Pharmacovigilance Global Market Report 2022

New York, June 09, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Pharmacovigilance Global Market Report 2022” – https://www.reportlinker.com/p06284342/?utm_source=GNW

The global pharmacovigilance market is expected to grow from $5.71 billion in 2021 to $6.64 billion in 2022 at a compound annual growth rate (CAGR) of 16.2%. The pharmacovigilance market is expected to reach $10.57 billion in 2026 at a CAGR of 12.3%.

The pharmacovigilance market consists of sales of pharmacovigilance services by entities (organizations, sole traders, and partnerships) that collect, assess, and distribute drug safety and efficiency data. Pharmacovigilance is the science and practice of monitoring approved pharmaceuticals and experimental products prior to their approval for use in order to discover, evaluate, assess, and avoid adverse drug and vaccination effects and problems.

The main types of pharmacovigilance are spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining.Spontaneous reporting is by nature a passive approach to pharmacovigilance relying entirely on the motivation of individuals to report suspected adverse drug reactions to local or national pharmacovigilance centers.

The different process flows include case data management, signal detection, and risk management system.The various services providers are in-house and contract to outsource and involve several clinical trial phases such as preclinical, phase I, phase II, phase II, and phase IV.

These services are used by several end-users including hospitals pharmaceutical companies and others.

North America was the largest region in the pharmacovigilance market in 2021.Asia Pacific is expected to be the fastest growing region in the forecast region.

The regions covered in the pharmacovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The growing incidences of adverse drug reactions are expected to propel the growth of the pharmacovigilance market going forward.An adverse drug reaction is defined as a harmful, unpleasant, or dangerous reaction resulting from the use of any medicinal product.

Pharmacovigilance personnel is primarily responsible for monitoring adverse drug reactions (ADRs) in order to ensure safe drug usage and ensure drug safety prior to approval for public use.For instance, according to United Nations Office on Drugs and Crime (UNODC) World Drug Report published in 2021, approximately 36 million persons worldwide suffered from drug use disorders in 2020, out of 275 million drug users.

Therefore, the growing incidence of adverse drug reactions is promoting the growth of the pharmacovigilance market.

Technological advancements have emerged as a key trend gaining popularity in the pharmacovigilance market.Many companies operating in the pharmacovigilance sector are adopting advanced technological solutions such as Artificial intelligence (AI) to reduce cycle time, enriched quality and accuracy, scalable and futuristic solutions, improved productivity, and better compliance.

For instance, in December 2019, UCB, a Belgium-based biopharmaceutical company, and Accenture, an Ireland-based professional services company collaborated to develop a patient safety solution based on Accenture’s INTIENT Pharmacovigilance technology platform. This solution will use real-time artificial intelligence (AI), robotic process automation, and machine learning automation in the data management process, from acquiring patient information and inputs to regulatory reporting.

In January 2020, Ergomed Plc., a UK-based pharmaceutical industry service provider acquired Ashfield Pharmacovigilance Inc. for $10 million. With this acquisition, Ergomed Plc will strengthen Ergomed CRO business in the US market and will become a global leader in pharmaceutical services specialists. Ashfield Pharmacovigilance Inc. is a US-based company that provides pharmacovigilance services.

The countries covered in the pharmacovigilance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Read the full report: https://www.reportlinker.com/p06284342/?utm_source=GNW

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