Pharmacovigilance is the process of monitoring the safety of drugs after they are approved and made available to the public. This includes identifying, evaluating, and preventing adverse effects of drugs, as well as monitoring the effectiveness of drug therapy.
The global pharmacovigilance market is set for strong growth in the coming years, driven by the increasing demand for safety monitoring and risk management in the pharmaceutical industry and the growing adoption of technology-based solutions.
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The increasing demand for safety monitoring and risk management in the pharmaceutical industry, the growing adoption of technology-based solutions, and the increasing focus on compliance with regulatory requirements are the major drivers of the market growth. The high cost of implementation and the lack of standardization and interoperability are the major restraints for the market growth.
The increasing use of artificial intelligence and machine learning in pharmacovigilance, the growing demand for pharmacovigilance services in emerging markets, and the increasing focus on creating new and unique pharmacovigilance solutions are some of the major opportunities for the market growth. The lack of standardization and interoperability, the lack of skilled workforce, and the complexity of the regulatory process are the major challenges faced by the market.
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Key Players Profiled in the Pharmacovigilance Market Report are as follows:
Accenture Plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., GlaxoSmithKline, ICON, Plc, iGATE Corporation, Arriello, iMEDGlobal Corporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv Health Inc., APCER Life Sciences, ArisGlobal, and Johnson and Johnson.
Why the Pharmacovigilance Market Report is Beneficial?
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- The extensive range of analysis associates with the impact of these improvements on the future of industry growth.
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Pharmacovigilance Market Segmentation:
By Type of Method
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Reporting
- Cohort Event Monitoring
- EHR Monitoring
By Type of Service Provider
- Contract Outsourcing
- North America [U.S., Canada, Mexico]
- Europe [Germany, UK, France, Italy, Rest of Europe]
- Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
- South America [Brazil, Argentina, Rest of Latin America]
- Middle East & Africa [GCC, North Africa, South Africa, Rest of the Middle East and Africa]
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