The Pharmacovigilance (PV) industry includes adverse drug reaction monitoring, risk management, and drug safety services. PV services help ensure the safety of medication by reducing health risks and enhancing patient care. The increasing complexity of pharmacological compounds and rising demand for safety of patients have accelerated the need for effective PV practices. The global Pharmacovigilance Market is estimated to be valued at US$ 9.5 billion in 2023 and is expected to exhibit a CAGR of 21.5% over the forecast period 2023-2032, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing number of new drug launches and clinical trials have accelerated the growth of the Pharmacovigilance Market. As clinical development of new molecular entities becomes more complex, organizations require advanced PV capabilities to enhance patient well-being. Moreover, regulatory bodies have made reporting of drug safety data mandatory to mitigate risks. This has compelled pharmaceutical firms to strengthen their PV infrastructure and outsource some of their processes to specialized PV service providers. The rising demand for post-marketing safety monitoring is expected to drive market growth over the forecast period.
Segment Analysis
The global pharmacovigilance market is dominated by the service segment. This is because a majority of the companies operating in the market outsource their pharmacovigilance activities to contract service providers owing to benefits such as cost savings and expertise. The service segment also leads as healthcare companies prefer focusing on their core research and development activities rather than investing resources in building in-house pharmacovigilance capabilities.
Key Takeaways
The global Pharmacovigilance Market Growth is expected to witness high growth over the forecast period. The increasing reporting of adverse drug reactions and stringent regulatory norms mandating safety monitoring throughout the drug development lifecycle are fueling market expansion.
Regional analysis: North America dominates the global market currently. This is attributed to factors such as stringent regulations regarding drug safety in the region as well as presence of many pharmaceutical companies outsourcing their pharmacovigilance needs. However, Asia Pacific is anticipated to witness the highest CAGR during the forecast period owing to growth in clinical trial activities in countries such as China and India.
Key players operating in the pharmacovigilance market are Accenture, Bristol-Myers Squibb, Clinquest Group, Cognizant, Covance, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc., iMEDGlobal Corp., inVentiv Health Clinical, Novartis, Pfizer Inc., PRA Health Sciences, Qiagen, Sanofi, iGATE Corporation. Global pharmacovigilance providers are focusing on expanding their presence in emerging markets through collaborations.
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html
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