PharmacovigilanceCompanies (2024 - 2029)

Pharmacovigilance Market Companies Summary

The pharmacovigilance market is seeing significant growth due to the rising incidence of adverse drug reactions and safety issues, particularly amid the COVID-19 pandemic. The development of vaccines has created new challenges, such as post-authorization safety monitoring and vaccine safety communication, leading to an increased demand for pharmacovigilance services. The growth of the market is further propelled by increasing drug consumption and development rates, growing incidence rates of adverse drug reactions and drug toxicity, and a rising trend of outsourcing pharmacovigilance services. The need for regular monitoring of drugs has also increased due to the growing drug consumption, thereby boosting the pharmacovigilance market. Pharmaceutical firms are expected to hold a major market share in the pharmacovigilance market due to the rising adoption of pharmacovigilance services. The growing need for medical information by regulatory authorities is also anticipated to fuel the growth of this sector. Furthermore, the significance of post-marketing medication evaluation in better characterizing drug safety profiles in real-world settings is also driving market growth. Moreover, collaborations between pharmaceutical firms and software providers in the market are further expected to propel market growth. However, factors such as high risk associated with data security, lack of global regulatory harmonization, and lack of data standardization for adverse event collection, may hinder the growth of the pharmacovigilance market.