The Global Drug Safety Solutions and Pharmacovigilance Market Growth at a rate of 7.50% in the forecast period 2022 to 2029
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Market Analysis and Insights - Global Drug Safety Solutions and Pharmacovigilance Market
The rising prevalence of adverse drug reactions (ADRs) is the primary driver of the drug safety solutions and pharmacovigilance market. Furthermore, the increasing adoption of pharmacovigilance software by outsourcing companies and strict government regulations for drug prior and post-commercialization contribute to the market's overall growth. The market is expected to benefit from research collaborations and partnerships, as well as drug safety solutions and pharmacovigilance automation, which aid in achieving more effective and durable mechanical hemostasis.
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.
Market Definition
Drug safety and pharmacovigilance (PV or PHV) is a scientific procedure for 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-sales results.
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Global Drug Safety Solutions and Pharmacovigilance Market Size
The drug safety solutions and pharmacovigilance market is segmented on the basis of type, product, functionality, end user, delivery and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Recent Developments
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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.
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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.
Global Drug Safety Solutions and Pharmacovigilance Market Country Level Analysis
The drug safety solutions and pharmacovigilance market is analyzed and market size insights and trends are provided by country, type, product, functionality, end user, delivery and distribution channel as referenced above.
The countries covered in the drug safety solutions and pharmacovigilance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the drug safety solutions and pharmacovigilance market because of increased drug abuse, adverse drug reactions, and increased investment in novel drug development by major players.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the increasing government initiatives and investments along with growing awareness among patients within this region.
Global Drug Safety Solutions and Pharmacovigilance Market Share Analysis
The drug safety solutions and pharmacovigilance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to drug safety solutions and pharmacovigilance market.
Key Players Global Drug Safety Solutions and Pharmacovigilance Market
Some of the major players operating in the drug safety solutions and pharmacovigilance market are:
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PPD Inc (U.S.)
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Drug Safety Solutions Limited (U.S.)
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C3i (U.S.)
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Worldwide Clinical Trials (U.S.)
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Bioclinica (U.S.)
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United Biosource LLC (U.S.)
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Ennov (Hong Kong)
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AB Cube S.A.S. (France)
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Labcorp Drug Development (U.S.)
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Accenture (Ireland)
Global Drug Safety Solutions and Pharmacovigilance Market Report Answers the Following Questions:
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How much revenue will the Global Drug Safety Solutions and Pharmacovigilance Market generate by the end of the forecast period?
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Which market segment is expected to have the maximum market share?
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What are the influencing factors and their impact on the Global Drug Safety Solutions and Pharmacovigilance Market ?
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Which regions are currently contributing the maximum share of the overall Global Drug Safety Solutions and Pharmacovigilance Market ?
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What indicators are likely to stimulate the Global Drug Safety Solutions and Pharmacovigilance Market ?
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What are the main strategies of the major players in the Global Drug Safety Solutions and Pharmacovigilance Market to expand their geographic presence?
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