Pharmacovigilance Market Highlights
Market Research Future (MRFR) assessed the global pharmacovigilance market across the assessment period till 2025. As per MRFR findings, the pharmacovigilance market is expected to thrive at 14.1% CAGR in the forecast period (2019 to 2025). By 2025, the pharmacovigilance market value can touch above USD 4321.86 Million. COVID 19 impact analysis of the pharmacovigilance market is offered along with the report.
The increase in the pharmacovigilance size can escalate as introduction of new medications are observed. As the importance of pharmacovigilance rises due to the growing awareness about the need for monitoring and identifying risk factors associated with new formulations can favor the expansion of the market through the review period.
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An in-depth understanding of adverse drug reactions (ADR) of any drug, further assist in R&D, promoting efficacy of the therapeutic moiety. Thus, the need for highly therapeutic solutions can favor the pharmacovigilance market growth. Emerging modern pharmacovigilance market trends are discussed in the pharmacovigilance market research report. Technological development, such as automation, are is one such trend that is observed to favor the pharmacovigilance software market.
Pharmacovigilance Market Segmentation
The segment assessment of the global pharmacovigilance market is done based on service provider, clinical trial phase, end-user, and type.
The clinical trial phase-based segments of the pharmacovigilance market are phase III, phase IV, phase I, phase II, and pre-clinical. The phase IV segment can dominated the pharmacovigilance market. This is due to the adverse drug reactions study that takes place in this phase. Whereas, phase III can witness the fastest rise pace in the near future.
The service provider-based segments of the global pharmacovigilance market are contract outsourcing and in-house. The contract outsourcing segment can witness exponential growth. The multiple customer service at-a-time benefit offered by contract manufacturing serves that allows procuring raw materials at a reduced cost can benefit the segment economics. This can promote the expansion of the market.
The type-based segments of the pharmacovigilance market are cohort event monitoring, spontaneous reporting, targeted spontaneous reporting, intensified ADR reporting, and EHR mining. The spontaneous reporting segment can hold the highest market share through the review period. The growing spontaneous reporting approach towards pharmacovigilance aids in effective study of ADRs that can favor the market expansion.
The end-user segments of the pharmacovigilance market are research organizations, hospitals, and pharmaceutical companies among others. The rise in number of in-patients in hospitals due to ADRs can favor the hospital segment to rise.
Pharmacovigilance Market Regional Analysis
Trends and factors impacting the regional expansion of the pharmacovigilance market is analysed across Europe, Americas, APAC, and the Middle East & Africa. The Americas is likely to expand at the highest pace as spending by the pharmaceutical industry in R&D is observed to increase. The pharmacovigilance market in the Americas can be led by the US. Europe pharmacovigilance market can be headed by the UK, as stated by MRFR analysis. The strict safety assessment norms and guidelines for new drugs that are issued by concerned authorities in the region can promote the expansion of the pharmacovigilance market across the study period. Asia Pacific pharmacovigilance market expansion can be attributed to the high prevalence of chronic conditions.
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Pharmacovigilance Market Key Players
TAKE Solutions Ltd (India), IMEDGlobal (US), Accenture (Ireland), United BioSource Corporation (US), ArisGlobal (US), IBM Corporation (US), ITClinical (Portugal), Laboratory Corporation of America Holdings (US), Capgemini (France), BioClinica (US), Conquest Group BV (Netherlands), Cognizant (US), ICON PLC (Ireland), PAREXEL International Corporation (US), and Wipro Ltd (India) are some reputed names in the global pharmacovigilance market that are listed by MRFR.
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