Pharmacovigilance Market Analysis by Industry Growth, Size, Share, Demand, Trends and Research Report, 2021-2028

The global pharmacovigilance market size was valued at USD 6.33 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.5% from 2021 to 2028. An increase in the prevalence of chronic diseases, such as oncological diseases, diabetes, and cardiovascular and respiratory disorders, has led to an increase in drug consumption worldwide.

 Pharmacovigilance is a disciplined innovation in the pharmaceutical industry. This is the inevitable part of drug discovery and its developed procedures. It identifies the risk factors for the development of adverse drug reactions (ADRs) and pharmacovigilance pharmacist provides safe and appropriate use of drugs. It also promotes the detection of previously unknown ADRs and their interactions with known ADRs. The growing incidence of various diseases like hypertension, cardiac disorders, and others is accelerating the market players to introduce the latest innovative and efficient drugs in the pharmacovigilance market. Globally, The International Society of Pharmacovigilance (ISoP) is predicted to facilitate the adoption and enhances the proper and safe usage of drugs.

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The presence of a competitive environment for introducing new molecules in the market has led to high demand for improved manufacturing operations, pharmacovigilance, clinical data management, streamlined R&D, and medical writing. Manufacturers are rapidly considering outsourcing as a viable cost curbing tool. Outsourcing helps increase internal resource flexibility, improve timelines, and gain better outcomes in the short- and long-term. It also helps achieve better pharmacovigilance through regulatory compliance, higher quality, better productivity, and improved strategic decisions.

Key Player Mentioned:

• Accenture
• Linical Accelovance
• Cognizant
• Laboratory Corporation of America Holdings
• IBM Corporation
• ArisGlobal
• ICON plc.
• Capgemini

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Regional Segment Analysis:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Cohort Event Monitoring (CEM) is projected to witness significant growth over the forecast period owing to increasing application in the detection of a wide range of adverse clinical events. Conjugation of CEM with statistical tools and data mining systems, such as longitudinal health records, is responsible for the growing popularity of this type. It serves as an active form of surveillance method, which can also be used for new as well as older medicines, thus driving the segment.

Targeted spontaneous reporting is anticipated to witness the fastest growth in the near future owing to rising government initiatives to incorporate reporting methodologies other than spontaneous reporting by the European Network of Centers for Pharmacoepidemiology and Pharmacovigilance (ENCePP). Moreover, the benefits associated with targeted spontaneous reporting such as lower labor costs, greater affordability, feasibility in poor resource settings, and usage in routine monitoring are expected to fuel the segment growth.

COVID-19 Impact:

The outbreak of the COVID-19 pandemic has significantly increased the demand for antiviral medicines globally. The treatment of novel coronavirus has increased the demand for broad-spectrum Glucose to manage the disease. Remdesivir, favipiravir, oseltamivir, and other combination medicines are highly prescribed for the treatment of COVID-19. Moreover, governments are increasing funding to pharmaceutical companies to develop novel therapeutics against COVID-19. For instance, in June 2021, the U.S. government has announced an investment of more than USD 3 billion to fasten the discovery, development, and manufacturing of antiviral medicines for COVID-19 treatment. The rising incidence of disease coupled with increasing R&D will increase the demand for Glucose in the next 2 to 3 years.

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