Wilmington, Delaware, United States, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – In 2020, the value of global pharmacovigilance market stood at US$ 6.1 Bn in 2020. The global market is estimated to progress at 8.8% CAGR during the forecast period, from 2021 to 2028. It is predicted that by 2028, the global pharmacovigilance market will touch valuation of US$ 11.5 Bn. Consumers' rising inclination toward safe medications and public health sector's growing awareness are anticipated to drive the overall growth of the global pharmacovigilance market. In light of the latest pandemic, this service helps in the monitoring of predicted or unforeseen side effects that could develop or that could be made worse by a proposed drug combination. As a result, future market demand for pharmacovigilance is estimated to rise considerably in the near future.
In order to bolster market's expansion over the coming years, an increasing number of nationwide pharmacovigilance centers are being established globally. In order to create a better healthcare system, pharmacovigilance is inundated with difficulties. Two major market restrictions that might have a strong influence on the market are lack of available pharmacological information on the internet and skilled workforce. However, it is anticipated that strict pharmacovigilance practices, which can be made mandatory, will drive the global market. Such requirements aid in the proactive management of high-risk medications.
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Key Findings of Market Report
- By phase of drug development, market participants are likely to expand their services to include preclinical research and stages I through IV of clinical trials. Phase III clinical trials is one of the key segments of pharmacovigilance market and is anticipated to develop rapidly due to the growing demand for drug safety monitoring. It is anticipated that advanced clinical trial phases will increase demand for pharmacovigilance.
- By raising awareness about the safety guidelines of coronavirus vaccines, pharmacovigilance companies are leveraging on the Covid-19 scenario. The need for pharmacovigilance services is being fueled by data on each of the approved vaccines, containing information on dose, production, as well as authorization, amongst many other aspects.
- The global pharmacovigilance market is predicted to observe considerable expansion due to increase in incidences of targeted spontaneous reporting, ADR (Adverse Drug Reaction) reporting, as well as cohort event observation measures.
Global Pharmacovigilance Market: Growth Drivers
- The pharmacovigilance industry is expected to rise owing to the advent of artificial intelligence and automation technologies. The assessment of patient safety, drug development, and evaluation of drug risk profile have undergone a fundamental change due to increasing application of advanced data analytics and machine learning. Such technological advances are anticipated to present immense growth opportunities for the key players of pharmacovigilance market.
- Strong growth is anticipated in Asia Pacific market during the forecast timeframe. The region is estimated to account for a pharmacovigilance market share during the forecast timeline. Growing demand for stringent healthcare laws and a rising number of clinical trials are set up, which is likely to drive the regional market in the years to come.
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Global Pharmacovigilance Market: Key Competitors
- Pharmaceutical Product Development, LLC.
- F. Hoffmann-La Roche Ltd.
- The Bristol-Myers Squibb Company
- PAREXEL International Corporation
- Clinquest Group B.V.
- iMEDGlobal Corporation
Global Pharmacovigilance Market: Segmentation
Drug Development
- Preclinical Studies
- Phase I
- Phase II
- Phase III
- Phase IV or Post Marketing Surveillance
Type of Methods
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
Type of Service
- In-house
- Contract Outsourcing
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