Global Pharmacovigilance Market: Snapshots and Analysis of Growth Factors for the period from 2013 to 2020
The pharmacovigilance market offers services pertaining to drug regulation systems used to monitor and evaluate all kinds of adverse reactions to drugs. The pharmacovigilance market, at present, is on the verge of rapid growth, due to rise in drug toxicity and adverse drug reaction cases. As per a new research report presented by Transparency Market Research, a U.S. based business intelligence firm, the pharmacovigilance market is forecast an expansion from its valuation of US$2,426.6 million in 2013 to US$6,104.1 million by the end of 2020. The expected CAGR of the market is 14.2% for the period from 2013 to 2020.
Analyzing the Global Pharmacovigilance Market
The pharmacovigilance market is globally split due to its implementation at numerous emerging as well as established organizations. Cognizant Technology Solutions, Bristol-Myers Squibb, Novartis International AG, and Accenture plc are some of the companies that operate in the global pharmacovigilance market.
Following are the prime factors that are expected to drive the pharmacovigilance market for the period from 2013 to 2020:
- Rise in consumption of drugs means rise in demand from Pharmacovigilance Market
Rise in the occurrence of chronic and acute diseases has resulted in a rise in consumption of medicines. The number of drug toxicity cases has gone up in the recent past. This lead to a rise in demand from the pharmacovigilance market to control adverse reactions to drugs.
Browse Market Research Report of Pharmacovigilance Market:
- Rise in demand for drug monitoring outsourcing services further boosts demand from pharmacovigilance market
Drug monitoring outsourcing services are largely adopted in the recent past. Traditional CROs and BPOs are two of the preferred drug monitoring outsourcing service providers, recommended by pharmaceutical manufacturers. CROs include companies such as Covance Inc. and Quintiles Transactional, whereas Infosys Ltd, Tata Consultancy Services, and Cognizant are some of the top BPOs. Going forward, the pharmacovigilance market is expected to register a steepening growth curve. More and more CROs and BPOs sign agreements with drug manufacturers.
Recently, CSSi LifeSciences signed an agreement with PRC Clinical to offer drug monitoring services for pharmaceuticals in U.S.
CSSi LifeScience has so far offered services to regions in the Middle East, Europe, and Asia. PRC Clinical, a CRO, has offered phase I-IV clinical monitoring services for many medical device companies. Experts from PRC Clinical, and CSSi LifeScience together will be supporting global and local clinical trials throughout the drug development process.
- Rising Demand from Emerging Economies Good News for Pharmacovigilance Market
The pharmacovigilance market is globally operated through its various channels to appropriately carry out the procedure of monitoring the drugs safely. As per the clinical trial phase segmentation, the pharmacovigilance market gets divided into preclinical studies and phase I-IV trial. The pharmacovigilance market is further segmented into targeted reporting, spontaneous reporting, reporting HER mining, cohort event monitoring, and intensified ADR. As per the service providers, the pharmacovigilance market is segmented into contract outsourcing and in-house services.
Browse Press Release of Pharmacovigilance Market:
Considering the growing demand for drug monitoring services across the globe, the pharmacovigilance market has a huge scope in emerging economies. The developing healthcare infrastructure in emerging countries and rising government support to healthcare innovations is responsible for the same.