Pharmacovigilance and Drug Safety: Market Trends and Forecasts
Market size and analysis for drug safety products and pharmacovigilance
The market for drug safety solutions and pharmacovigilance is primarily driven by the increase in adverse drug reactions, which are becoming more common.
Additionally, the strict government rules for drug pre- and post-commercialization and outsourcing firms’ growing use of pharmacovigilance software contribute to the market’s overall expansion.
The market is anticipated to gain from research partnerships and collaborations that help to achieve more effective and long-lasting mechanical hemostasis, as well as from drug safety solutions and pharmacovigilance automation.
Data Bridge Market Research projects that the market for drug safety solutions and pharmacovigilance, which was valued at USD 7.8 billion in 2022, will increase to USD 13.91 billion by 2030, with a CAGR of 7.50% from 2023 to 2030.
The market reports created by Data Bridge Market Research include in-depth expert opinions, patient biostatistics, pipeline evaluation, pricing analysis, and regulatory framework in addition to perspectives on market situations like market price, growth rate, segmentation, geographic scope, and big players.
Market Size for Drug Safety Solutions and Pharmacovigilance
- Pharmacovigilance (PV or PHV) is the process of collecting, analyzing, monitoring, and preventing adverse effects in drugs and therapies.
- Its primary goal is to ensure that pharmaceutical developers meet industry regulatory standards, and it puts additional pressure on biotechnology and pharmaceutical companies to manufacture safe drugs and evaluate their post-sale results.
Market drivers for drug safety products and pharmacovigilance
Increased regulatory requirements for drug development
- The demand for PV services is being driven by regulatory requirements for conducting clinical trials and post-marketing vigilance. For instance, the United States Food and Drug Administration (FDA) and the European Medicines Agency (EMA) create regulatory guidelines for all phases of clinical trials.
- The ability to report accurate data, which research professionals can then use for prospective studies, has been made possible by advancements in the development of ADR databases and information systems, which have increased overall demand.
Drivers of the drug safety and pharmacovigilance markets
Higher standards for generating drugs
- The rules governing how drug studies are conducted and post-marketing surveillance are what primarily drive demand for PV services.
- ADR databases and information systems have improved overall demand, allowing research professionals to use accurate data..
Restraints/Challenges
Regulations relating to drug safety are becoming more complex.
- Drug safety regulations are becoming more complex, as are misquotations and incorrect coding of adverse effects.
- A comprehensive study of the drug safety solution and pharmacovigilance market discusses recent developments, trade regulations, import-export analyses, production analyses, value chain optimization, market share, and the impact of domestic and localized market participants.
- Besides analyzing potential revenues pockets, it also analyzes regulatory changes, market size, category market expansions, application niches, and product approvals.
Market Size for Global Drug Safety Solutions and Pharmacovigilance
Pharmacovigilance and drug safety solutions are categorized based on their type, product, functionality, end user, delivery method, and distribution channel. It will be possible for you to identify key market applications by analyzing the industries’ scant growth segments and providing users with valuable market information and market insights.
Type – Services and Software
Products – The functionality of Standard Form and Customized Form
Functionality – Software for Drug Safety Audits, Adverse Event Reporting, and Issue Tracking
Delivery: Mode of delivery to site
Delivery Mode: On-Demand/Cloud-Based
User Groups
Pharmacology and life sciences
Research Organizations Under Contract (CROS)
Hospitals
KPOs/BPOs
Medical professionals
Direct Selling
In-Store Sales
Distributing Route
Regional Market Analysis and Insights for Drug Safety and Pharmacovigilance
The drug safety solutions and pharmacovigilance market are analyzed, and market size insights and trends are presented by country, type, product, functionality, end user, delivery method, and distribution channel.
Indicators used to forecast a specific country’s market scenario include technical trends, Porter’s Five Forces analysis, case studies, and upstream and downstream value chain analysis.
Forecasts also take into account the availability of international brands, their difficulty in competing with local or domestic brands, the effect of domestic tariffs, and trade routes, when analyzing country data.
Growth of the healthcare infrastructure installed base and invasion of new technology
In addition, the market for drug safety solutions and pharmacovigilance analyses the growth of healthcare capital equipment expenditures for each country in detail, as well as the installed base of various product types within the pharmacovigilance and drug safety solutions market. As well as the impact of technological advances such as lifeline curves, healthcare regulatory changes and their impact on pharmacovigilance and drug safety solutions.
Market share analysis for the competitive environment, drug safety solutions, and PV
The company’s financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are among the details that are included. The data points mentioned above only pertain to the companies’ focus on pharmacovigilance and drug safety solutions.
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