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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
pharmacovigilance market.
Pharmacovigilance
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.
Pharmacovigilance
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.
Pharmacovigilance
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.
Talk to one of our sales representative about the full
report by providing your details in the link below:
https://www.industryarc.com/support.php?id=16328
Related Reports:
A. Pharmacovigilance and
Drug Safety Software Market
https://www.industryarc.com/Research/Pharmacovigilance-And-Drug-Safety-Software-Market-Research-503890
B. Pharmacogenomics
Market
https://www.industryarc.com/Report/16082/pharmacogenomics-market.html
C. Injectable Drug
Delivery Market
https://www.industryarc.com/Report/1255/injectable-drug-delivery-market-analysis.html
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
Frequently
Asked Questions:
Q. Does IndustryARC
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.
Any other custom requirements can be discussed with
our team, drop an e-mail to [email protected]
to discuss more about our consulting services.
To request for a proposal, provide your details in the
below link:
https://www.industryarc.com/reports/request-quote?id=16328
Media Contact:
Mr. Venkat Reddy
Sales
Manager
Email 1: [email protected]
Or Email 2: [email protected]
Contact Sales: +1-614-588-8538 (Ext-101)
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.