Pharmacovigilance Market Trends, Growth and Size Analysis By Clinical Trial Phase (Phase IV, Phase III, Phase II, Phase I, Pre-clinical), By Service Provider (In-house, Contract Outsourcing), By Type (Spontaneous Reporting, Cohort Event Monitoring, Intensified ADR Reporting, EHR Mining) and By End-User (Hospitals, Research Organizations, Pharmaceutical Companies), Forecast to 2025
Pharmacovigilance Market Landscape
Market Research Future attempts to study the global Pharmacovigilance Market and concluded that the net profit by the year 2025 would touch USD 10,881.03 Million if the pace of growth should be 14.1%. The growth period of the market is calculated between 2019 and 2025. Global pharmacovigilance market’s net profit raised in the second quarter as the impact of the Coronavirus pandemic lessens the complicated efforts to a certain extent to refocus on shares while dealing with rising tensions of the deadly disease.
Pharmacovigilance is the science and activities involved in the understanding, detection, assessment, and prevention of adverse drug effects or other drug-related problems. Adverse drug reaction (ADR) is an undesirable and unwanted effect of a medication that occurs during its clinical use. The rising number of ADRs is a foremost concern of the pharmacovigilance field. It will add to a remarkable rise in the demand for clinical data management services over the assessment period.
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As claimed by the National Centre for Biotechnology Information (NCBI), the number of mortalities owing to ADRs amplified more than two-fold in 2014, further leading to a course in hospitalizations. Growing demand for incessant pharmacovigilance for active surveillance of ADRs will render numerous augmentation opportunities for market expansion.
Pharmacovigilance industry size witnessed noteworthy developments owing to the mounting number of adverse drug reactions, side effects coupled with probable threats to the consumers. Pharmacovigilance was implemented in developed nations earlier in the 1970s, mainly in the U.S. and UK, following frequent consumer health protection acts. The escalating number of pharmaceutical companies, as well as global harmonization practices, will further assist advancements in the market. Furthermore, the appearance of personalized medicines and the rising number of ADRs should spur industry size in the foreseeable future.
Pharmacovigilance Market Segment Review
By the segment of the clinical trial phase, Phase IV includes the pharmacovigilance market as adverse drug reactions that are majorly detected in this phase. Phase III is probable to witness the fastest growth. Phase II majorly aims to find out if the new treatment works well to be tested in a more extensive phase 3 trial. Phase I aims to uncover the best dose of a new drug with the least side effects. The drug is tested mainly in a small group of 15 to 30 patients. And pre-clinical trials have included a minimal dose of medicine is administered to about 10 to 15 people
By the segment of the service provider, the pharmacovigilance market has included in-house, contract outsourcing.
By the segment of type, the pharmacovigilance market has included spontaneous reporting, cohort event monitoring, intensified ADR reporting, targeted spontaneous reporting, and EHR mining.
By the segment of end-user, the pharmacovigilance market has included hospitals, research organizations, and pharmaceutical companies.
Pharmacovigilance Market Regional Framework
Americas is the largest regional pharmacovigilance market with the presence of foremost market players. They are actively expanding the US pharmacovigilance market. ArisGlobal is one of the foremost players that offer innovative pharmacovigilance software and a drug safety platform to transcend all traditional safety data management and reporting processes.
Europe has some of the best healthcare services in the world. Rising healthcare expenditure is one of the prime drivers in the pharmacovigilance market. The European Commission (EC) reported in 2017, the total government expenditure in the European Union (EU) grabbed 45.8% of the gross domestic product (GDP), and government expenditure on health as a proportion of GDP was 7.0%.
Asia-Pacific is the fastest-growing regional market for pharmacovigilance. Asia-Pacific region has the world’s largest population and fast-developing healthcare industry. Besides, Asian countries such as China and India persist in drawing a significant amount of outsourcing work from developed countries owing to large-scale manufacturing capacities, low raw material costs, low labor costs, and low manufacturing cost. These factors are expected to motivate the growth of the pharmacovigilance market.
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The Middle East & Africa has been primarily bifurcated into two regions—the Middle East and Africa. The incidence of favorable government initiatives and recent healthcare reforms and developing healthcare infrastructure in the Middle East is probable to augment market development over the forecast period.
Pharmacovigilance Market Top Players
Wipro Ltd (India), ArisGlobal (US), Accenture (Ireland), Capgemini (France), BioClinica (US), Cognizant (US), Clinquest Group BV (Netherlands), ICON plc. (Ireland), IBM Corporation (US), ITClinical (Portugal), IMEDGlobal (US), PAREXEL International Corporation (US), Laboratory Corporation of America Holdings (US), TAKE Solutions Ltd (India) and United BioSource Corporation (US) are top players investing in the pharmacovigilance market.
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