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Pharmacovigilance Market Size
- Report ID: GMI853
- Published Date: May 2023
- Report Format: PDF
Pharmacovigilance Market Size
Pharmacovigilance Market size was over USD 8.5 billion in 2022. Driven by the rising need for new drugs across the globe, the market is expected to grow at over 8.5% CAGR from 2023 to 2032.
Rising prevalence of chronic disorders such as cardiovascular diseases, diabetes, cancer, and others has increased the usage of drugs for disease management. As per the CDC, over 795,000 cases of stroke are diagnosed every year in the U.S. alone. This has increased the number of adverse drug reactions (ADRs) and generated awareness about its potential health risks. Many governments across the world are investing huge amounts in pharmacovigilance to detect, understand, and prevent ADRs, which will fuel market progress.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Pharmacovigilance Market Size in 2022: | USD 8.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 8.5% |
| 2032 Value Projection: | USD 18.5 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 246 |
| Tables, Charts & Figures: | 421 |
| Segments covered: | Type, Service Provider, End-use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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However, an acute shortage of skilled healthcare professionals presents challenges to the implementation of pharmacovigilance practices. Pharmacovigilance systems often witness issues related to product quality and falsified and counterfeit medical products, which makes drug safety surveillance expensive and complex. The high cost of these systems and the shortage of qualified healthcare professionals may limit demand for pharmacovigilance services in low and middle-income economies.
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Pharmacovigilance Market Scope
