Pharmacovigilance Market

The global pharmacovigilance market has been witnessing significant growth in the recent years. Pharmacovigilance is defined as the science and activities relating to the detection, assessment, understanding, prevention of adverse effects or any other drug-related problems. With the growing complexity of drug molecules and the introduction of novel therapies in the market, there is an increasing need to effectively monitor the safety of drugs post marketing. Stringent regulatory framework mandating drug safety monitoring along with increasing instances of adverse drug reactions is propelling the demand for pharmacovigilance services across the globe. Furthermore, the expanding generics market and outsourcing of clinical trials to emerging regions has further boosted the pharmacovigilance market.

Market Dynamics:

The global pharmacovigilance market is driven by the rising number of adverse drug reactions, stringent safety regulations for drug approval, increasing demand for efficacious therapies, and growing generics market. Stringent regulatory guidelines mandating post marketing surveillance is a key factor augmenting the demand for pharmacovigilance services. Furthermore, rising trend of drug recalls due to safety issues has compelled pharmaceutical companies to outsource their pharmacovigilance activities to specialized service providers. Moreover, increasing generics market in developed countries offer significant opportunities for the pharmacovigilance market players. However, budget constraints of small and midsize pharmaceutical companies and complexity of reporting drug safety data across regions pose challenges to market players.

Key Features of the Study:

• This report provides in-depth analysis of the global pharmacovigilance market, and provides market size (USD Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global pharmacovigilance market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Accenture, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, ICON plc., Capgemini, ITClinical, FMD K&L, and IQVIA
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global pharmacovigilance market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global pharmacovigilance market

Detailed Segmentation- 

• By Clinical Trial Phases
  
  • Total Knee Replacement
  • Partial Knee Replacement
  • Kneecap Replacement
  • Revision Knee Replacement
• By Type of Method
  
  • Spontaneous Reporting
  • Intensified ADR Reporting
  • Targeted Reporting
  • Cohort Event Monitoring
  • EHR Monitoring
• By Type of Service Provider
  • In-House
  • Contract Outsourcing
• By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Company Profiles:
  • Accenture
  • Cognizant Technology Solutions
  • Laboratory Corporation of America Holdings (LabCorp)
  • IBM Corporation
  • QuintilesIMS (IQVIA)
  • ICON plc
  • Capgemini
  • ITClinical
  • TAKE Solutions Ltd
  • BioClinica
  • PAREXEL International Corporation
  • Wipro Ltd
  • FMD K&L
  • Linical Accelovance
  • United BioSource Corporation (UBC)
  • PRA Health Sciences
  • ArisGlobal
  • Ennov Solutions Incc.