DUBLIN, Sept. 14, 2022 /PRNewswire/ -- The "Global Pharmacovigilance Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global pharmacovigilance market is expected to grow at a compound annual growth rate of 10.49% over the forecast period to reach a market size of US$9.535 billion in 2027 from US$4.743 billion in 2020.
Pharmacovigilance, also referred to as drug safety, is the science and activities involved with the detection, evaluation, comprehension, and prevention of adverse effects or other medicine or vaccine-related problems. All medicines and vaccines are submitted to rigorous testing for safety and efficacy in clinical trials before they are licenced for use.
The major driving factors of this market include rising drug consumption and drug development rates, rising rates of adverse drug reactions and drug toxicity, and an increasing tendency to outsource pharmacovigilance services.
The rising prevalence of lifestyle-related diseases, such as diabetes, hypertension, and cardiovascular diseases (CVDs), as a result of sedentary lifestyles, a lack of physical activity, changing lifestyle patterns, and poor diets, leads to increased drug consumption, indicating a high demand for drug monitoring and fueling the market growth.
According to the World Health Organization (WHO), 17.9 million people died from CVDs in 2019, accounting for 32% of all global deaths. About 85 % of these fatalities were caused by a heart attack or a stroke. Globally, an estimated 1.28 billion individuals aged 30-79 years have hypertension, with the majority(2/3rd) residing in low- and middle-income nations. Furthermore, diabetes is directly responsible for an anticipated 1.5 million fatalities in 2019.
On the other hand, factors such as high data security risk, a lack of global regulatory harmonization, and a lack of data standards for adverse event collection are expected to pose challenges to the global pharmacovigilance market.
The global pharmacovigilance market is expected to be dominated by the North American region. The number of drug abuse and associated adverse drug reactions in the United States has increased significantly. According to the U.S. Department of Health and Human Services, ADRs account for an estimated one-third of all hospital adverse events and affect about 2 million hospital stays each year in inpatient settings.
ADEs in outpatient settings account for about 3.5 million doctor visits each year, as well as an estimated 1 million emergency room visits and over 125,000 hospitalizations. The pharmacovigilance system in the United States is transitioning from a passive to a proactive role in the healthcare system as a result of the high costs of in-house pharmacovigilance operations being outsourced to contract research organizations.
An increased prevalence of ADRs:
According to the Centers for Disease Control and Prevention, about 6.7 percent of hospitalised patients experience a severe adverse drug reaction (ADR), with a mortality rate of 0.32 percent. If these figures are assumed to be true, then there are about 2,216,000 severe ADRs in hospitalised patients per year, which results in over 106,000 deaths. If these statistics are assumed to be true, then ADRs are the fourth-largest cause of death, followed by pulmonary illness, diabetes, AIDS, pneumonia, accidents, and automobile accidents. Therefore, the rising global prevalence of ADRs will increase demand in the pharmacovigilance market.
Inconsistent reporting of adverse reactions:
Pharmacovigilance is concerned with drug quality, dosage mistakes, and adverse drug responses that influence the healthcare system by impacting a large patient population. An adverse reaction does not necessarily occur during a visit to the healthcare center. It may occur several hours after the medication has been administered.
Patients' failing to report adverse reactions leads to inconsistency in diagnosis and research, which can be life-threatening. Furthermore, administering medicines for extended periods to a large population might result in adverse reactions that have not previously been detected in scientific studies.
By Clinical Trial Phase
By Service Provider
Medical Device Manufacturers
Middle East and Africa
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Global Pharmacovigilance Market Analysis, by Clinical Trial Phase
6. Global Pharmacovigilance Market Analysis, by Service Provider
7. Global Pharmacovigilance Market Analysis, by End-User
8. Global Pharmacovigilance Market Analysis, by Geography
9. Competitive Environment and Analysis
10. Company Profiles
APCER Life Sciences, Inc.
Navitas Life Sciences
FMD K&L Inc.
For more information about this report visit https://www.researchandmarkets.com/r/kotrwz
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