Global Pharmacovigilance Market Forecasted To Grow To 1950 Billion By 2031 As Revealed In New Report

Global Pharmacovigilance Market Forecasted to Expand Extensively

Market Value to Reach $19.50 Billion by 2031

Rising Drug Development and Growing Healthcare Concerns Drive Growth

According to a report by Fortune Business Insights, the global pharmacovigilance market size was valued at $12.34 billion in 2021.

The report predicts that the market will grow to $19.50 billion by 2031, exhibiting a CAGR of 5.3% during the forecast period (2022-2031).

Pharmacovigilance involves monitoring the safety of drugs after they have been approved for use.

Factors driving the growth of the market include rising drug development activities, growing patient safety concerns, and the increasing prevalence of adverse drug reactions.

Growth Factors

• Increasing number of clinical trials
• Growing emphasis on patient safety
• Rising prevalence of adverse drug reactions

The report segments the market based on type, application, and region.

By Type

• Prospective
• Retrospective
• Other

By Application

• Preclinical
• Phase I-IV Trials
• Post-Marketing

By Region

• North America
• Europe
• Asia Pacific

The report provides an in-depth analysis of the competitive landscape and the profiles of key players operating in the market.