New York, According to a new market research report published by Global Insight Services “Pharmacovigilance (PV) Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Pharmacovigilance is the science and activities related to the detection, assessment, understanding and prevention of adverse effects or any other drug-related problems.
Passive surveillance is the most common type of pharmacovigilance activity. It is important because it can identify previously unknown adverse events. However, it has some limitations, such as under-reporting and reporting bias.
Active surveillance is less common, but it is useful for monitoring drugs that are used to treat rare conditions. Experimental studies are the most reliable way to assess the safety of a new medicine, but they are usually only conducted during the development and approval process.
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Key Trends
There are several key trends in PV technology:
1. The use of big data and machine learning to identify potential safety risks.
2. The use of predictive analytics to identify at-risk patients.
3. The use of social media monitoring to identify potential safety concerns.
4. The use of mobile technology to collect patient-reported data.
Key Drivers
The key drivers of pharmacovigilance (PV) market are the increasing number of clinical trials, the growing prevalence of chronic and life-threatening diseases, and the need for better patient safety.
The number of clinical trials has been increasing over the years as the pharmaceutical industry seeks to develop new and better treatments for various diseases. This has led to an increase in the number of patients being exposed to new drugs, which has in turn led to an increase in the need for PV.
The prevalence of chronic and life-threatening diseases is also a key driver of the PV market. As the population ages, the number of people suffering from chronic diseases such as cancer and heart disease is increasing. This is leading to a greater need for PV, as these patients are often taking multiple medications that need to be closely monitored for safety.
Finally, the need for better patient safety is also driving the PV market. In recent years, there have been a number of high-profile cases of patients being harmed by drugs that were not properly monitored. This has led to calls for better PV, which is helping to drive the market.
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Market Segments
By Type
- Adverse Drug Reaction Capture (ADR)
- Case Processing
- Reporting & Submission
- Others
By Service Provider
- Contract Research Organization
- Business Processing Outsourcing
Key Market Players
The pharmacovigilance (PV) market report includes players such as Accenture, Linical Accelovance, Cognizant, IBM Corporation, ArisGlobal, ICON plc., Capgemini, ITClinical, FMD K&L, and IQVIA.
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Reasons to buy Pharmacovigilance (PV) Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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