Pharmacovigilance Market Analysis to Reach $18.56 Billion by 2032

NEW YORK - Jan. 29, 2024 - PRLog -- The latest market report published by Credence Research, Inc. The global demand for Pharmacovigilance was valued at USD 8615.2 Million in 2023 and is expected to reach USD 18557.3 Million in 2032, growing at a CAGR of 8.90% between 2024 and 2032.

Pharmacovigilance, often referred to as drug safety, is a crucial component of the pharmaceutical industry that involves the detection, assessment, and prevention of adverse effects or any other drug-related problems. With the increasing complexity of drugs and a rising number of patients relying on them, pharmacovigilance has become indispensable. The global pharmacovigilance market has witnessed remarkable growth in recent years, driven by various factors such as regulatory requirements, drug safety concerns, and advancements in technology.

Market Growth Factors:

1. Regulatory Requirements: Regulatory bodies worldwide have implemented stringent guidelines for pharmaceutical companies to ensure patient safety. Compliance with these regulations necessitates the establishment of robust pharmacovigilance systems. This has led to an increased demand for pharmacovigilance services and software solutions.

2. Drug Safety Concerns: As the pharmaceutical industry continues to develop new drugs and therapies, the need to monitor and report adverse events becomes more critical.

Browse the full report at https://www.credenceresearch.com/report/pharmacovigilance-market

List of Companies Covered:

• Accenture
• IQVIA
• Cognizant
• Clinquest Group B.V. (Linical Americas)
• IBM Corp.
• Laboratory Corporation of America Holdings
• ArisGlobal
• Capgemini
• ITClinical
• ICON plc.
• TAKE Solutions Ltd.
• Parexel International Corporation.
• Wipro Ltd.
• United BioSource LLC
• BioClinica Inc.
• ClinChoice (formerly FMD K&L)

Browse the Full Report:

By Segmentation

By Service Type:

• In-House Pharmacovigilance Services
• Outsourced Pharmacovigilance Services

By Pharmacovigilance Process Outsourcing (PvPO) Services:

• Case Processing
• Signal Detection
• Risk Management Services
• Regulatory Affairs Outsourcing

By Type of Reporting:

• Pharmaceutical Companies
• BioEnd-User Companies
• Contract Research Organizations (CROs)
• Medical Device Companies
• Academic Research Institutes

By Type of Reporting:

• Spontaneous Reporting
• Intensified ADR Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring

By Data Sources:

• Clinical Trials Data
• Post-Marketing Surveillance Data
• Patient Support Programs
• Social Media and Patient Forums
• Medical Literature

By Pharmacovigilance Software:

• Adverse Event Reporting Software
• Signal Detection Software
• Risk Management Software
• Integrated Software Solutions

By Type of Service Providers:

• Business Process Outsourcing (BPO) Companies
• Contract Research Organizations (CROs)
• Pharmacovigilance Service Providers

By Pharmacovigilance Centers:

• National Pharmacovigilance Centers
• Regional Pharmacovigilance Centers
• Global Pharmacovigilance Centers

By Regulatory Reporting Requirements:

• FDA (U.S. Food and Drug Administration) Reporting
• EMA (European Medicines Agency) Reporting
• Other Regional Health Authorities

By Pharmacovigilance Audits and Inspections:

• Internal Audits
• External Audits
• Regulatory Inspections

By Region

• North America
• Europe
• Asia Pacific
• Rest of World