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| Pharmacovigilance Market |
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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