Drug Safety Solutions and Pharmacovigilance market is Expected to Reach USD 13.91 Billion by 2030,
A wide ranging Drug Safety Solutions and Pharmacovigilance market research report involves major parameters namely market analysis, market definition, market segmention, key developments in the market, competitive analysis, and research methodology. Depending on client’s requirements, massive business, product and market related information is brought together via this report that eventually helps businesses create better strategies. The report has across-the-board and comprehensive market insights which are based on business intelligence. No stone is left unturned while researching and analysing data to prepare market research report like this one and the others. The persuasive Drug Safety Solutions and Pharmacovigilance market report helps unearth the general market conditions, existing trends and tendencies.
The rising prevalence of adverse drug reactions (ADRs) is the primary driver for the drug safety solutions and pharmacovigilance market. As ADRs pose significant risks to patient safety, the demand for robust pharmacovigilance measures increases. Additionally, the adoption of pharmacovigilance software by outsourcing companies and the implementation of strict government regulations for drug safety during the pre-and post-commercialization phases further contribute to market growth. Research collaborations, partnerships, and the automation of drug safety solutions and pharmacovigilance processes are expected to enhance effectiveness and durability in achieving mechanical hemostasis.
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Data Bridge Market Research analyses that the drug safety solutions and pharmacovigilance market which was USD 7.8 billion in 2022, is expected to reach USD 13.91 billion by 2030, at a CAGR of 7.50% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
“Rising regulatory mandates on clinical trials facilitate market growth”
The rising regulatory mandates on clinical trials act as a significant driver for the drug safety solutions and pharmacovigilance market. Regulatory bodies worldwide have implemented stricter requirements and guidelines for conducting clinical trials to ensure patient safety and data integrity. These mandates emphasize the need for robust drug safety solutions and pharmacovigilance practices to effectively monitor and report adverse events during clinical trials. As a result, pharmaceutical companies and research organizations are increasingly investing in comprehensive pharmacovigilance systems and solutions to meet regulatory obligations, driving the growth of the drug safety solutions and Pharmacovigilance Market.
What restraints the growth of global drug safety solutions and pharmacovigilance market?
“Rising complexity associated with drug safety regulations”
The rising complexity associated with drug safety regulations acts as a significant restraint for the drug safety solutions and pharmacovigilance market. The pharmaceutical industry operates within a highly regulated environment, with stringent requirements for monitoring and reporting adverse drug reactions. Compliance with these complex regulations poses challenges for companies in terms of resource allocation, infrastructure, and expertise. Meeting regulatory requirements can be time-consuming and costly, which may hinder the adoption and implementation of drug safety solutions and pharmacovigilance systems. The complexity of navigating and adhering to diverse global regulations remains a key barrier to market growth in this sector.
Drivers
- Rising regulatory mandates on clinical trials
Regulatory mandates on clinical trial conduct and post-marketing vigilance are driving the demand for PV services. For instance, the European Medicines Agency (EMA) and the United States Food and Drug Administration (FDA) develop regulatory guidelines for all stages of clinical trials. Advances in the development of ADR databases and information systems enabled the reporting of accurate information, which research professionals can then use for prospective studies, thereby fuelling overall demand.
- Increased new product development activities
The biotechnology segment is expected to grow profitably because of increased new product development activities in this sector. Drugs have been developed and consumed at an increasing rate in recent years. Long-term drug use by a large population can result in adverse effects not seen in clinical trials. For instance, Vioxx (an osteoarthritic/acute pain medication) and Avandia (an anti-diabetic) were on the market for quite some time before a pattern of safety issues with their use was discovered. The segment is also expected to be driven by regulatory authorities’ growing need for medical information.
Opportunities
- Growing R&D activities
Increasing R&D and adopting new technologies in clinical research also contribute to market growth. For instance, the incorporation of virtual services into clinical trial protocols by market players such as IQVIA and PRA Health Sciences is expected to drive demand in the coming years.
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The Prominent Key Players Operating in the Global Drug Safety Solutions and Pharmacovigilance Market Include:
- PPD Inc (U.S.)
- Drug Safety Solutions Limited (U.S.)
- C3i (U.S.)
- Worldwide Clinical Trials (U.S.)
- Bioclinica (U.S.)
- United Biosource LLC (U.S.)
- Ennov (Hong Kong)
- AB Cube S.A.S. (France)
- Labcorp Drug Development (U.S.)
- Accenture (Ireland)
- ICON plc (U.S.)
- Ergomed plc (U.K.)
- IQVIA (U.S.)
- Genpact (U.S.)
- Cognizant (U.S.)
- Parexel International Corporation (U.S.)
- ArisGlobal (U.S.)
Recent Developments
- In 2019, The Laboratory Corporation of America Health EC and The New Jersey announced a collaboration and the development of a database and information exchange platform. This platform will be beneficial in conjunction with LabCorp’s Care Intelligence application. This collaboration will result in better lives and health for LabCorp employees. This will result in increased patient satisfaction and recognition.
- In 2019, Parexel International Corporation announced that they had formed a strategic partnership with Datavant, Inc. to connect real-world data, including all clinical trials conducted by Parexel. This collaboration will broaden and extend the company’s entire portfolio, making data linking available to more customers.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the this market
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Critical Insights Related to This Market Included in the Report:
- Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
- Value chain analysis of prominent players in the market
- Current trends influencing the dynamics of this market across various geographies
- Recent mergers, acquisitions, collaborations, and partnerships
- Revenue growth of this industry over the forecast period
- Marketing strategy study and growth trends
- Growth driven factor analysis
- Emerging recess segments and region-wise market
- An empirical evaluation of the curve of this market
- Ancient, Present, and Probable scope of the market from both prospect value and volume
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Drug Safety Solutions and Pharmacovigilance Market Scope
Type
- Software
- Services
Product
- Standard Form
- Customized Form
Functionality
- Adverse Event Reporting Software
- Drug Safety Audits Software
- Issue Tracking Software
Delivery
- On-Premise Delivery Mode
- On-Demand/Cloud-Based (SAAS) Delivery Mode
End Users
- Biotechnology and Pharmaceuticals
- Contract Research Organizations (CROS)
- Hospitals
- KPOs/BPOs
- Healthcare Providers
Distribution Channel
- Direct Sales
- Retail Sales
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