Pharmacovigilance Market Trends, Analysis, Opportunities, Share and Forecast to 2030
Pharmacovigilance Industry Overview The global pharmacovigilance market size was valued at USD 6.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2030. An increase in the prevalence of chronic diseases such as oncological diseases, diabetes, and cardiovascular and respiratory disorders has led to an increase in drug consumption worldwide. Therefore, the demand for new drug development via extensive clinical trials has increased. Pharmacovigilance (PV) is the inevitable part of drug discovery and development procedures. The increasing incidence of Adverse Drug Reactions (ADRs) is expected to accelerate the demand for PV services. The market is positively impacted by the COVD-19 pandemic. The evolving threat of COVID-19 infection is affecting businesses, communities, industries, and lives around the world. However, safety reporting and medical monitoring are necessary as several potential therapies are being used to treat...