PHARMACOVIGILANCE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Pharmacovigilance Market Analysis:

During the forecast period, it is expected that the pharmacovigilance market will register a compound annual growth rate (CAGR) of 8.65%. The global outbreak of COVID-19 has had a detrimental impact on communities, industries, businesses, and individuals worldwide. As a result, medical monitoring and safety reporting have become crucial, given the use of various potential therapies to treat coronavirus-induced infections. For example, a September 2021 article highlighted that the rapid development of vaccines has created new challenges, such as post-authorization safety monitoring and vaccine safety communication. Therefore, comprehensive pharmacovigilance and active monitoring systems are necessary to ensure the safe and effective use of novel vaccinations in diverse populations. Consequently, the increasing incidence of adverse drug reactions and safety concerns is expected to drive the demand for pharmacovigilance services during the pandemic.

The growth of this market is driven by several factors, including rising drug consumption and development rates, increasing incidence rates of adverse drug reactions and drug toxicity, and a growing trend of outsourcing pharmacovigilance services. The prevalence of lifestyle-related diseases, such as diabetes, hypertension, and cardiac disorders, due to sedentary lifestyles, lack of physical activity, changing lifestyle patterns, and poor diets, has led to increased drug consumption, indicating a high demand for drug monitoring and fueling market growth. For instance, according to the International Diabetes Federation’s 2022 statistics, approximately 537 million adults (20–79 years) were living with diabetes worldwide in 2021, and this number is expected to increase to 643 million by 2030 and 783 million by 2045.

Moreover, the American Cancer Society’s 2022 statistics estimate that approximately 1.9 million new cancer cases will be diagnosed in the United States in 2022. Therefore, the increasing burden of various diseases across all age groups globally has driven the demand for therapeutic drugs to treat these disorders. With the growing drug consumption, the need for regular drug monitoring has also increased, ultimately boosting the pharmacovigilance market.

Furthermore, a study published in Frontiers in Drug Safety and Regulation in February 2022 emphasized the importance of post-marketing medication evaluation in better characterizing drug safety profiles in real-world settings and bridging the data gap left by pre-marketing research. Such studies further underscore the significance of pharmacovigilance, thereby driving market growth.

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