global Pharmacovigilance Market
Pharmacovigilance Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of XX% during forecast period of 2019 to 2026.
Pharmacovigilance Market Drivers and Restrains:
Pharmacovigilance is a scientific discipline, which is conducted in real time to ensure that early identification of safety signals. The pharmacovigilance markets are driven by factors such as increasing consumption of drugs, rising adoption of outsourcing services, rise in the cases of adverse drug reactions and drug toxicity would boost demand for pharmacovigilance activities. However, high risk associated with data security in pharmacovigilance outsourcing and lack of availability of skilled labors are restraining the market growth at global level. Inadequate pharmacovigilance system for herbal products in Asia Pacific might hamper the market growth. Leading pharma companies in urbanized countries are focusing on outsourcing PV service in an attempt to reduce cost and to minimize operational expenses are anticipated to provide an opportunity for contact research organizations in emerging regions to gain more revenue share.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Pharmacovigilance Market Segmentation Analysis:
Based on the clinical trial phase, the pharmacovigilance market has been segmented into Pre-clinical, Phase I, Phase II, Phase III and Phase IV. The phase IV segment held the dominant market share in 2018 owing to safety worries relating to marketed products, growing necessity of designing systems to compare safety profiles of homologous medicinal products, and growth in public health awareness campaigns. The rising awareness about the importance of phase 4 clinical trials is likely to boost this segment’s growth in the years ahead.
Based on the service provider, the pharmacovigilance market has been segmented into in-house and contract outsourcing. The contract outsourcing service (CRO) provider segment is expected to grow at the largest CAGR of XX% during the. The CROs provide specialized services, enable better monitoring and reporting of drug effects at a significantly low cost. Thus, many manufacturers are increasingly outsourcing their pharmacovigilance associated work to major industry players in developing countries.
Pharmacovigilance Market Regional Analysis:
Geographically, the pharmacovigilance market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the Pharmacovigilance market in 2018 due to increased death rates because of adverse drug reactions (ADRs) and rise in patient fears regarding safety of medicinal products. According to the Centers for Disease Control and Prevention (CDC), around XX deaths caused by ADRs in the U.S., which are counted among the top ten leading causes of death in the country. The market in Asia Pacific is expected to expand at a high CAGR of XX% during the forecast period. Stringent regulations for reporting adverse drug reactions coupled with rising demand for pharmacovigilance outsourcing around the nation will bolster the market growth. Lower labor cost as well as attractive market place for conducting clinical trials will positively impact the regional market growth.
A report covers the recent development in market for the market i.e. Accenture Company entered in a cooperative agreement with BioCelebrate to develop a platform for aggregating and analyzing clinical information for improved drug emerging efficiency, thus enhancing its R&D capabilities.
Pharmacovigilance Market Competitive landscape
Major Key players operating in this market are Accenture, IBM Corporation, Wipro, Cognizant, and Capgemini. Manufacturers in the Pharmacovigilance are focusing on competitive pricing as the strategy to capture significant market share. Moreover, strategic mergers and acquisitions and technological innovations are also the key focus areas of the manufacturers.
The objective of the report is to present a comprehensive analysis of Pharmacovigilance Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Pharmacovigilance Market dynamics, structure by analyzing the market segments and project the Pharmacovigilance Market size. Clear representation of competitive analysis of key players By Type, Price, Financial position, Product portfolio, Growth strategies, and regional presence in the Pharmacovigilance Market make the report investor’s guide.
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Scope of the Pharmacovigilance Market:
Pharmacovigilance Market, by Clinical Trial Phase:
• Phase I
• Phase II
• Phase III
• Phase IV
Pharmacovigilance Market, by Type:
• Spontaneous Reporting
• Intensified ADR Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring
• EHR Mining
Pharmacovigilance Market, by Service Provider:
• Contract Outsourcing
Pharmacovigilance Market, by End User:
• Research Organizations
Pharmacovigilance Market, by Region:
• Asia Pacific
• North America
• Latin America
• Middle East Africa
Pharmacovigilance Market, Major Players:
• Clinquest Group B.V.
• Laboratory Corporation of America Holdings
• IBM Corporation,
• ICON plc.
• iMEDGlobal Corporation
• Foresight Group International AG
• TAKE Solutions Ltd.
• PAREXEL International Corporation
• Wipro Ltd.
• United BioSource Corporation.
• Bristol- Myers Squibb
• F. Hoffmann-La Roche
• Pharmaceutical Clinical Trial Phase Development
• Novartis International
• iGATE Corporation
• inVentiv Health
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global Pharmacovigilance Market