Pharmacovigilance Market is Poised to be Worth US$6.1 Bn by the End of 2020
The global pharmacovigilance market is likely to witness significant growth during the course of forecast period from 2018 to 2026. Transparency market research found that the global pharmacovigilance market exhibits fragmented structure due to growing presence of several established and startup players entering this market.
The manufacturers are highly focused towards strategic partnership with the pharmaceuticals sector. The report also offers insight on major players operating in the pharmacovigilance market and these are Cognizant Technology Solutions, Covance Inc., Accenture Plc. and Bristol-Myers Squibb. The prominent players are highly investing in North America region due to presence of large number of players in this market.
The pharmacovigilance vendors are also involve in research and development activities for the development of new products. The participants are focused toward remodeling their products in order to meet the growing requirement of the patients all over the globe. The prominent pharma companies in developed and developing countries are aiming toward the outsourcing PV service in order to lessen cost and reduce in operation expenditures. This is likely to serve as opportunity for contact research organizations in developing regions to gain more revenue share.
The revenue generated by the global pharmacovigilance market is likely to touch valuation of US$6.1 bn by the end of 2020.The global pharmacovigilance market is expected to expand at 14.20% CAGR during the course of forecast period form 2016 till 2026.
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On the basis of service type, spontaneous reporting held major share in the global pharamcovigilance market due to its wide application in the pharamcovigilance market. Geographically, North America is likely to dominate the global pharamcovigilance market due to consumer larger share in this market. However, other developing economies such as Asia Pacific is likely to account for maximum share owing to lucrative growth opportunities in the year to come.
The global pharamacovigilance market is likely to witness significant growth due to growing pharmaceuticals activities which is being severely executed and these mandatory activities are help to manage high risk associated with the medicine. In addition, growing number of clinical trials are another aspect propelling growth of this market. Furthermore, the rising number of death rate owing to adverse effect of drug are another factor largely contributing towards growth of the global pharamacovigilance market. Further, growing awareness among the population regarding the safety related concern is other trend positively supporting growth of this market.
The market is majorly driven by growing awareness among the population regarding safety and efficacy of drug among the population is anticipated to be another trend stimulating growth of this market. The players operating in the regional and international platforms are getting huge support from the government to set up effective drug regulation center. These are another aspect fueling demand for the global pharamacovigilance market in the coming years.
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The unavailability of skilled and proficient labors in the emerging economies is one of major factor restraining growth of the global pharamacovigilance market. Dearth of information or information accessed through internet can may lead serious damage and therefore affecting the overall growth of this market. High risk associated with the data theft of pharamacovigilence are another factor negatively impacting the overall growth of this market.