The global Pharmacovigilance (PV) Market size is estimated to reach USD 10.27 billion by 2025, registering at a 13.1% CAGR over the forecast period as the scope and its applications are rising enormously across the globe. Pharmacovigilance (PV) is also termed as drug safety, is a science and activities relating to the prevention, detection, understanding, and assessment of adverse effects or other drug-related issues.
The factors that are playing a major role in the growth of pharmacovigilance market are the rising occurrence of adverse drug reactions (ADR), enhancement in development of ADR database and information system, and the rising demand from the end-users. Pharmacovigilance (PV) industry is segmented based on the clinical trial phase, service provider, type of methods, end-user, and region.
Phase IV, phase III, phase II, phase I, and pre-clinical are the clinical trial phase that could be explored in pharmacovigilance (PV) market in the forecast period. The phase IV sector accounted for the substantial market share of pharmacovigilance and is estimated to lead the overall market in the years to come. Also, phase III sector is estimated to show lucrative growth in the years to come. Contract outsourcing, in-house, and other service providers could be explored in pharmacovigilance industry in the forecast period. Contract outsourcing sector accounted for the substantial market share of pharmacovigilance and is estimated to lead the overall market in the years to come.
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Based on the type of method, HER mining, spontaneous reporting, cohort event monitoring, intensified ADR reporting, targeted spontaneous reporting, and others could classify pharmacovigilance market in the forecast period. Spontaneous report sector accounted for the significant market share of pharmacovigilance and is estimated to continue its dominance in the years to come. Also, the cohort event monitoring sector is estimated to grow at the fastest pace in the years to come.
The market may be categorized based on end-users like industrial, hospitals, research organizations, and others that could be explored in the forecast period. The hospitals sector accounted for the substantial market share of pharmacovigilance and is estimated to lead the overall market in the years to come. Also, the research organization sector is estimated to grow at the fastest pace in the years to come.
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Globally, North America accounted for the substantial share of pharmacovigilance industry and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region and the high investment in the development of new drugs. The United States and Canada are the major consumers of pharmacovigilance in the years to come.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are the major consumers of pharmacovigilance in this region.
The key players of pharmacovigilance (PV) industry are United BioSource Corporation, Accenture, Wipro Ltd., Clinquest Group B.V., BioClinica, Cognizant, PAREXEL International Corporation, Laboratory Corporation of America Holdings, TAKE Solutions Ltd., IBM Corporation, Foresight Group International AG, ArisGlobal, and iMEDGlobal. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
5 February 2020 - The global Pharmacovigilance (PV) Market size is estimated to reach USD 10.27 billion by 2025, registering at a 13.1% CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Pharmacovigilance (PV) is also termed as drug safety, is a science and activities relating to the prevention, detection, understanding, and assessment of adverse effects or other drug-related issues.The factors that are playing a major role in the growth of pharmacovigilance market are the rising occurrence of adverse drug reactions (ADR), enhancement in development of ADR database and information system, and the rising demand from the end-users.
The phase IV sector accounted for the substantial market share of pharmacovigilance and is estimated to lead the overall market in the years to come.
Also, phase III sector is estimated to show lucrative growth in the years to come.
Contract outsourcing sector accounted for the substantial market share of pharmacovigilance and is estimated to lead the overall market in the years to come.Based on the type of method, HER mining, spontaneous reporting, cohort event monitoring, intensified ADR reporting, targeted spontaneous reporting, and others could classify pharmacovigilance market in the forecast period.
Also, the cohort event monitoring sector is estimated to grow at the fastest pace in the years to come.The market may be categorized based on end-users like industrial, hospitals, research organizations, and others that could be explored in the forecast period.
The focus of pharmacovigilance is on ADR (adverse drug reactions) and drug toxicity.
Increasing number of adverse drug reactions (ADRs) imposes a significant burden on the healthcare system by extending patient morbidity under chronic condition.
The global pharmacovigilance market is expected to register a CAGR of 12.8% during the forecast period, 2018 to 2023.Growing Incidence Rates of ADR and Drug ToxicityThe ADR or adverse drug reaction is defined as an injury caused by taking a medication.
It is estimated that ADR is one of the leading causes of deaths, right after heart disease, cancer, and stroke, globally.
Further, it is estimated that ADRs are the sixth leading cause of death worldwide.
The need to reduce the burden of ADRs has led to an increase in the demand for pharmacovigilance services, thus expanding the global market size.Request a sample of this report @ http://orbisresearch.com/contacts/request-sample/2213897Other factors driving the market growth are increasing drug consumption and drug development rates and increasing trend of outsourcing pharmacovigilance services.Lack of Skilled LaborThe process of pharmacovigilance requires the use of skilled professionals to manage adverse events and clinical-trial activities, and contribute to ensure compliance of pharmacovigilance activities.
Freyr provides a wide range of Pharmacovigilance services, Drug Safety, safety database, monitoring and risk management services from clinical development to post-marketing
