Pharmacovigilance Market Worth $17.36 Billion By 2030
Pharmacovigilance Industry Overview The global pharmacovigilance market size is expected to reach USD 17.36 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.5% from 2022 to 2030. Increasing incidence of Adverse Drug Reactions (ADRs) is the key growth driver. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug. Pharmacovigilance Market Segmentation Grand View Research has segmented the global pharmacovigilance market on the basis of the product life cycle, service provider, type, process flow, therapeutic area, end-use, and region:...