Pharmacovigilance Market Outlook 2028

1. Pharmacovigilance Market Outlook 2028 The globalpharmacovigilance market was valued at US$6.1 Bn in 2020 It is estimated to expand at a CAGR of 8.8% from 2021 to 2028 The globalpharmacovigilance market isexpected to reach the value of US$11.5 Bn by the end of 2028 Report https://www.transparencymarketresearch.com/pharmacovigilance-market.html Overview: Advanced Clinical Trial Phases Fuelling Demand for Pharmacovigilance Stakeholders in the pharmacovigilance market are extending their services in preclinical studies, clinical trial phases I, II, III, and IV by phase of drug development. Phase IV a.k.a. post-marketing surveillance has contributed to a large share in terms of revenue in the previous years. Safety worries relating to marketed products, growing necessity of designing systems to compare safety profiles of homologous medicinal products, and rising public health awareness campaigns are few of the reasons contributing to the growth of the pharmacovigilance market. Clinical trial phase III is predicted to set to rise at a high growth rate due to the escalating need for monitoring of drug safety. This phase emphasizes on drug safety and efficiency in diverse sub-groups, where the benefit-risk ratio is developed, scrutinized, and updated accordingly. In order to be more accurate on the part of drug safety, biopharmaceutical companies are focusing on creating advanced clinical trial phases. Pharmacovigilance Offers Health Transparency for COVID-19 Vaccines and Patient Monitoring The need of pharmacovigilance services has increased due to the COVID-19 pandemic. Companies in the market for pharmacovigilance are taking advantage of this opportunity by increasing awareness about Coronavirus vaccine safety guidance. Information on each of the authorized vaccines, including authorization, manufacturing, and dosage, among other details, are fuelling the demand for pharmacovigilance services. This information is being presented in layers, which allow sequential access to degrees of increasing depth of information. At the same time, pharmacovigilance monitoring of COVID-19 patients has become an international priority. Healthcare organizations are encouraging this activity in an attempt to guarantee health transparency. Request Sample: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=17 29 Contract Outsourcing and Spontaneous Reporting Providing Impetus to Market Growth

2. The pharmacovigilance market is anticipated to grow at a promising rate due to the increasing demand for contract outsourcing and in-house pharmacovigilance. An important factor helping with the growth of contract outsourcing could be shift in focus to core business activities from that of non-core by outsourcing pharmacovigilance services. This will lead to a decrease in operational and financial costs suffered from delays in product approval. The global pharmacovigilance market is positioned for a healthy growth rate throughout the assessment period. Intensified ADR (Adverse Drug Reaction) reporting, targeted spontaneous reporting, and cohort event monitoring activities are providing impetus to market growth. During the recent years, in terms of revenue, the use of spontaneous reporting method is growing at a rapid pace since it is a more accurate technique of discovering new ADRs. North America and Asia Pacific Hold Lucrative Revenue Opportunities for Stakeholders Asia Pacific is expected to gain high growth during the forecast period. Factors supporting market growth in this region are envisaged to include high demand for strict healthcare regulations and increase in number of clinical trials being set up. Nevertheless, developed regions are projected to significantly contribute to the pharmacovigilance market. For instance, North America’s cost benefit gained by switching to contract research organization (CRO) outsourcing from expensive in- house activities is projected to help the region to collect a larger revenue share of the market. Increased death rates due to adverse drug reactions and rise in patient fears regarding safety of medicinal products has propelled the North America pharmacovigilance market in the recent years. A report by Centers for Disease Control and Prevention (CDC) states that there are around several thousand deaths caused by ADRs in the U.S., which are counted among the top 10 leading causes of death in the country. Pharmacovigilance Market: Overview According to Transparency Market Research’s latest report on the global pharmacovigilance market for the historical period 2017–2019 and forecast period 2021–2028, technological advancements, adoption of artificial intelligence, and automation are projected to drive the global pharmacovigilance market during the forecast period Technological Advancements to Drive Global Pharmacovigilance Market Automation and artificial intelligence in pharmacovigilance is a boom to the pharmaceutical industry. Amid the COVID-19 pandemic, technological advancements in pharmacovigilance have come to the rescue of the chaos about the continuous clinical testing and delay in the vaccine regulatory approval. Development of centralized, web-based, and automated web portal for presenting the evaluation of the clinical trial studies related to the efficacy

3. of the medicines used in managing the COVID-19 diseases has enlightened the physicians to improve the patient’s condition in the pandemic. Usage of machine learning and advanced data analytics have created a paradigm shift in the development of drugs, assessment of drug risk profile, overview of patients safety, and optimal patient treatment Automation, artificial intelligence, and analytics have driven the efficiency of the companies in providing pharmacovigilance services. Technically advanced automation, machine learning, and artificial intelligence are likely to create a paradigm shift in pharmacovigilance in the near future Rise in Cases of Adverse Drug Reactions and Drug Toxicity Surge in incidence of adverse drug reactions globally due to the high rate of drug consumption among the population is expected to propel the global pharmacovigilance market Lack of well-documented post marketing adverse drug reaction reporting is projected to restrain the global pharmacovigilance market. Hence, under- reporting of adverse drug reactions would result in increase in drug toxicity incidences, which, in turn, is likely to augment the global pharmacovigilance market. Increase in adverse drug reactions has compelled the regulatory authorities to adopt more stringent steps pertaining to pharmacovigilance. In August 2020, according to research studies, the average occurrence of incidence of adverse drug reactions among hospitalized pediatric patients was reported to be 9.52%. Enquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&re p_id=1729 High Risk Associated with Data Security in Pharmacovigilance Outsourcing to Hamper Market Organizations are becoming increasingly connected through new platforms such as cloud and social media. Hence, there has been a consequent rise in potential threats to data security, complexity of attacks, and intensity of breaches. It is imperative for the healthcare industry to protect the proprietary and confidential information related to services and products, as there is high risk of their confidentiality being compromised. Healthcare and pharmaceutical companies prefer to partner with CROs that can provide and support a high level of data security services. The contract research organization needs to assure the pharmaceutical companies that their platforms are secure, in adherence to the prescribed industry standards, and in compliance with the regulatory guidelines on data protection. Despite the growing pharmacovigilance outsourcing process, pharmaceutical companies still find considering service providers reliable a major challenge, as several instances of data security breaches have been reported in the past, including illegal access to personal data through the Internet

4. Pharmacovigilance Market: Competition Landscape This report profiles major players in the global pharmacovigilance market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments The global pharmacovigilance market is highly established with the presence of a number of international as well as regional players Leading players operating in the global pharmacovigilance market are oAccenture plc oBristol-Myers Squibb oClinquest Group B.V. oCognizant oLabcorp Drug Development oF. Hoffmann-La Roche Ltd. oGlaxoSmithKline plc oICON plc oiGATE Corporation oiMEDGlobal Corporation oSyneos Health oNovartis AG oPAREXEL International Corporation oPfizer, Inc. oPharmaceutical Product Development, LLC. (PPD) oIQVIA oSanofi oSynowledge LLC oWipro Limited About Transparency Market Research Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years. Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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