Global Pharmacovigilance Market

Dublin, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The "Global Pharmacovigilance Market by Type (Contract Outsourcing, In-house), Clinical Trial (Phase I, Phase II, Phase III), Function, End-User - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The global Pharmacovigilance Market is expected to witness a substantial growth, with a projected CAGR of 15.74% over the forecast period of 2023-2030, according to a newly published research. Valued at USD 7.68 billion in 2022 and estimated to reach USD 8.86 billion in 2023, the market size is projected to grow to USD 24.76 billion by 2030. This growth is primarily driven by the increasing number of medications and vaccines being introduced, higher awareness of drug safety, and rigorous regulatory compliance related to drug monitoring.

Enhanced focus on analzying the market has led to detailed evaluations, with separate studies for Contract Outsourcing and In-house functions, showcasing the strength of In-house undertakings. Furthermore, phases of clinical trials, with significant emphasis on Phase III, are highlighted as vital contributors to the sector's growth trajectory. Such insights into the market dynamics and statistics present important implications for stakeholders and industry participants.

A comprehensive examination of the market's functions indicates a strong uptick in Targeted Spontaneous Reporting, reflecting the industry's movement towards more precise and effective drug safety monitoring methods. In terms of end-users, the research anticipates Academic & Research Institutes to be at the forefront, steering the advancements and contributing to the holistic growth of the Pharmacovigilance space.

Regionally, the Asia-Pacific region is marked as a hotbed for significant market share and acceleration over the forecast period, with countries like China and India playing key roles due to their expanding healthcare infrastructure and pharmaceutical industry growth. Moreover, the American and European markets continue to build upon their sophisticated healthcare sectors, contributing to the global market's expansion.

Key Attributes:

Companies Mentioned

• Accenture, PLC

• Bristol-Myers Squibb Company

• Capgemini SE

• ClinChoice

• F. Hoffmann-La Roche AG

• GlaxoSmithKline PLC

• HCL Technologies Limited

• ICON PLC

• Infosys Limited

• International Business Machines Corporation

• IQVIA Inc.

• ITclinical

• Laboratory Corporation of America Holdings

• Linical Co., Ltd.

• Novartis AG

• Oracle Corporation

• Parexel International

• Pfizer Inc.

• Quanticate International limited

• Sanofi S.A.

• Syneos Health

• TAKE Solutions Limited

• TATA Consultancy Services Limited

• Wipro Limited