Pharmacovigilance Market Size Worth USD 12.48 Billion by 2027 | CAGR of 12.5%: Emergen Research

Pharmacovigilance Market Size Worth USD 12.48 Billion by 2027 | CAGR of 12.5%: Emergen Research

PR Newswire

VANCOUVER, BC, Oct. 8, 2020

- Increasing incidences of drug toxicity and ADR (adverse drug reactions) are stimulating the market demand.

- Market Size – USD 4,820.5 Million in 2019, Market Growth - CAGR of 12.5%, Market Trends –Rise in the development and consumption rate of drugs

VANCOUVER, BC, Oct. 8, 2020 /PRNewswire/ -- The Global Pharmacovigilance Market is estimated to be worth USD 12.48 Billion by 2027, according to a recent report by Emergen Research. The pharmacovigilance market is experiencing rapid growth attributed to a rise in its application in spontaneous reporting, electronic health record (EHR) mining, cohort event monitoring, and intensified adverse drug reaction (ADR) reporting, among others. Pharmacovigilance primarily emphasizes on ADR (adverse drug reactions) and cases of drug toxicity. According to statistics released by WHO, about 5.0% of hospitalized patients in developed nations are admitted to the hospital due to adverse drug reactions, and 6.0 to 10% of in-patients are likely to observe a severe adverse reaction for the duration of hospitalization.

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A rise in demand for outsourcing services by players in the healthcare industry is anticipated to boost the forecast period's pharmacovigilance market growth. A spiraling inclination to outsource eliminates the issues pertaining to overhead costs and the pharmacovigilance resources' deployment. Outsourcing is beneficial in enhancing the cost-effectiveness and output efficiency by releasing pressure associated with the procurement of resources on firms, therefore encouraging market growth. Leading pharmaceutical firms are substantially involved in extensive R&D ingenuities for novel therapeutic drug molecules to get superior outcomes, thereby successfully leading to a rise in drug development activities.

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Key Highlights from The Report

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Emergen Research has segmented the Global Pharmacovigilance Market on the basis of type, service provider, clinical trial phase, end-users, and region:

Type Outlook (Revenue, USD Million; 2017-2027)

Service Provider Outlook (Revenue, USD Million; 2017-2027)

Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)

End-Users Outlook (Revenue, USD Million; 2017-2027)

Regional Outlook (Revenue, USD Billion; 2017-2027)

- North America

  1. U.S.
  2. Canada

- Europe

  1. Germany
  2. U.K.
  3. France
  4. Benelux
  5. Rest of Europe

- Asia Pacific

  1. China
  2. Japan
  3. South Korea
  4. Rest of APAC

- Latin America

  1. Brazil
  2. Rest of LATAM

- Middle East & Africa

  1. Saudi Arabia
  2. UAE
  3. Rest of MEA

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