Pharmacovigilance Market Expected to Reach USD 27.77 Billion by 2031: A Comprehensive Outlook

The global pharmacovigilance market is poised for significant growth, projected to expand from USD 8.81 billion in 2023 to an impressive USD 27.77 billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 15.41% from 2024 to 2031, according to Kings Research.

Key Market Drivers Technological Advancements: The integration of cutting-edge technologies such as artificial intelligence (AI) and big data analytics is revolutionizing pharmacovigilance. AI algorithms can efficiently analyze vast datasets from sources like electronic health records, social media, and medical literature to identify adverse events and safety signals. Additionally, natural language processing (NLP) enhances adverse event report extraction and categorization speed and accuracy. These technological innovations streamline pharmacovigilance workflows, improving the timeliness and accuracy of safety assessments and thereby enhancing patient safety and regulatory compliance.

For More Details About the Report- https://www.kingsresearch.com/pharmacovigilance-market-651