Market Definition
The global Pharmacovigilance Market was valued at 7.1 billion in 2023 and it is anticipated to grow up to USD 20.1 billion by 2033, at a CAGR of 10.9% during the forecast period.
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. Pharmacovigilance is a complex and ever-changing field. It requires close collaboration between healthcare professionals, patients and the pharmaceutical industry.
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Market Outlook
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.
Market Restraints and Challenges
The key restraints and challenges in Pharmacovigilance (PV) market include the following:
Lack of awareness of PV among patients and healthcare professionals: There is a lack of awareness of PV among patients and healthcare professionals. This is a challenge because it can lead to underreporting of adverse events and lack of data for safety monitoring.
Lack of standardization: There is lack of standardization in PV, which is a challenge because it can lead to inconsistency in data collection and analysis.
Limited resources: PV requires significant resources, which can be a challenge for many organizations.
Lack of trained personnel: There is a lack of trained personnel in PV, which is a challenge because it can lead to errors in data collection and analysis.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Pharmacovigilance Market Segmental Overview
The report analyses the global Pharmacovigilance Market based on SERVICE PROVIDERS – In-house, CROs, BPOs, TYPE – Software Solutions, Services, CLINICAL TRIAL PHASE – Preclinical, Phase I, Phase II, Phase III, Phase IV, PRODUCT – Database Systems, Signal Detection Software, Risk Assessment & Management Tools, E2B Reporting Tools, MedWatch Forms, EDC, Consulting Services, Training & Education Services, Support & Maintenance Services, END USERS – Pharmaceutical Companies, Biotechnology Companies, Medical Device Companies, Contract Research Organizations, Academic and Research Institutes, ACTIVITIES – Spontaneous Reporting, Intensive Monitoring, Cohort Event Monitoring, Targeted Spontaneous Reporting, Electronic Health Records Mining, THERAPEUTIC AREAS – Oncology, Cardiology, Infectious Diseases, Neurology, Other therapeutic areas, and Region.
Major Players in the Global Pharmacovigilance Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Pharmacovigilance market include Accenture, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, ICON plc., Capgemini, ITClinical, FMD K&L, and IQVIA among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2023 – $7.1 bn
• Market Size in 2033 – $20.1 bn
• CAGR % – 10.9%
• Historic Period – 2017-2022
• Forecast Period – 2024-2033
• Base Year – 2023
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