (RWD) and advanced safety signal detection technology to improve safety surveillance and pharmacovigilance. Such technological innovations are expected to drive the market's growth and enable scalable and futuristic solutions.
In addition to technological advancements, strategic acquisitions are shaping the pharmacovigilance landscape. Ergomed PLC, a UK-based pharmaceutical industry service provider, acquired Ashfield Pharmacovigilance Inc. for $10 million. This acquisition strengthens Ergomed's position in the US market and establishes it as a global leader in pharmaceutical services. Ashfield Pharmacovigilance Inc. is a US-based company offering pharmacovigilance services.
North America emerged as the largest market for pharmacovigilance in 2022, with Asia-Pacific expected to be the fastest-growing region in the forecast period. The market analysis covers several regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. Moreover, the report includes country-specific analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The growing incidence of adverse drug reactions (ADRs) is a key driver for the pharmacovigilance market. Adverse drug reactions refer to harmful or unpleasant reactions resulting from the use of medicinal products. With the global drug user population reaching 275 million, the United Nations Office on Drugs and Crime reports that approximately 36 million individuals suffered from drug use disorders in 2020. To ensure safe drug usage and public health, pharmacovigilance personnel monitor and mitigate adverse drug reactions, thereby fueling market growth.
Leading players in the pharmacovigilance market include Accenture, Cognizant, Labcorp Drug Development, IQVIA, Parexel International Corporation, BioClinica Inc., Clinquest Inc., ITClinical, TAKE Solutions Limited, United BioSource LLC, Wipro Limited, Bristol-Myers Squibb Company, Linical Americas, iMEDGlobal, Boehringer Ingelheim International GmbH, Novartis AG, Ecron Acunova Limited, and Sanofi.
With a focus on providing reliable, high-quality data and analysis, the Pharmacovigilance Global Market Report 2023 offers an in-depth understanding of the market's current scenario and future prospects. The report enables stakeholders to make informed decisions, identify growth opportunities, and stay ahead of the competition.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $7.62 billion |
| Forecasted Market Value (USD) by 2027 | $11.98 billion |
| Compound Annual Growth Rate | 12.0% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
Pharmacovigilance Market Characteristics
Pharmacovigilance Market Trends and Strategies
Pharmacovigilance Market - Macro Economic Scenario
Pharmacovigilance Market Size and Growth
Global Pharmacovigilance Historic Market, 2017-2022, $ Billion
- Drivers of the Market
- Restraints on the Market
Global Pharmacovigilance Forecast Market, 2022-2027F, 2032F, $ Billion
- Drivers of the Market
- Restraints on the Market
Pharmacovigilance Market Segmentation
- Global Pharmacovigilance Market, Segmentation by Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
Global Pharmacovigilance Market, Segmentation by Service Provider, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- In-House
- Contract Outsourcing
Global Pharmacovigilance Market, Segmentation by Process Flow, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Case Data Management
- Signal Detection
- Risk Management System
Global Pharmacovigilance Market, Segmentation by Clinical Trial Phases, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Preclinical
- Phase I
- Phase II
- Phase III
- Phase IV
Global Pharmacovigilance Market, Segmentation by End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hospitals
- Pharmaceutical Companies
- Other End Users
Pharmacovigilance Market Regional and Country Analysis
- Global Pharmacovigilance Market, Split by Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Global Pharmacovigilance Market, Split by Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Pharmacovigilance Market Competitive Landscape and Company Profiles
Pharmacovigilance Market Competitive Landscape
Pharmacovigilance Market Company Profiles
Key Mergers and Acquisitions in the Pharmacovigilance Market
Pharmacovigilance Market Future Outlook and Potential Analysis
Appendix
A selection of Companies Mentioned in this report includes
- Accenture
- Cognizant
- Labcorp Drug Development
- IQVIA
- Parexel International Corporation
- BioClinica Inc.
- Clinquest Inc.
- ITClinical
- TAKE Solutions Limited
- United BioSource LLC
- Wipro Limited
- Bristol-Myers Squibb Company
- Linical Americas
- iMEDGlobal
- Boehringer Ingelheim International GmbH
- Novartis AG
- Ecron Acunova Limited
- Sanofi
For more information about this report visit https://www.researchandmarkets.com/r/chk1li
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