According to the latest report by IMARC Group “Pharmacovigilance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-20
According to the latest report by IMARC Group “Pharmacovigilance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global pharmacovigilance market reached a value of US$ 6.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.8 Billion by 2027, exhibiting a CAGR of 10.5% during 2022-2027.
Industry Definition and Application:
Pharmacovigilance (PV) is a branch of pharmacology concerned with the assessment, detection, and prevention of adverse effects associated with pharmaceutical medicines. It is critical in finding previously unknown side effects, evaluating changes in severity or frequency, and analyzing the risks and benefits of medications in order to determine necessary steps. PV also confirms the accuracy of information conveyed to patients and healthcare professionals. As a result, it is frequently employed to comprehend the impacts of medications on persons all over the world.
Market Trends:
The rising prevalence of lifestyle diseases such as diabetes, hypertension, and heart ailments has led in increased medicine consumption. This, along with an increase in the number of adverse drug reactions (ADRs), is essentially driving market expansion. Furthermore, the unexpected spread of COVID-19 has produced an urgent demand for a vaccine, creating several chances for market participants. Furthermore, numerous leading manufacturers are adopting advanced technologies to assure automatic ADR reporting, which will contribute to market expansion even further. Furthermore, numerous pharmaceutical companies are progressively outsourcing pharmacovigilance operations to third parties in order to maximize internal resource flexibility and productivity across shorter time periods.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Accenture plc,
- ArisGlobal LLC,
- BioClinica Inc. (Cinven Partners LLP),
- Capgemini,
- Cognizant,
- International Business Machines Corporation,
- ICON plc.,
- IQVIA Inc.,
- ITClinical,
- Parexel International Corporation,
- Wipro Limited.
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Service Provider:
- In-house
- Contract Outsourcing
Breakup by Product Life Cycle:
- Pre-clinical
- Phase I
- Phase II
- Phase III
- Phase IV
Breakup by Type:
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
Breakup by Process Flow:
- Case Data ManagementCase Logging
- Case Data Analysis
- Medical Reviewing and Reporting
- Signal DetectionAdverse Event Logging
- Adverse Event Analysis
- Adverse Event Review and Reporting
- Risk Management SystemRisk Evaluation System
- Risk Mitigation System
Breakup by Therapeutic Area:
- Oncology
- Neurology
- Cardiology
- Respiratory Systems
- Others
Breakup by End Use:
- Pharmaceuticals Companies
- Biotechnology Companies
- Medical Device Companies
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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