Pharmacovigilance Market Overview —
Market Research Future (MRFR), in its recent pharmacovigilance market research report, asserts that the market valuation is projected to reach USD 10, 881.03 MN by 2025. The renowned research firm also states that the global pharmacovigilance market would register 14.1% CAGR throughout the forecast period. Increasing numbers of fatalities due to adverse drug reactions (ADRs) boost the pharmacovigilance market growth.
The Global Pharmacovigilance Market size is growing continually. Market growth attributes to the growing clinical trials due to the rising drug discovery activities across the globe. Besides, pharmacovigilance market trends, such as the increasing outsourcing of services to contract manufacturing organizations (CMOs), accelerate the market demand. Moreover, substantial R&D investments and growing technological advancements escalate the market growth to furthered height.
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Additional factors such as high spending by the pharmaceutical industry and growing drug consumption and drug development rates substantiate the pharmacovigilance market size. Moreover, rising cases of adverse drug reactions (ADRs) and medication errors, alongside patent expiration of branded drugs and an increasing number of new drug developments, facilitate the growth of the pharmacovigilance software market. Growing healthcare IT companies influence market growth predominantly.
The global market report provides a thorough assessment of the COVID-19 impact on pharmacovigilance market dynamics across various geographies. Starting with an informative market overview, the report explains the market definition and the latest trends prevalent in the industry. Further, the report provides an exhaustive analysis of accurate data required for the business continuity and contingency strategies adopted by industry leaders.
On the other hand, shortages of skilled healthcare professionals and high costs of maintaining compliance levels are the key factors estimated to impede the growth of the market. Nevertheless, rising expenditure on cancer search and oncology medicine discoveries would support the market growth throughout the assessment period. Also, the rise in the global population, growing demand for effective & quality healthcare, and increasing numbers of pharmaceutical companies contribute to market growth.
Global Pharmacovigilance Market Segmentation:
By Clinical Trial Phase, the global pharmacovigilance market is segmented into Pre-clinical and Phase I – IV.
By Service Provider, the global pharmacovigilance market is segmented into In-house and Contract Outsourcing.
By Type, the global pharmacovigilance market is segmented into Spontaneous Reporting, Cohort Event Monitoring, Intensified ADR Reporting, Targeted Spontaneous Reporting, EHR Mining, among others.
By End-User, the global pharmacovigilance market is segmented into Hospitals, Contract Research Organizations (CRO), Pharmaceutical Companies, and others.
Pharmacovigilance Market Regional Outlook
North America dominates the global pharmacovigilance market. The significant market share attributes to the presence of major market players and actively expanding the US pharmacovigilance software market. Besides, substantial technological advances in clinical trial solutions drive pharmacovigilance market growth in North America. Also, the increasing numbers of clinical trials and the growing numbers of pharmaceutical and biotechnology companies in the region push market growth.
The vast uptake of pharmacovigilance to leverage traditional safety data management and reporting processes drives enormous market demand. Additionally, the rising demand for innovative pharmacovigilance software and the drug safety platform fosters the regional market growth. The North American pharmacovigilance market is projected to retain its leading position in the global market throughout the assessment period.
Europe stands second in the global pharmacovigilance market. The region has some of the best healthcare services in the world. The market is driven by rising healthcare expenditures and growing clinical trials in the burgeoning pharmaceutical industry in the region. Moreover, factors such as increasing numbers of CMOs and CTOs, proliferating healthcare and pharmaceutical sectors, and the resurging economy in the region boost market growth. Also, increasing R&D funding from the government to increase drug discoveries provides an impetus to the regional market growth.
The pharmacovigilance market in the Asia Pacific region is emerging as a promising market. Factors such as the fast-developing healthcare industry and rising usages of clinical trial management systems drive the regional market growth. Besides, the growing usages of IT solutions in the rapidly growing healthcare, pharmaceutical, and biotechnology industry in the region are the other important factors defining the market growth landscape.
Pharmacovigilance Market Competitive Landscape
Fiercely competitive, the Pharmacovigilance market appears highly fragmented due to the presence of many large & small-scale players. These players invest substantially to form strategic partnerships and collaborations to gain a larger competitive advantage. They also invest in driving RD activities and in meeting their expansion plans. Through R&D, they drive technology launch, and to expand their global footprints, they acquire promising companies from emerging regions.
Pharmacovigilance Market Major Players:
Players active in the global pharmacovigilance market include Accenture (Ireland), ArisGlobal (US), BioClinica (US), Capgemini (France), Clinquest Group BV (Netherlands), Cognizant (US), IBM Corporation (US), ICON plc. (Ireland), IMEDGlobal (US), ITClinical (Portugal), Laboratory Corporation of America Holdings (US), PAREXEL International Corporation (US), TAKE Solutions Ltd (India), United BioSource Corporation (US), and Wipro Ltd (India), among others.
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Pharmacovigilance Industry/ Innovation /Related News:
Ergomed plc. (the UK), a leading clinical development organization, announced that its PrimeVigilance division had formed a strategic collaboration with Automation Anywhere (the US), a global leader in Robotic Process Automation (RPA) and DataRobot. Ergomed's PrimeVigilance division is a leader in artificial intelligence (AI) and enterprise pharmacovigilance (PV) services.
The deal is to accelerate the Company's intelligent automation strategy and drive pharmacovigilance leadership in intelligent automation. With the application of RPA and Machine Learning (ML), PrimeVigilance would enable clients to improve quality and consistency within safety databases and productivity.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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