Pharmacovigilance is the process of monitoring the safety of medicines after they have been authorized and made available to the public. This includes recognizing, evaluating and preventing side effects of drugs and monitoring the effectiveness of drug therapies.

The global pharmacovigilance market is set to grow strongly in the coming years, driven by the increasing demand for safety monitoring and risk management in the pharmaceutical industry and the increasing adoption of technology-based solutions.

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Increasing demand for safety monitoring and risk management in the pharmaceutical industry, increasing adoption of technology-based solutions and increasing focus on regulatory compliance are the main drivers of the market growth. The high implementation costs and the lack of standardization and interoperability are the main impediments to market growth.

Increasing use of artificial intelligence and machine learning in pharmacovigilance, growing demand for pharmacovigilance services in emerging markets, and increasing focus on developing new and unique pharmacovigilance solutions are some of the key opportunities for market growth. The lack of standardization and interoperability, the lack of skilled workforce and the complexity of the regulatory process are the main challenges facing the market.

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Key players in profile Pharmacovigilance market report are as follows:

Accenture Plc, Bristol-Myers Squibb, Clinquest Group BV, Cognizant Technology Solutions, Covance, Inc., GlaxoSmithKline, ICON, Plc, iGATE Corporation, Arriello, iMEDGlobal Corporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv Health Inc., APCER Life Sciences, ArisGlobal,…