Technavio analyzes that the Pharmacovigilance Market is expected to grow at a CAGR of 5.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2876.8 million.There are various factors that contribute to the growth of the market. The Pharmacovigilance market is experiencing significant growth due to the increasing incidence rates of adverse drug reactions. As the global population ages and the prevalence of chronic diseases rises, the need for effective pharmacovigilance systems to monitor and mitigate the risks associated with medications becomes increasingly important. These systems help ensure patient safety by identifying, reporting, and managing adverse drug events in a timely and efficient manner. The market for pharmacovigilance services and technologies is expected to continue expanding as healthcare providers and regulatory agencies seek to improve patient safety and reduce the burden of adverse drug reactions on healthcare systems and budgets.
Pharmaceutical companies prioritize the in-house management of their pharmacovigilance operations due to the significant resources and expertise they possess in comparison to contract research organizations (CROs). With dedicated teams consisting of pharmacovigilance professionals, physicians, and medical writers, companies like Accenture can process over 1.5 million cases annually. The in-house model grants pharmaceutical entities complete control over their safety data and confidential information, reducing reliance on external organizations. Additionally, the protection and monitoring of sensitive data are ensured through restricted access. The preference for in-house pharmacovigilance resources stems from the need to maintain confidentiality, minimize dependencies, and ensure comprehensive product safety knowledge.
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Pharmacovigilance Market Segmentation
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Pharmacovigilance refers to the science and processes involved in the collection, detection, assessment, monitoring, prevention, and reporting of adverse effects associated with medicinal products. This critical function ensures compliance with legal frameworks and directives, enabling marketing authorization holders and regulatory authorities to maintain the safety of products through various reporting schemes, such as the Yellow Card scheme, and the utilization of clinical studies, medical literature, morbidity databases, mortality databases, and spontaneous safety events for drug safety assessment. The ultimate goal is to prevent and mitigate adverse reactions, ensuring the effective and safe use of medicinal products for various health conditions and diseases.
The Pharmacovigilance market falls under the broader umbrella of the life science tools and services sector. This market encompasses entities involved in the research and development (R&D) of pharmacovigilance solutions, including software, services, and consulting. These offerings facilitate the collection, detection, assessment, monitoring, prevention, and reporting of adverse effects related to medicinal products. The market's expansion is influenced by various factors, such as the increasing global population aging, the legal framework mandating stricter pharmacovigilance regulations, and the growing demand for ensuring patient safety and product efficacy. The global life science tools and services market size is determined by the combined revenue generated from the sales of equipment, supplies, pharmaceuticals, biotechnology, and related services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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