The report " Global Pharmacovigilance Market, By Clinical Trial Phase (Preclinical, Phase I, Phase II, Phase III, and Phase IV), By Service Provider (In-house, Contract, and Outsourcing), By Type of Reporting (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, and EHR Mining), By End User (Hospitals, Pharmaceutical Companies, and Others), and Region - Global Forecast to 2030"
Pharmacovigilance market is projected to grow to US $8.0Bn in 2023. Rise in consumption of drug and drug development is the major driving factor for the growth of the global market. For instance, in 2017, there were 7,493 drugs in pre-clinical phase. Moreover, the rise in the incidence of ADR and drug toxicity due to which they need for pharmacovigilance increases is another propelling factor for the growth of the target market. The growing trend of the outsourcing pharmacovigilance services is the fueling factor for the growth of the global market. Nevertheless, the increasing focus on personalized medicines can create an opportunity for the growth of the global market.
Key Highlights:
· In 2017, the BioCelerate and Accenture collaborate to innovating advanced biopharmaceutical by increasing insights in R&D.
Key Market Insights from the report:
The global pharmacovigilance market accounted for US$ 8.0Bn in 2023 and is also projected to register a moderate CAGR of 14.20% over the forecast period. The market report has been segmented based on the clinical trial phase, service provider, type of reporting, end-user, and region.
· By clinical trial phase, the global pharmacovigilance market is segmented into preclinical, phase I, phase II, phase III, and phase IV
· By service provider, the global market is classified into in-house, contract, and outsourcing
· By type of reporting, the target market is bifurcated into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining
· By end-user, the target market is segmented into hospitals, pharmaceutical companies, and others
· By region, The North America region is expected to dominate the global market over the forecast period due to the concentration of the drug manufacturing companies. The pharmaceutical companies in the North America region is investing heavily in drug development, the usage of the pharmacovigilance is more in this region. The Asia Pacific is expected to show significant growth during the forecast period because of the rise in several vendors providing cost-effective pharmacovigilance services.
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The prominent player operating in the global pharmacovigilance market includes Accenture, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGloba, Foresight Group International AG, ICON PLC., Capgemini, United BioSource Corporation, and Wipro Ltd.
