Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of the "Global Pharmacovigilance Market - which is forecasted from 2022 to 2027”.
The growing drug developments and consumption rates in the pharmaceutical industry, as well as the growing toxicity and drug-related problems, are responsible for stimulating the expansion of the Global Pharmacovigilance Market.
As per the report, Global Pharmacovigilance Market is expected to grow at a CAGR of 10.49% to reach US$9.535 billion by 2027, from US$4.743 billion in 2020.
The Global Pharmacovigilance Market is driven by its increasing incidence of drug developments, as well as the adverse drug reactions (ADR). The increasing rates of lifestyle-related diseases have also opened up opportunities for the global pharmacovigilance market. Moreover, with the increasing adoption of outsourced pharmacovigilance services, the market is expected to grow even further.
The main challenges for the pharmacovigilance market are the factors associated with the industry, such as lack of data security, lack of data standards for evaluation, as well as lack of harmonization among global regulations.
Based on clinical trial phase, the global pharmacovigilance market is categorized into Preclinical, Phase I, Phase II, Phase III, and Phase IV. The Phase IV segment holds a significant share in the market, mostly due to its extensive drug evaluation processes, and its ability to detect unexpected side-effects of drugs that would otherwise have adverse effects on the human body. Hence, this segment is expected to see significant demand in the global pharmacovigilance market.
Based on service provider, the global pharmacovigilance market is divided into contract outsourcing, and in-house. Of these segments, the contract outsourcing segment holds the largest market share, and due to the advantages such as risk reduction, lower introductory investments, and better resource implementation, the outsourcing segment is expected to grow further.
Based on end-user, the global pharmacovigilance market is divided into pharmaceuticals, biotechnology companies, medical device manufacturers, and others. Pharmaceuticals hold the largest market share among other End-Users. This is due to the growing relevance of detection of new and serious drug side-effects, and also to ensure the effectiveness of various drugs. This has led to the growing adoption of contract outsourcing in the pharmaceutical segment, and the market is expected to see further growth due to this.
Based on geography, North America, South America, Europe, the Middle East, Africa, and the Asia Pacific are the regions that make up the global pharmacovigilance market. The North American region holds the largest market share in this segment, owing to the rising cases of drug toxicity and abuse in the region. Moreover, the rising advancements in the drug development industry have led to the growth of this region.
As part of the report, the major players operating in the Global Pharmacovigilance Market that have been covered are Cognizant, Sciformiv (Covance), IQVIA, APCER Life Sciences Inc, BioClinica, Accenture, Capgemini, etc.
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This analytic report segments the Global Pharmacovigilance Market on the following basis: