PUBLISHER: IMARC | PRODUCT CODE: 1378941
PUBLISHER: IMARC | PRODUCT CODE: 1378941
The global pharmacovigilance market size reached US$ 7.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2022-2028.
Pharmacovigilance (PV) is the pharmacological science concerning the detection, assessment, understanding and prevention of unfavorable effects with pharmaceutical products. It plays a pivotal role in identifying previously unknown adverse effects, recognizing changes in the frequency or severity, and assessing the risks and benefits of drugs to determine required actions. It also ensures the accuracy of communicated information to healthcare professionals and patients. At present, PV is widely used to understand the effects of drugs on individuals worldwide.
The increasing prevalence of lifestyle diseases, such as hypertension, diabetes, and cardiac disorders, has resulted in the rising consumption of drugs worldwide. This, in confluence with the growing incidences of adverse drug reactions (ADRs), represents one of the key factors driving the global pharmacovigilance market. Besides this, the key players are introducing advanced platforms to ensure automated ADR reporting, which is contributing to the market growth. They are also focusing on improving the manufacturing operations and streamlining research and development (R&D) on account of a competitive environment. Furthermore, leading pharmaceutical companies are undertaking numerous initiatives to conduct clinical trials and generate awareness about the proper utilization of medicines. This, in turn, is facilitating the growth of the pharmacovigilance market. Additionally, the coronavirus disease (COVID-19) outbreak has resulted in the urgent need for a vaccine, which has created numerous opportunities for the market players. Apart from this, pharmaceutical manufacturers are shifting towards outsourcing pharmacovigilance operations to third parties on account of the associated benefits, such as increasing internal resource flexibility and better outcomes over shorter periods.
IMARC Group provides an analysis of the key trends in each sub-segment of the global pharmacovigilance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service provider, product life cycle, type, process flow, therapeutic area and end use.
In-house
Contract Outsourcing
Pre-clinical
Phase I
Phase II
Phase III
Phase IV
Spontaneous Reporting
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
EHR Mining
Case Data Management
Case Logging
Case Data Analysis
Medical Reviewing and Reporting
Signal Detection
Adverse Event Logging
Adverse Event Analysis
Adverse Event Review and Reporting
Risk Management System
Risk Evaluation System
Risk Mitigation System
Oncology
Neurology
Cardiology
Respiratory Systems
Others
Pharmaceuticals Companies
Biotechnology Companies
Medical Device Companies
Others
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
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, ArisGlobal LLC, BioClinica Inc. (Cinven Partners LLP), Capgemini, Cognizant, International Business Machines Corporation, ICON plc., IQVIA Inc., ITClinical, Parexel International Corporation and Wipro Limited.