The global pharmacovigilance market size stood at $4.3 billion in 2018 and the demand is projected to rise at a CAGR of 11.40% during the forecast period 2019-2025.

Hyderabad, India - August 1, 2019 /MarketersMedia/ —

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 size 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. This report covers pharmacovigilance Market Size by Clinical Trial Phases, pharmacovigilance market share by top 5 companies and also the market share by start-ups during the forecast period.

Browse Report @ https://www.industryarc.com/Report/16328/pharmacovigilance-market.html

Report Price (Single User Licence) : US $3850

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.
Automation in the pharmacovigilance market enables labor productivity along with the removal of clerical, and administrative tasks.
With the wide access to internet and social media, ADRs can be reported in a single click.

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Pharmacovigilance Market: Competitive Landscape

Major organizations operating in the global pharmacovigilance market are Accenture, Wipro Limited, BoehringerIngelheim, TCS, Cognizant, IQVIA (Quintiles IMS), PAREXEL, Bristol- Myers Squibb, and United BioSource, Covance, which are holding major market share.

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

About IndustryARC:

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Organization: IndustryARC
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