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The global Pharmacovigilance (PV) market size was USD 6.97 Billion in 2021 and is expected to register a revenue CAGR of 10.5% during the forecast period, according to latest analysis by Emergen Research. Increasing outsourcing of pharmacovigilance is a major factor driving market revenue growth. Small-scale biotech and pharmaceutical companies have a few internal resources with expertise in safety. Modern PV applications make it simple for businesses to outsource safety services without sacrificing control or data visibility.
In addition, cloud technologies drive greater collaboration and transparency for improved coordination and communication between pharmaceutical companies and service providers or Clinical Research Organizations (CROs).
The amount to which a firm has to outsource depends on a variety of criteria, including size of the company, depth of its pharmacovigilance and patient safety capabilities, and nature of its current license or research collaborations. This strategy enables them to take use of outside knowledge while also cutting the expense of numerous internal tasks including hiring, managing, and training.
• The spontaneous reporting segment accounted for a significant revenue share in 2021 owing to its relatively inexpensive method. Spontaneous reporting provides various built-in benefits over other active reporting methods. Major Adverse Drug Reactions (ADRs) that were missed by earlier trials or other pharmacovigilance techniques may be revealed owing to its extensive coverage.
• The contract outsourcing segment accounted for a significant revenue share in 2021. This is primarily attributed to shifting Contract Research Organizations (CROs), which thereby drives flexibility and reduces cost of in-house processes. Increasing preference for outsourcing pharmacovigilance and increasing demand for accessible and effective drug safety monitoring are other factors driving revenue growth of this segment. Contract outsourcing offers Standard Operating Procedures (SOPs) and Pharmacovigilance (PV) audits, enabling better handling and compliance with massive data. These benefits significantly drive revenue growth of this segment during the forecast period
• The North America market accounted for largest revenue share in 2021. Significant investments in healthcare facilities are a key factor driving market revenue growth. In addition, increasing cancer cases worldwide are contributing to market revenue growth in this region. For instance, according to American Cancer Society, in the U.S., an estimated one billion people with cancer were diagnosed in 2020.
Emergen Research has segmented the global pharmacovigilance market based on type, service provider, product life cycle, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Spontaneous Reporting
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
Electronic Health Record (EHR) Mining
Service Provider Outlook (Revenue, USD Billion; 2019-2030)
In-house
Contract Outsourcing
Read More@ https://www.emergenresearch.com/industry-report/pharmacovigilance-market
Parameter
Market Size Estimation Period
Details
2021-2030
Base Year Considered 2021
Historical Data
Forecast Period
2019-2020
2022-2030
Quantitative Units Revenue in USD million & CAGR from 2021 to 2028
Segments Covered Types, Application, End-Users, Regions & more.
Countries Included The U.S., Germany, U.K., Italy, China, India, Japan, Brazil
Report Coverage Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
Regions Scope North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Customization Scope 10 hours of free customization & expert consultation
Pricing and Purchase Options
Explore Different Purchase Options & Request for Discount to Avail New Year Discount
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