Market revenue in 2023 | USD 7,317.8 million |
Market revenue in 2030 | USD 11,782.4 million |
Growth rate | 7% (CAGR from 2023 to 2030) |
Largest segment | Phase 4 |
Fastest growing segment | Phase 3 |
Historical data covered | 2018 - 2022 |
Base year for estimation | 2023 |
Forecast period covered | 2024 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Pre Clinical, Phase 1, Phase 2, Phase 3, Phase 4 |
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The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pharmacovigilance market will help companies and investors design strategic landscapes.
phase 4 was the largest segment with a revenue share of 75.85% in 2023. Horizon Databook has segmented the Global pharmacovigilance market based on pre clinical, phase 1, phase 2, phase 3, phase 4 covering the revenue growth of each sub-segment from 2018 to 2030.
Drug consumption has increased substantially owing to rapidly growing prevalence of diseases. Rise in incidence of chronic diseases, such as cancers, diabetes, and cardiovascular & respiratory disorders, has led to an increase in drug consumption worldwide. According to a WHO report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in nonhospital setups.
Furthermore, there has been a significant rise in the number of drugs made available to healthcare consumers. Manufacturers are now focusing on remodeling their drug development processes to cater to patient needs across the globe. Presence of a competitive milieu has led to improved manufacturing operations, pharmacovigilance, clinical data management, streamlined R&D, and medical writing.
Manufacturers are rapidly considering outsourcing as a viable cost curbing tool. Moreover, these organizations are targeting Asia Pacific countries, such as India and China, to conduct clinical trials owing to a wide presence of skilled labor, lower infrastructure & manufacturing costs and presence of a large patient pool.
Horizon Databook provides a detailed overview of global-level data and insights on the Global pharmacovigilance market , including forecasts for subscribers. This global databook contains high-level insights into Global pharmacovigilance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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