The pharmacovigilance demand is expected to cross USD 10,881.03 Million by 2025 at a CAGR of 14.1%. The expanding prevalence of chronic conditions is exacted to drive the increase of the global market pharmacovigilance. Growing preference towards drug personalization stimulates the global pharmacovigilance market outlook in between 2019-2025.
Rising adoption and acceptance of outsourcing services by healthcare companies will spur pharmacovigilance (PV) market growth during the upcoming years. Outsourcing dismisses the risk of market overhead costs as well as the deployment of pharmacovigilance support. Outsourcing strategy increases the cost-effectiveness and efficiency by relieving resource pressure of the manufacturing companies. Pharmacovigilance outsourcing shifting trends owing to growing benefits will accelerate to market expansion in the coming years.
Market Drivers
- Increasing the choice of outsourcing services
- Growing technological improvements
- The increasing ubiquity of chronic conditions
- Increasing expenditure on oncology medicine and research
- Massive spending by the pharmaceutical industry
- Improving drug development and drug consumption rates
- Increase in evidence of adverse drug reactions (ADRs) and medication errors
- Patent expiration of branded drugs and an increasing number of new drug developments
The demand for Drug Safety Scientists has increased with the need for professionals with Signal Detection, Risk Management, and Aggregate Report Writing experience. Pharmacovigilance is arguably one of the most challenging markets to recruit within the Life Sciences sector.
Therefore, it is not surprising that most agencies will have just one specialist looking at this area when there can be an army of recruiters working in Clinical, QA, Regulatory Affairs, etc. It is necessary to pursue certification courses. With the help of Sollers, anyone can excel with all the required tools and technologies. Power your career with Drug Safety and Pharmacovigilance certification.
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