Market Research Future (MRFR) studied the global pharmacovigilance market for the assessment period. MRFR assessment study reveals that the global pharmacovigilance market is anticipated to register 14.1% CAGR and earn value USD 4321.86 Mn.
Pharmacovigilance service providers are supporting the safe and appropriate use of drugs and contribute to the identification of risk factors involved in the development and administration of adverse drug reactions (ADR). The need to for detecting unknown ADR is expected to support the growth of the pharmacovigilance market in the near future.
The expansion of the pharmacovigilance market can also be attributed to the presence of well-established players involved in the design, development, and launching of products with strategic collaborations to strengthen their global presence. For instance, Accenture, an Ireland-based MNC service provider and consulting company, launched INTENT to enhance the continuity and flow of data across different life sciences enterprises that can supporting the delivery of effective treatments for patients.
Accenture (Ireland), BioClinica (US), ArisGlobal (US), Capgemini (France), Cognizant (US), IBM Corporation (US), Conquest Group BV (Netherlands), ICON PLC (Ireland), ITClinical (Portugal), IMEDGlobal (US), Laboratory Corporation of America Holdings (US), TAKE Solutions Ltd (India), United BioSource Corporation (US), PAREXEL International Corporation (US), and Wipro Ltd (India) are some reputed companies in the pharmacovigilance market that are listed by MRFR in the report.
The segment analysis of the global market of pharmacovigilance is done based on clinical trial phase, end-user, service provider, and type.
- By clinical trial phase, the pharmacovigilance market is segmented into pre-clinical, phase I, phase II, phase III, and phase IV. Of these, the phase IV segment will lead the market over the forecast period due to adverse drug reactions being detected in this phase followed by phase III that is predicted to grow at the fastest pace.
- By service provider, the pharmacovigilance market is segmented into contract outsourcing and in-house. Of these, contract outsourcing will dominate the market over the forecast period as contract manufacturing serves several customers, thus acquire raw materials at a low cost.
- By type, the pharmacovigilance market is segmented into EHR mining, targeted spontaneous reporting, intensified ADR reporting, cohort event monitoring, and spontaneous reporting. Of these, the spontaneous monitoring segment will have a major share in the market over the forecast period.
- By end user, the pharmacovigilance market is segmented into pharmaceutical companies, research organizations, hospitals, and others. Among these, hospitals will command the largest share in the market over the forecast period for the increasing number of admissions in hospitals due to ADRs.
The market of pharmacovigilance is studied for key regions; the Americas, Europe, Asia Pacific, and the Middle East Asia and Africa to gain regional insights into the market.
The Americas the pharmacovigilance market rise can be attributed to the high expense on pharmaceutical industry. The study of the pharmacovigilance market in the Americas is done for Latin America and North America. North America pharmacovigilance market is assessed for the US and Canada.
The Europe, the study of the market of pharmacovigilance is done for the Eastern Europe and the Western Europe. The regional assessment of the Western European is done across the UK, Germany, Italy, France, and Spain, along with the rest of Western Europe.
The Asia Pacific, the market of pharmacovigilance is studied for Japan, China, Australia, and the other regions of Asia Pacific to learn about demographic and geographic factors that is expected to influence the regional market in the region. The increasing increasing prevalence of infection and chronic conditions in the regions of APAC that has resulted due to adverse reaction of drugs and other medication errors can contribute to the regional market expansion. Asia Pacific market can thrive owing to the gradual increase in research and development in the large number of research organizations that are present.
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