New York, March 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmacovigilance Global Market Report 2023" - https://www.reportlinker.com/p06284342/?utm_source=GNW
The global pharmacovigilance market grew from $6.66 billion in 2022 to $7.62 billion in 2023 at a compound annual growth rate (CAGR) of 14.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pharmacovigilance market is expected to grow to $11.98 billion in 2027 at a CAGR of 12.0%.
The pharmacovigilance market includes revenues earned by collecting, analysing, monitoring and prevention of adverse effects in drugs and therapies.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Pharmacovigilance refers to the science and practises involved in the identification, evaluation, comprehension, and mitigation of side effects and other medical/vaccination-related issues. It is used to determine whether a drug’s advantages outweigh its hazards, and it doesn’t end once the drugs are approved.
North America was the largest region in the pharmacovigilance market in 2022.Asia-Pacific is expected to be the fastest growing region in the forecast region.
The regions covered in the pharmacovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of pharmacovigilance are spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining.Spontaneous reporting is by nature a passive approach to pharmacovigilance relying entirely on the motivation of individuals to report suspected adverse drug reactions to local or national pharmacovigilance centres.
The different process flows include case data management, signal detection, and risk management system.The various services providers are in-house and contract to outsource and involve several clinical trial phases such as preclinical, phase I, phase II, phase II, and phase IV.
These services are used by several end-users, including hospitals, pharmaceutical companies and others.
The growing incidences of adverse drug reactions are expected to propel the growth of the pharmacovigilance market going forward.An adverse drug reaction is defined as a harmful, unpleasant, or dangerous reaction resulting from the use of any medicinal product.
Pharmacovigilance personnel is primarily responsible for monitoring adverse drug reactions (ADRs) in order to ensure safe drug usage and ensure drug safety prior to approval for public use.For instance, according to United Nations Office on Drugs and Crime (UNODC) World Drug Report published in 2021, approximately 36 million persons worldwide suffered from drug use disorders in 2020, out of 275 million drug users.
Therefore, the growing incidence of adverse drug reactions is promoting the growth of the pharmacovigilance market.
Technological advancements have emerged as a key trend gaining popularity in the pharmacovigilance market.Many companies operating in the pharmacovigilance sector are adopting advanced technological solutions such as artificial intelligence (AI) to reduce cycle time, enrich quality and accuracy, provide scalable and futuristic solutions, improve productivity, and improve compliance.
For instance, in October 2020, Saama Technologies, Inc., a US-based clinical research technology company, launched the Active Safety Analytics for Pharma (ASAP) platform, based on RWD-technology and its pharmacovigilance technology. ASAP is the first verified pharmacovigilance system to utilize the TreeScan safety signal detection technology and the U.S. Food and Drug Administration’s (FDA) Sentinel Common Data Model, which were jointly developed with Gilead Sciences. In order to improve safety surveillance and pharmacovigilance, ASAP provides a new standard for using real-world data (RWD), such as claims and electronic medical record (EMR) data.
In January 2020, Ergomed PLC., a UK-based pharmaceutical industry service provider, acquired Ashfield Pharmacovigilance Inc., for $10 million. With this acquisition, Ergomed PLC. will strengthen Ergomed CRO business in the US market and will become a global leader in pharmaceutical services specialists. Ashfield Pharmacovigilance Inc., is a US-based company that provides pharmacovigilance services.
The countries covered in the pharmacovigilance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pharmacovigilance market research report is one of a series of new reports that provides pharmacovigilance market statistics, including pharmacovigilance industry global market size, regional shares, competitors with a pharmacovigilance market share, detailed pharmacovigilance market segments, market trends and opportunities, and any further data you may need to thrive in the pharmacovigilance industry. This pharmacovigilance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06284342/?utm_source=GNW
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