Pharmacovigilance Market Gaining Momentum with Increasing Number of Adverse Drug Reactions (ADRs)
The pharmacovigilance market is gaining momentum as a result of mandatory drug safety monitoring policies mandated by government globally. Additionally, there is an increasing awareness among regarding pharmacovigilance among general public, healthcare administrators, policy officials, and higher professionals. The degree of adherence to follow principles of pharmacovigilance by professionals will decide the quality of healthcare systems. A report by IndustryARC evaluates that the global pharmacovigilance market stood at $4.3 billion in 2018. Additionally, the demand is projected to rise at a CAGR of 11.40% during the forecast period 2019-2025.
The report is titled
Pharmacovigilance Market: By Clinical Trial Phases (Preclinical Studies, Phase
I/1, Phase II/2, Phase III/3, and Phase IV/4 Trial); By Type of Service
Providers (In House, Contract Outsourcing) & By Region – Forecast (2019 -
2025).” It consolidates an in-depth assessment of the competitive landscape,
market trends, application analysis, end-use industry, clinical trial outlook,
service providers, types of methods, and strategic analysis of the
Market: Leading Segments
With increase in the number of Adverse Drug Reaction (ADR) reports, the demand in the pharmacovigilance market is rising. Pharmacovigilance groups must keep up with the technological advancements, product innovations, and changing requirements besides providing risk management, which led to the need for Pharmacovigilance Outsourcing (PVO). The global pharmacovigilance market is categorised into clinical trials and outsourcing. Pharmacovigilance service providers offer end-to-end customized solutions to meet the consumer needs. The pharmacovigilance outsourcing market demand is projected to grow at a CAGR of 8.80% during the forecast period 2019-2025.
Leading pharmaceutical companies established in developed countries are outsourcing pharmacovigilance service providers to reduce operational expenses and maintenance cost. Countries such as the U.S, Canada, China, and India have their own pharmacovigilance systems. Increased events of ADRs has fueled the demand in North America pharmacovigilance market. As of 2018, North America held the largest share of about 37% in the global pharmacovigilance market. However, higher growth rate can be witnessed in Asian countries owing to rise in population of the countries, prevalence of generic drugs, research outsourcing to emerging nations.
Market: Disruptive Trends
· Third party vendors offer several key benefits such as setting in-house pharmacovigilance structure, spontaneous reporting, and cost-efficient solutions. As the data source and drug safety demand increases, the organizations are looking out for PV outsourcing to achieve greater operational efficiency.
· Cloud-based solutions are providing fully integrated systems to healthcare providers, users, research institutes, and physicians, which allow them to access the registered drugs and their effects.
· Artificial Intelligence fills the gap where traditional pharmacovigilance services lack. AI integrate large amount of cloud-based data, with genetics, form patterns using algorithms and understand disease occurrences which helps to predict ADRs.
· With the wide access to internet and social media, ADRs can be reported in a single click.
Market: Competitive Landscape
Major organizations operating in the global pharmacovigilance market are Accenture, Wipro Limited, Boehringer Ingelheim, TCS, Cognizant, IQVIA (Quintiles IMS), PAREXEL, Bristol- Myers Squibb, and United BioSource, Covance, which are holding major market share.
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report by providing your details in the link below:
A. Pharmacovigilance and
Drug Safety Software Market
C. Injectable Drug
What can you expect from the report?
The pharmacovigilance market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting
data from our database of reports and annual subscription databases. We can
provide the following free customization:
1. Increase the level of data in application or end user industry.
2. Increase the number of countries in geography chapter.
3. Find out market shares for other smaller companies or companies which are of interest to you.
4. Company profiles can be requested based on your interest.
5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.
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