According to the latest report by IMARC Group, The global — pharmacovigilance market grew at a CAGR of around 10% during 2015-2020. Looking forward, IMARC Group expects the market to exhibit strong growth during 2021-26.
Pharmacovigilance (PV) refers to the pharmacological science dealing with the assessment, detection and prevention of unfavorable effects associated with pharmaceutical products. It plays a crucial role in identifying previously unknown adverse effects, recognizing changes in the severity or frequency, and assessing the risks and benefits of drugs to ascertain required actions. PV also certifies the accuracy of communicated information to patients and healthcare professionals. As a result, it is widely used to understand the effects of drugs on individuals worldwide.
The growing incidences of lifestyle diseases, such as diabetes, hypertension, cardiac disorders, etc., have resulted in the growing consumption of drugs. This, along with the rising cases of adverse drug reactions (ADRs), is primarily driving the market growth. Additionally, the sudden outbreak of COVID-19 has resulted in the urgent need for a vaccine, which has created numerous opportunities for the market players. Moreover, several key manufacturers are introducing advanced platforms to ensure automated ADR reporting, thereby further contributing to the market growth. Besides this, various pharmaceutical manufacturers are increasingly outsourcing pharmacovigilance operations to third parties in order to increase internal resource flexibility and enhance productivity over shorter periods.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pharmacovigilance Market Coverage and Segmentation 2021-2026:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
BioClinica Inc. (Cinven Partners LLP)
International Business Machines Corporation
Parexel International Corporation
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Service Provider:
Breakup by Product Life Cycle:
Breakup by Type:
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
Breakup by Process Flow:
Case Data Management
Case Data Analysis
Medical Reviewing and Reporting
Adverse Event Logging
Adverse Event Analysis
Adverse Event Review and Reporting
Risk Management System
Risk Evaluation System
Risk Mitigation System
Breakup by Therapeutic Area:
Breakup by End Use:
Medical Device Companies
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
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