SEATTLE, Nov. 18, 2021 /PRNewswire/ -- According to Latest Report, The global pharmacovigilance market is estimated to account for 15,037.5 Mn in terms of value by the end of 2028.
Pharmacovigilance, a combination of risk management, toxicity assessment and safety testing, is the key component in clinical pharmacology that plays a critical role in guaranteeing that patients get safe medications approved for them. For effective detection of hazardous adverse drug effects, clinical trials typically offer limited data since they are often conducted under controlled conditions. It is for this reason that pharmacovigilance teams are tasked to perform rigor-based pharmacological risk assessments. These tests help ensure that the medications being administered are efficient and safe and help ensure that there are no new safety risks that can be associated with the medication.
Pharmacovigilance can help in the detection of new drug actions and their consequences such as adverse effects, indications, contraindications, and precautions. It helps in the timely response to sudden changes in therapeutic levels and may help in the development of new strategies to protect the public from exposure to harmful or life threatening adverse effects of medicines. Pharmacovigilance also contributes to the integrity of the pharmaceutical product development process by preventing drug manufacture and exposure of workers to contaminated samples. For these reasons, compliance with the regulatory authorities and protection of the public from hazardous drugs are essential for the effective operation of the pharmaceutical industry and therefore Pharmacovigilance surveillance, assessment, and assessment is imperative for the safe manufacture, distribution, storage, and disposal of pharmaceutical products.
Increasing adoption of pharmacovigilance inspection is expected to propel growth of the global pharmacovigilance market over the forecast period. For instance, in May 2019, Lupin Limited received the Establishment Inspection Report from the U.S. Food and Drug Administration for the Post-marketing Adverse Drug Experience (PADE) inspection, indicating successful closure of the inspection.
Moreover, launch of new products is also expected to aid in growth of the market. For instance, in May 2019, Accenture launched INTIENT, a technology platform focused on improving the continuity and flow of data across life sciences enterprises.
Increasing number of clinical trials is expected to offer lucrative growth opportunities for players in the global pharmacovigilance market. For instance, according to the U.S. National Library of Medicine, the number of clinical trials conducted in the U.S. increased from 30,978 in 2018 to 32,523 in 2019.
Moreover, increasing adoption of pharmacovigilance tools is also expected to aid in growth of the market. For instance, in July 2021, Shanghai Xihua Scientific Co. Ltd., a provider of late-phase drug research and development services, selected ArisGlobal's LifeSphere MultiVigilance to deliver pharmacovigilance services to their global client base.
Major players operating in the global pharmacovigilance market are focused on adopting partnership strategies to enhance their market share. For instance, in September 2019, Accenture partnered with Bayer AG to implement the Accenture INTIENT Clinical platform to help simplify and speed its drug development processes.
Moreover, increasing adoption of pharmacovigilance tools is also expected to aid in growth of the market. For instance, in August 2021, Asahi Kasei Pharma Corp. selected LifeSphere MultiVigilance from ArisGlobal as a new safety database.
Major players operating in the global pharmacovigilance market include, APCER Life Sciences, Arriello, Accenture Plc, ArisGlobal, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., Diamond Pharma Services, Ergomed plc, Infosys, GlaxoSmithKline, ICON, Plc, iGATE Corporation, iMEDGlobal Corporation, inVentiv Health Inc., and Johnson and Johnson.
Major players operating in the global pharmacovigilance market are focused on adopting partnership strategies to enhance their market share. For instead, in January 2021, Cognizant integrated its Shared Investigator Platform, a life sciences Software as a Service (SaaS) solution, with Oracle Health Sciences.
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