Pharmacovigilance Global Market Sees Growth Rate Of 16% Through 2022

The global pharmacovigilance market is expected to grow from $5.71 billion in 2021 to $6.64 billion in 2022 at a compound annual growth rate (CAGR) of 16.2%. The global pharmacovigilance market is expected to reach $10.57 billion in 2026 at a CAGR of 12.3%.

What is the Global Pharmacovigilance Market?

The pharmacovigilance market consists of sales of pharmacovigilance services by entities (organizations, sole traders, and partnerships) that collect, assess, and distribute drug safety and efficiency data. Pharmacovigilance is the science and practice of monitoring approved pharmaceuticals and experimental products prior to their approval for use in order to discover, evaluate, assess, and avoid adverse drug and vaccination effects and problems.

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What drives the Global Pharmacovigilance Market?

The growing incidences of adverse drug reactions are expected to propel the growth of the pharmacovigilance market going forward. An adverse drug reaction is defined as a harmful, unpleasant, or dangerous reaction resulting from the use of any medicinal product. Pharmacovigilance personnel is primarily responsible for monitoring adverse drug reactions (ADRs) in order to ensure safe drug usage and ensure drug safety prior to approval for public use. For instance, according to United Nations Office on Drugs and Crime (UNODC) World Drug Report published in 2021, approximately 36 million persons worldwide suffered from drug use disorders in 2020, out of 275 million drug users. Therefore, the growing incidence of adverse drug reactions is promoting the growth of the pharmacovigilance market.

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Global Pharmacovigilance Market Segments
The global pharmacovigilance market is segmented:
By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining
By Service Provider: In-House, Contract Outsourcing
By Process Flow: Case Data Management, Signal Detection, Risk Management System
By Clinical Trial Phases: Preclinical, Phase I, Phase II, Phase III, Phase IV
By End User: Hospitals, Pharmaceutical Companies, Other End Users
By Geography: The regions covered in the pharmacovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Pharmacovigilance Global Market Report 2022provides market size and growth forecasts for the global pharmacovigilance market, global pharmacovigilance market share, pharmacovigilance market segments and geographies, pharmacovigilance market competitive landscape including leading competitors’ revenues, profiles and market shares. The pharmacovigilance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Pharmacovigilance Industry Playersinclude Accenture, Cognizant, Labcorp Drug Development, IQVIA, IQVIA, Parexel International Corporation, BioClinica Inc., Clinquest Inc., ITClinical, TAKE Solutions Limited, United BioSource LLC, Wipro Limited, Bristol-Myers Squibb Company, Linical Americas, iMEDGlobal, Boehringer Ingelheim International GmbH, Novartis AG, Ecron Acunova Limited, and Sanofi. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.