The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 22, 2023 /PRNewswire/ -- As per The Business Research Company's Pharmacovigilance Global Market Report 2023, the global pharmacovigilance market is experiencing significant growth, with the market size expanding from $6.66 billion in 2022 to $7.62 billion in 2023, showcasing a remarkable compound annual growth rate (CAGR) of 14.4%. The market's upward trajectory is projected to continue, reaching $11.98 billion by 2027, supported by a CAGR of 12.0%.
Rising Healthcare Expenditure Fuels Growth
The driving force behind this robust pharmacovigilance market growth is the escalation in healthcare expenditure. Increased funding allows healthcare systems to invest in cutting-edge technologies, data analytics, and expert teams dedicated to efficiently identifying and assessing adverse drug reactions.
For instance, according to the Centers for Medicare & Medicaid Services, the average National Health Expenditures (NHE) growth (5.4%) is projected to surpass average GDP growth (4.6%) between 2022 and 2031, leading to an increase in the health-spending share of GDP from 18.3% in 2021 to 19.6% in 2031.
Learn More On The Pharmacovigilance Market Report – https://www.thebusinessresearchcompany.com/report/pharmacovigilance-global-market-report
Pharmacovigilance Market Landscape and Key Players
The global pharmacovigilance market exhibits fragmentation, with numerous players operating within it. In 2022, the top ten competitors collectively accounted for 7.93% of the total market. IQVIA led the competition with a 2.83% market share, followed by Cognizant, ICON Plc., Accenture plc, PAREXEL International Corporation, United BioSource LLC, ArisGlobal, Quanticate, Wipro Limited, and Linical Americas.
Pharmacovigilance Companies Develop Innovative Cloud-Based Systems
Companies in the pharmacovigilance market are focusing on innovative cloud-based systems to bolster their market positions.
For example, in February 2019, ICON plc, an Ireland-based company providing drug development solutions, launched a novel drug safety reporting solution based on an innovative cloud-based system. This system features automated and configurable business rules, ensuring compliance in an increasingly complex regulatory environment. It also offers sponsors visibility into the safety profile of investigational products throughout their lifecycles, along with additional reporting capabilities and a dashboard for transparent oversight and monitoring of drug safety.
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Pharmacovigilance Market Segmentation and Growth Opportunities
The global pharmacovigilance market is segmented –
- By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining
- By Service Provider: In-House, Contract Outsourcing
- By Process Flow: Case Data Management, Signal Detection, Risk Management System
- By Clinical Trial Phases: Preclinical, Phase I, Phase II, Phase III, Phase IV
- By End User: Hospitals, Pharmaceutical Companies, Other End Users
Notably, the phase IV market is set to experience substantial growth, with projected annual sales increasing by $4,276.6 million by 2027.
In conclusion, the Pharmacovigilance Global Market Report 2023 offers invaluable insights for industry stakeholders. It not only highlights the robust pharmacovigilance market growth but also sheds light on player-adopted strategies such as strategic acquisitions, achieving service excellence, and forging strategic partnerships. These insights are crucial for businesses looking to navigate and thrive in the dynamic pharmacovigilance industry, ensuring they stay at the forefront of operational capabilities and drive advancements in drug safety and patient well-being.
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