Global AI in Pharmacovigilance Market Size is predicted to grow at an 14.6% CAGR during the forecast period for 2025-2034.
In the context of pharmacovigilance, artificial intelligence (AI) refers to the use of machine learning, natural language processing, and other AI technologies to improve the monitoring, detection, evaluation, and avoidance of adverse drug reactions and associated problems. Automating data extraction, signal detection, and case processing contributes to the simplification of frequently laborious pharmacovigilance procedures. The need to automate the processing of adverse event data, strict regulatory requirements, improvements in AI analytics, the potential for cost savings, and the growing utilization of real-world evidence are the main factors propelling AI in the pharmacovigilance industry. These elements change the way pharmacovigilance procedures are carried out, guaranteeing quicker and more precise safety evaluations.
Moreover, AI integration in pharmacovigilance services contributes to the improvement of the efficacy and efficiency of the medication monitoring safety procedure. With the use of AI during the projection period, AI in the pharmacovigilance industry may grow even more. However, increased data privacy concerns and high implementation costs are impeding the growth of AI in the pharmacovigilance market. Additionally, the market potential for AI in pharmacovigilance includes the expanding use of cloud-based pharmacovigilance systems and the expansion of partnerships between pharmaceutical companies and AI businesses.
Competitive Landscape
Some of the Key Players in AI-Enhanced Minimally Invasive Devices Market:
- WNS
- Accenture Plc
- IQVIA Inc
- Oracle
- PAREXEL International Corporation
- Cognizant
- Aris Global
- Others
Market Segmentation:
The AI in Pharmacovigilance market is segmented based on component, deployment, end-user. Based on component, the market is segmented into Software and Services. By deployment, the market is segmented into On-premises and Cloud-based. By end-user, the market is segmented into Pharmaceutical and Biotech Companies, Contract Research Organizations (CROs), and Others.
Based On The Component, The Software Segment Is Accounted As A Major Contributor To The AI In Pharmacovigilance Market
The software category is expected to hold a major global market share in 2021 because artificial intelligence is being used more and more for adverse event detection and drug safety monitoring. Pharmacovigilance procedures are becoming more accurate and efficient as a result of pharmaceutical corporations and regulatory bodies using AI-driven software to automate signal recognition, case processing, and risk evaluation. The need for advanced analytics and machine learning algorithms integrated into pharmacovigilance software is being driven by the increase in adverse drug reaction (ADR) reports as well as strict regulatory regulations.
Pharmaceutical And Biotech Companies Segment To Witness Growth At A Rapid Rate
In terms of market share, the pharmaceutical and biotech companies segment was the largest in 2021. Strong R&D by pharmaceutical businesses to introduce successful medications has opened up a plethora of options for this sector to offer its software or services. As a result of the ongoing introduction of drugs, these businesses have adopted these services. Furthermore, it is anticipated that pharmaceutical companies' increased inspection efforts for adverse drug responses will fuel the segment's expansion in the AI in Pharmacovigilance market.
In the Region, The North American AI In Pharmacovigilance Market Holds A Significant Revenue Share
The North American AI in Pharmacovigilance market is expected to register the highest market share in revenue in the near future because of the region's robust regulatory environment, growing use of AI-powered medication safety solutions, and the existence of important technology and pharmaceutical firms. Investments in AI-based adverse event identification and signal management have been fueled by the U.S. Food and Drug Administration's (FDA) aggressive promotion of AI integration to improve drug safety monitoring.
In addition, Asia Pacific is projected to grow rapidly in the global AI in Pharmacovigilance market, driven by an increase in pharmaceutical companies, a rise in drug approvals, and a rising focus on patient safety. A rise in clinical trial activity, regulatory changes, and the need to speed up adverse event reporting have led to a greater adoption of AI-based pharmacovigilance systems in countries such as China, Japan, and India.
AI in Pharmacovigilance Market Report Scope:
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Report Attribute |
Specifications |
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Growth Rate CAGR |
CAGR of 14.6 % from 2025 to 2034 |
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Quantitative Units |
Representation of revenue in US$ Mn,and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Component, Deployment End-User, and By Region |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
Medtronic Plc, Intuitive Surgical, Inc., Boston Scientific Corporation, GE HealthCare, Fujifilm Holdings Corporation, Stryker Corporation, Siemens Healthineers, Johnson & Johnson (Ethicon + Auris Health), Olympus Corporation, Zimmer Biomet, Asensus Surgical, Inc., CMR Surgical, Auris Health (J&J Subsidiary) |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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