U.K. Pharmacovigilance Market Worth $510.37 Million By 2028
U.K. Pharmacovigilance Industry Overview The U.K. pharmacovigilance market size was valued at USD 211.05 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.9% from 2021 to 2028. Rising incidence of Adverse Drug Reactions (ADRs) owing to drug abuse and the prevalence of diseases that require a combination of drugs are major growth drivers of the overall market. In addition, an upward shift in the production of new drugs and the presence of a stringent government regulatory framework for drug safety are responsible for the significant growth of the market. Advancements in the development of ADR databases and information systems have enabled reporting accurate information, which can be further utilized by research professionals for prospective clinical studies, thereby fueling the overall demand for the market. Moreover, increasing drug development activities in areas, such as personalized medicines, biosimilars, orphan drugs, companion diagnostics, ...