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The global pharmacovigilance market reached a value of US$ 6.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.8 Billion by 2027, exhibiting a CAGR of 10.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Pharmacovigilance (PV) is the pharmacological science concerning the detection, assessment, understanding and prevention of unfavorable effects with pharmaceutical products. It plays a pivotal role in identifying previously unknown adverse effects, recognizing changes in the frequency or severity, and assessing the risks and benefits of drugs to determine required actions. It also ensures the accuracy of communicated information to healthcare professionals and patients. At present, PV is widely used to understand the effects of drugs on individuals worldwide.
The increasing prevalence of lifestyle diseases, such as hypertension, diabetes, and cardiac disorders, has resulted in the rising consumption of drugs worldwide. This, in confluence with the growing incidences of adverse drug reactions (ADRs), represents one of the key factors driving the global pharmacovigilance market. Besides this, the key players are introducing advanced platforms to ensure automated ADR reporting, which is contributing to the market growth. They are also focusing on improving the manufacturing operations and streamlining research and development (R&D) on account of a competitive environment. Furthermore, leading pharmaceutical companies are undertaking numerous initiatives to conduct clinical trials and generate awareness about the proper utilization of medicines. This, in turn, is facilitating the growth of the pharmacovigilance market. Additionally, the coronavirus disease (COVID-19) outbreak has resulted in the urgent need for a vaccine, which has created numerous opportunities for the market players. Apart from this, pharmaceutical manufacturers are shifting towards outsourcing pharmacovigilance operations to third parties on account of the associated benefits, such as increasing internal resource flexibility and better outcomes over shorter periods.
IMARC Group provides an analysis of the key trends in each sub-segment of the global pharmacovigilance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on service provider, product life cycle, type, process flow, therapeutic area and end use.
Breakup by Service Provider:
Breakup by Product Life Cycle:
Breakup by Type:
Breakup by Process Flow:
Breakup by Therapeutic Area:
Breakup by End Use:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, ArisGlobal LLC, BioClinica Inc. (Cinven Partners LLP), Capgemini, Cognizant, International Business Machines Corporation, ICON plc., IQVIA Inc., ITClinical, Parexel International Corporation and Wipro Limited.
|Base Year of the Analysis||2021|
|Segment Coverage||Service Provider, Product Life Cycle, Type, Process Flow, Therapeutic Area, End Use, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Accenture plc, ArisGlobal LLC, BioClinica Inc. (Cinven Partners LLP), Capgemini, Cognizant, International Business Machines Corporation, ICON plc., IQVIA Inc., ITClinical, Parexel International Corporation and Wipro Limited|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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