Pharmacovigilance Market Overview
The Pharmacovigilance Market size was valued at USD 6.87 Bn. in 2023 and the total Pharmacovigilance revenue is expected to grow at a CAGR of 13% from 2024 to 2030, reaching nearly USD 16.16 Bn. by 2030.
Pharmacovigilance is the science and activities relating to the detection, assessment, understanding, and prevention of adverse effects or any other medicine/vaccine-related problem. Medicines and vaccines have transformed the prevention and treatment of diseases. In addition to their benefits, medicinal products also have side effects, some of which are undesirable or unexpected. For instance, in Canada, it is mandatory to have a pharmacovigilance system to ensure continuous monitoring of medicinal products and medical devices for their safe use.
Pharmacovigilance Market Report Scope and Research Methodology
The pharmacovigilance industry needs more efficient and effective drug safety practices. After the COVID-19 pandemic and the rapid development of vaccines have emphasized the critical importance of pharmacovigilance, as the global healthcare community seeks to ensure the safety and efficacy of new treatments under unprecedented circumstances. This urgency has led to the adoption of advanced technologies such as Artificial Intelligence (AI) and automation, which are transforming the pharmacovigilance landscape. One of the primary driving factors is the integration of AI into pharmacovigilance processes. AI systems have demonstrated their potential in enhancing drug safety monitoring by automating data analysis, identifying patterns in adverse drug reactions (ADRs), and predicting potential risks.
To access more details regarding this research, visit the following webpage:https://www.stellarmr.com/report/req_sample/pharmacovigilance-market/2431
Pharmacovigilance Market Regional Insights
The increasing complexity of Phase 3 trials, coupled with advancements in technology such as Artificial Intelligence (AI) and Machine Learning, has further bolstered the market share of this phase. These technologies enhance data analysis and signal detection, improving the accuracy and efficiency of pharmacovigilance activities. The integration of big data analytics and electronic health records (EHRs) also supports more effective monitoring and evaluation of drug safety during Phase 3 trials.
Pharmacovigilance Market Segmentation
Based on Drug Development, the market is divided into Pre-clinical, Phase 1, Phase 2, Phase 3, and Phase 4. Phase 3 witnessed the highest market share in 2023 and continued its dominance in the forecast period. Phase 3 trials typically involve a higher number of participants compared to earlier phases, resulting in more comprehensive data on potential adverse drug reactions (ADRs) and long-term effects. This extensive data collection is essential for ensuring that any safety concerns are identified and addressed before the drug’s approval for widespread use. Additionally, regulatory agencies require robust pharmacovigilance data from Phase 3 trials to support the drug approval process. The insights gained during this phase help regulatory bodies make informed decisions about the drug’s safety and efficacy, impacting its market entry and post-marketing surveillance strategies.
Pharmacovigilance Market Key Players
IBM Watson Health – (United States)
Veeva Systems Inc. – (United States)
Parexel International Corporation – (United States)
Charles River Laboratories – (United States)
Wipro Limited – (India)
Cognizant Technology Solutions – (United States)
Sage Bionetworks – (United States)
Pharmacovigilance Solutions (PVS) – (United Kingdom)
BioClinica – (United States)
Vigilare – (France)
Accenture – (Ireland)
For in-depth information on this study, visit the following link:https://www.stellarmr.com/report/pharmacovigilance-market/2431
Key questions answered in the Pharmacovigilance Market are:
- What is Pharmacovigilance?
- What was the Pharmacovigilance market size in 2023?
- What is the growth rate of the Pharmacovigilance Market?
- Which are the factors expected to drive the Pharmacovigilance market growth?
- What are the different segments of the Pharmacovigilance Market?
- What growth strategies are the players considering to increase their presence in Pharmacovigilance?
- What are the upcoming industry applications and trends for the Pharmacovigilance Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Pharmacovigilance Market?
- What segments are covered in the Pharmacovigilance Market?
- Who are the leading companies and what are their portfolios in Pharmacovigilance Market?
- What segments are covered in the Pharmacovigilance Market?
- Who are the key players in the Pharmacovigilance market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
Contact Stellar Market Research:
S.no.8, h.no. 4-8 Pl.7/4, Kothrud,
Pinnac Memories Fl. No. 3, Kothrud, Pune,
Pune, Maharashtra, 411029
