Pharmacovigilance-Essentially, it asks does a drug work and is safe? 

Pharmacovigilance is required through the entire life cycle of a drug – starting at the preclinical development stage and going right through to continued monitoring of drugs once they hit the market.

The global pharmacovigilance market size is expected to reach USD 15.84 Billion by 2030 according to a new study. The report “Pharmacovigilance Market Share, Size, Trends, Industry Analysis Report, By Service, By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End-Use, By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The primary drivers of the market include rising medication intake novel drug development frequencies, rising prices of negative drug responses and drug toxicities, as well as an expanding tendency of contracting pharmacovigilance solutions is expected to boost the industry growth. Moreover, the pharmaceutical sector’s excessive expenditure, rising incidence of adverse drug events, and drug mistakes are propelling the industry forward. Furthermore, the coronavirus pandemic has produced an emergency demand for a vaccine that has offered several chances for industry participants.

The contract outsources segment is expected to hold the major shares in the global market during the forecast period due to its benefits such as transforming fixed supply costs into variables and refining on-demand contact to distinctive expertise along with other benefits.

North America is expected to hold the major share in the global market over the forecast period due to increasing investment by the industry players in introducing novel drugs. Moreover, stringent regulations along with the presence of advanced healthcare systems in countries like the U.S. and Canada are expected to create lucrative opportunities for industry growth.