Pune, India, Dec. 20, 2021 (GLOBE NEWSWIRE) -- The global pharmacovigilance market size was USD 5.56 billion in 2020.The market is projected to grow from USD 6.28 billion in 2021 to USD 14.85 billion in 2028 at a CAGR of 13.1% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Pharmacovigilance Market, 2021-2028.”
According to our analysts, augmentedingestion of medicines by the patient population pooled with amplifiedanticipations of drug safety is the primaryaspectattributable todrive the Pharmacovigilance market growth in the forthcoming years.
Industry Development
June 2021: SSI Strategy, LLC declared a procurement of Fiore Healthcare Advisors, LLC. This attainmentconcentrates to extend SSI’s prevailingrobust Clinical Research and Drug Safety offerings by onboarding a team of skilled Safety Physicians and Clinical Research care.
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COVID-19 Impact
PV outsourcing is attainingimpetus in terms of revenue and development owing to progressions in the PV software and services. The presence of an information technology platform has paved anoptimistic path for the global market. Moreover, the occurrence of COVID-19 has opened numerousprospects for the pharmaceutical companies in the invention of novel vaccines, which have instigated a number of clinical judgments. This has even opened doors to the PV market as it is the most prominent phase of any drug development course.
Drivers and Restraints
RisingCivilAlertness for Secure Medicines to Support Market Value
Security and effectiveness are the two prominentfactors that a drug is required to pass through during every clinical probationarystage. These days, people are more alertregarding the side effects of OTC medicines and thereforeask forsafe to consumemedicines. This is probable to enhance the pharmacovigilance market growth owing to surveillance of promotedmedicines for conceivable ADRs.
Moreover, government initiatives and programs combined with pharmaceutical companies’ alertnessoperations are generating a largerinfluence in spreading dependable information about medicines, appropriateusage of medicines, and side-effects of medications, among others.
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Segmentation
Based on type, the global market has been categorized as service and software. The services segment held a dominant position in the year 2020, generating the highest and having the largest market share.
On the basis of deployment, the market is segmented into in-house and outsource.
The end-user segment of the global market is divided into hospitals, pharmaceutical companies, and others.
On the geographical front, the market is branched into North America, Europe, AsiaPacific, Latin America, and the Middle East & Africa.
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Regional Insights
The market size in North America was worth USD 2.23 billion in 2020, denoting its top position. North America holds the highest pharmacovigilance market share, owing to the largest number of PV happenings in the region.
Europe is responsible for the second position in the market owing to its emphasis on risk valuation of the medicinal products.
Furthermore, AsiaPacific is estimated to develop as the fastest-growing region owing to the implementation of PV services and software by emergingnations.
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Competitive Landscape
ProcurementsInstigated by Crucial Companies to Endorse Market Growth
The prominent players in the market incessantly opt for efficient strategies to thrust their brand value as well as advertise the global market growth of the product with encountering least thinkablecomplications. One such competent strategy is obtaining competitive companies and further safeguarding a profit for both the companies.
List of Key Players Covered in the PV Market Report
- Covance Inc. (U.S.)
- Parexel International Corporation (U.S.)
- Accenture plc (Ireland)
- Cognizant (U.S.)
- Bioclinica (U.S.)
- Pharmaceutical Product Development, LLC (U.S.)
- ICON plc (Ireland)
- Quanticate (U.S.)
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