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Pharmacovigilance Market Trends

Report ID: GMI853
Published Date: May 2023
Report Format: PDF

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Pharmacovigilance Market Trends

Outsourcing of pharmacovigilance services is one of the major trends driving industry growth. This is due to several benefits associated with outsourcing including access to expertise, regulatory compliance, cost efficiency, focus on core competencies, and scalability. Many pharmaceutical firms are opting for contract outsourcing of pharmacovigilance services as a cost-effective way to comply with drug safety obligations whilst placing a strong emphasis on core business operations.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market size for pharmacovigilance was more than USD 8.5 billion in 2022 and is poised to grow at over 8.5% CAGR from 2023 to 2032, on account of the growing need for new drugs worldwide.

Phase 4 segment was more than 75% in 2022, driven by increasing cases of adverse drug reactions globally.

North America pharmacovigilance market share witnessed over 37% in 2022, on account of surging investment by government authorities and industry players in drug development.

Some of the leading pharmacovigilance industry players are Accenture, Labcorp Drug Development, Cognizant, ArisGlobal, United BioSource LLC, IBM Corporation, and ICON plc, among others.