Pharmacovigilance Global Market Report 2022-2030: Increased Cases of Chronic Disease Bolsters 13.5% Annual Growth

DUBLIN, Nov. 16, 2022 /PRNewswire/ -- The "Pharmacovigilance Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.

The pharmacovigilance market is anticipated to grow at a compound annual growth rate of 13.5% for the forecasted period (2022-2030). As the world's population ages, chronic diseases have increased; and more adverse drug reactions mean more pharmacovigilance.

Pharmacovigilance is the healthcare industry's effort to ensure that pharmaceutical companies' claims are accurate and supported by scientific evidence. This report covers all the quantitative and qualitative aspects of pharmacovigilance market and also talks about its key drivers, the challenges it faces, the growth opportunities present in the market, and its future prospects.

Post Marketing Surveillance Phase Takes the Largest Slice

The market has been segmented on basis of Clinical Trial Phases, Service Providers, End Users, Methods, and Regional Basis. On the basis of Clinical Trials, Phase IV i.e. Post Marketing Surveillance Phase has a presiding share of about 75.6% for the year 2020 whereas On the basis of Service Provider, Contract Outsourcing has a presiding share of about 59.2%. Spontaneous Reporting has a dominant share of 30.3% for the year 2020 because of its usefulness in detecting new, serious and rare adverse drug reaction cases and moreover it is an efficient and inexpensive method of reporting ADRs. After Spontaneous Reporting, Cohort Event Monitoring is expected to show growth exponentially over a forecast period. While viewing Phv Market on basis of therapeutic areas, oncology (The study and Treatment of Tumours) dominates the market with a share of about 26.5% whereas while viewing it on basis of end Users, pharmaceuticals dominates the market with a share of 42.6%.

Drivers and Challenges

The surge in cases of adverse drug reactions (ADR), the increasing occurrence of chronic diseases (Diabetes, Cancer, etc.) which in turn lead to increased drug consumption are a few of the main underlying forces driving the growth of the PHV Market. 5% of hospitalizations in Europe and the U.S.in the year 2019 were due to adverse drug reaction cases. Iatrogenic disease is the most common disease caused due to adverse drug reactions.

According to a study by Tufts University, 40% of Adverse Drug Events are never reported by Healthcare Professionals. Another major problem in Spontaneous Reporting of Adverse drug events (ADE) is misreporting and miscoding of reports. The data mentioned in reports under the fields of dosage, formulation type, time, and length of exposure to ADE is not clearly stated.

Key Topics Covered:

1. Preface

2. Executive Summary

3. Pharmacovigilance Market: Business Outlook & Market Dynamics

4. Pharmacovigilance Market: By Clinical Trial Phase, 2020-2030, USD (Million)

5. Pharmacovigilance Market: By Type of Method, 2020-2030, USD (Million)

6. Pharmacovigilance Market: By Type of End User, 2020-2030, USD (Million)

7. Pharmacovigilance Market: By Type of Service Provider, 2020-2030, USD (Million)

8. Pharmacovigilance Market: By Therapeutic Area, 2020-2030, USD (Million)

9. North America Pharmacovigilance Market, 2020-2030, USD (Million)

10. UK and European Union Pharmacovigilance Market, 2020-2030, USD (Million)

11. Asia Pacific Pharmacovigilance Market, 2020-2030, USD (Million)

12. Latin America Pharmacovigilance Market, 2020-2030, USD (Million)

13. Middle East and Africa Pharmacovigilance Market, 2020-2030, USD (Million)

14. Company Profile

Companies Mentioned

• Accenture
• BoehringerIngelheim
• Bristol-Myers Squibb
• Clinquest Group B.V.
• Cognizant Technology Solutions Corporation
• EcronAcunova Ltd.
• F. Hoffmann-La Roche Ltd.
• GlaxoSmithKline
• HCL Technologies
• IBM Corporation

For more information about this report visit https://www.researchandmarkets.com/r/1zi6h

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SOURCE Research and Markets