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The global pharmacovigilance market size was USD 5.56 billion in 2020. The market is projected to grow from USD 6.28 billion in 2021 to USD 14.85 billion in 2028 at a CAGR of 13.1% in the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Pharmacovigilance (PV) Market Size, Share & COVID-19 Impact Analysis, By Type (Service and Software), By Deployment (In-house and Outsource), By End-User (Hospitals, Pharmaceutical Companies, and Others), and Regional Forecast, 2021-2028.”
The main objective of the PV industry is to enhance patient care and safety concerning the use of medicines. It also supports public health programs by providing reliable and balanced information for the correct assessment of the adverse effects of medicines.
R&D for Nobel Vaccines to Boost the PV Market
PV outsourcing is attaining impulse in revenue and development due to progressions in the PV software and services. The presence of an information technology platform has paved a positive path for the global market.
Moreover, the incidence of COVID-19 has opened frequent prospects for pharmaceutical companies to invent novel vaccines, which have activated several clinical judgments. This factor has even paved the way for the PV market as it is the most prominent phase of any drug development course.
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PrimeVigilance Extends Business Functions in Japan
Ergomed plc, which is a company fixated on offering dedicated facilities to the pharmaceutical industry, declares that its PrimeVigilance business, who is a global frontrunner in the provision of pharmacovigilance and medical information services, has recognized its novel legal unit and regional workplace in Japan and is completely functioning from 26 April 2021.
This development offers prevailing and potential international PrimeVigilance clienteles the prospect to encompass their product coverage into the tactically significant Japanese pharmaceutical market, which is the fourth biggest across the globe after the U.S., the EU, and China.
Subcontracting of PV Services to Accelerate Market Growth
This market permits an option for pharmaceutical companies and clinics to subcontract the PV service. PV outsourcing has the majority benefits to the manufacturing companies in terms of time constrictions and amenities that an outsourced service can deliver. Outsourcing also sanctions the companies to endure modification according to their demands and desires, which can augment the pace of the assessment procedure. This factor is expected to boost the pharmacovigilance market growth.
Approval of Multifold Tactics by Key Players to Advance PV Business to Drive Competition
The market is home to numerous players. Vendors such as Solutions, Accenture plc, Cognizant Technology, IQVIA, and several others have effectively proven their position through numerous achievements, progressive pharmacovigilance solutions, and outstanding customer-provider relationships. These companies are fixated on delivering end-to-end solutions to customers by extemporizing continuous tactical expansions and offering specialized PV services.
List of Key Players Covered in the PV Market Report
Table of Segmentation
Value (USD billion)
Type, Deployment, End-User, and Geography