Pharmacovigilance Market to Reach USD 12.48 bn by 2027 growing at a CAGR Of 12.5% during 2020 – 2027
Market Size – USD 4,820.5 Million in 2019, Market Growth - CAGR of 12.5%, Market Trends –Rise in the development and consumption rate of drugs The global pharmacovigilance market is expected to be worth USD 12.48 Billion by 2027, according to a current analysis by Emergen Research. The market for pharmacovigilance is experiencing rapid growth attributed to a rise in application for spontaneous reporting, electronic health record (HER) mining, cohort event monitoring, and intensified adverse drug reaction (ADR) reporting, among others. The pharmacovigilance primarily emphasizes on on ADR (adverse drug reactions) and cases of drug toxicity. According to the statistic released by WHO, about 5.0% of hospitalized patients in the developed nations are admitted into the hospital due to adverse drug reactions, and 6.0% to 10% of in-patients are anticipated to observe a severe adverse reaction for the duration of hospitalization. A rise in demand for outsourcing services by players in the h