Pharmacovigilance Industry Overview The global pharmacovigilance market size is expected to reach USD 17.36 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.5% from 2022 to 2030. Increasing incidence of Adverse Drug Reactions (ADRs) is the key growth driver. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug. Pharmacovigilance Market Segmentation Grand View Research has segmented the global pharmacovigilance market on the basis of the product life cycle, service provider, type, process flow, therapeutic area, end-use, and region: Based on the Service Provider Insights, the market is segmented into In-house, Contract Outsourcing.
Based on the Product Life Cycle Insights, the market is segmented into Pre-clinical, Phase I, Phase II, Phase III, Phase IV.
Based on the Type Insights, the market is segmented into Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining.
Based on the Therapeutic Area Insights, the market is segmented into Oncology, Neurology, Cardiology, Respiratory Systems, Others.
Based on the End-use Insights, the market is segmented into Pharmaceuticals, Biotechnology Companies, Medical Device Manufacturers, Others.
Pharmacovigilance Regional Outlook
Key Companies Profile & Market Share Insights The market is witnessing a significant boost owing to the patent expiration of branded drugs and the increasing number of new drug developments. This has attracted several local and international pharmacovigilance service providers. The presence of a competitive milieu has led to improved clinical data management and has streamlined the R&D process. Some prominent players in the global pharmacovigilance market include
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