As per a recent research report published by Global Market Insights, Inc, the pharmacovigilance market size is expected to exceed USD 8 billion by 2024.
Increasing number of drug-related adverse effects and increasing prevalence of chronic diseases will drive the pharmacovigilance market growth. Growing geriatric population has increased drug consumption for the treatment of chronic ailments such as diabetes, blood pressure, cardiovascular and respiratory disorders.
Rising drug consumption has led to new drug development through clinical trials. Pharmaceutical companies are increasingly collaborating with CROs (Contract Research Organizations) to carry out pharmacovigilance activities. This includes R & D activities, Clinical Trials, Clinical Data Management, Report Writing, etc. Pharma industry has realized multiple benefits of outsourcing pharmacovigilance activities such as better regulatory compliance, improved quality, and reduced cost.
The report also covers following trends.