Pharmacovigilance Market Size, Status, Top Emerging Trends, Growth and Business Opportunities 2022-2030
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| Pharmacovigilance Market |
Pharmacovigilance Market Review
The global Pharmacovigilance Market is estimated to be valued at US$ 6.70 billion in 2022 and is expected to exhibit a CAGR of 7.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Pharmacovigilance Market consists of products and services used to detect, assess, understand, and prevent adverse effects or any disease from pharmaceutical products. Pharmacovigilance plays a crucial role in improving patient care and safety related to medical products.
Market key trends:
One of the key trends in the pharmacovigilance market is the increasing adoption of electronic health records (EHR). EHR allows healthcare providers to access patient health information in digital format and share records across various healthcare settings. EHR plays a pivotal role in pharmacovigilance by integrating drug safety data and providing alerts about potential adverse drug reactions. This facilitates improved decision-making regarding drug safety.
Segment Analysis
The global pharmacovigilance market is segmented on the basis of clinical trials, case processing, adverse event reporting, drug safety audits, and drug risk assessment. Among these, clinical trials dominate the market currently and are expected to continue their dominance during the forecast period. This is because clinical trials involve monitoring numerous adverse events reported by patients enrolled in clinical trials. Any adverse event during clinical trials needs to be carefully investigated to ensure drug safety.
Key Takeaways
The global Pharmacovigilance Market Share is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing stringent regulations for drug safety globally.
Regional Analysis
North America currently dominates the pharmacovigilance market. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the large patient pool and rising clinical trials in countries like China and India.
Market Size
The global pharmacovigilance market size was valued at US$ 6.70 billion in 2022 and is expected to reach over US$ 12 billion by 2030 as more number of clinical trials and adverse events reported require thorough investigation and monitoring of drug safety.
Key Players
Key players operating in the pharmacovigilance market are Accenture Plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., GlaxoSmithKline, ICON, Plc, iGATE Corporation, Arriello, iMEDGlobal Corporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv Health Inc., APCER Life Sciences, ArisGlobal, and Johnson and Johnson. These players are focusing on expanding in key markets through collaborations and acquisitions to strengthen their market position.
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