2021 Pharmacovigilance Market, By Type
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Investment in drug development activities and new drug adoption, the growing trend toward pharmacovigilance outsourcing, and the increasing prevalence of chronic diseases are key factors driving revenue growth in the global pharmacovigilance market.
- PV companies are making efforts to deploy advanced technologies such as AI, which has significantly contributed to market revenue growth.
- The increasing trend of pharmacovigilance outsourcing accounted for a substantial share of revenue in 2021, driven by advancements in healthcare technology and operational efficiency.
- In the spontaneous monitoring segment, cost-effectiveness and the ability to efficiently collect information on predicted adverse drug reactions contributed to a significant share of the global pharmacovigilance market revenue in 2021. In addition, the cohort event monitoring segment accounted for a moderate share of revenue in 2021 due to the growing need for pharmacovigilance activities in hospitals.
- By regional revenue share, the market ranked in the following order: the United States, Europe, and Asia-Pacific.
