Global Pharmacovigilance Market Is Estimated To Witness High Growth

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The global Pharmacovigilance Market is estimated to be valued at US$ 8.5 billion in 2022 and is expected to exhibit a CAGR of 8.5% over the forecast period of 2023-2032, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Pharmacovigilance is the science and activities related to the detection, assessment, understanding, and prevention of adverse effects or any other drug-related problems. It plays a crucial role in ensuring drug safety and protecting public health. The market offers various products and services such as adverse event reporting systems, signal detection tools, risk management software, and regulatory compliance services.

The need for pharmacovigilance products and services is driven by the increasing emphasis on drug safety regulations and the growing number of adverse drug reactions. These products and services help healthcare professionals monitor the safety profiles of drugs, detect any potential risks, and take appropriate actions to ensure patient safety.

B) Market Key Trends:

One key trend in the pharmacovigilance market is the increasing focus on real-time monitoring of drug safety. With advancements in technology, companies are developing innovative tools and platforms that enable real-time tracking and analysis of adverse events. For example, companies are leveraging artificial intelligence (AI) and natural language processing (NLP) techniques to automate the process of adverse event reporting and signal detection, reducing the time and effort required for manual review.

Real-time monitoring allows for prompt identification and assessment of drug safety issues, enabling faster decision-making and intervention. It helps healthcare professionals identify trends or patterns in adverse events, leading to improved patient outcomes. For instance, if a specific drug is found to have a high number of adverse events in a particular population group, immediate action can be taken to address the issue.

C) PEST Analysis:

– Political: The Pharmacovigilance Market is influenced by regulatory policies and guidelines set by government authorities, aiming to ensure drug safety and protect public health. Changes in regulations or increased scrutiny can impact the market dynamics.

– Economic: The market is driven by factors such as increasing healthcare expenditure, growing pharmaceutical industry, and the need for effective pharmacovigilance systems to comply with regulatory requirements.

– Social: With rising awareness about drug safety among healthcare professionals and patients, the demand for pharmacovigilance products and services is expected to grow. Patient-centric initiatives and engagement are also gaining importance in the market.

– Technological: Advancements in technology, such as AI, NLP, and big data analytics, are revolutionizing the pharmacovigilance landscape. These technologies enable real-time monitoring, signal detection, and automated reporting, enhancing efficiency and accuracy.

D) Key Takeaways:

  1. The global pharmacovigilance market is expected to witness high growth, exhibiting a CAGR of 8.5% over the forecast period, due to increasing focus on drug safety and the need for effective pharmacovigilance systems.
  2. In terms of regional analysis, North America is expected to dominate the pharmacovigilance market due to a well-established healthcare infrastructure, stringent regulations, and high investments in drug safety monitoring.
  3. The key players operating in the global pharmacovigilance market include Accenture Plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., GlaxoSmithKline, ICON Plc, iGATE Corporation, Arriello, iMEDGlobal Corporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv Health Inc., APCER Life Sciences, ArisGlobal, and Johnson and Johnson. These players are focusing on collaborations, acquisitions, and technological advancements to strengthen their market presence.
Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.