Market Highlights
According to MRFR analysis, Pharmacovigilance Market is expected to register a CAGR of 14.1% during the
forecast period of 2019 to 2025 and accounts for USD 4321.86 Million
2018.
Pharmacovigilance supports safe and
appropriate use of drugs by identifying risk factors for the development of
adverse drug reactions (ADR), promoting the detection of previously unknown ADR
and their interactions with known ADR.
The market is dominated by numerous
established players. The key players are involved in product launches and
strategic collaborations to strengthen their market positions. For instance, on
May 16, 2019, Accenture launched INTENT to improve the continuity and flow of
data across life sciences enterprises, supporting the delivery of
ground-breaking treatments for patients.
Segmentation
The Global Pharmacovigilance Market
has been segmented based on the clinical trial phase, service provider, type,
and end-user.
The market, based on the clinical trial
phase, has been divided into phase IV, phase III, phase II, phase I, and
pre-clinical. Phase IV segment dominated the pharmacovigilance market as
adverse drug reactions are majorly detected in this phase. Whereas, phase III
is expected to witness the fastest growth.
The global
pharmacovigilance market has been segmented, on the basis of service provider,
into in-house and contract outsourcing. Contract outsourcing dominated the
global pharmacovigilance market and expected to witness the fastest growth.
Contract manufacturing serves multiple customers and thus can acquire raw
materials at a reduced cost, benefiting from the economies of scale.
The market, based on type, has been
divided into spontaneous reporting, cohort event monitoring, intensified ADR
reporting, targeted spontaneous reporting, and EHR mining. The spontaneous
reporting held largest market share in 2018. Spontaneous reporting is a passive
approach to pharmacovigilance as it entirely relies on the motivation of
individuals to report suspected ADRs to a local or national pharmacovigilance
center.
In terms of end-user,
the global pharmacovigilance market has been segmented into hospitals, research
organizations, pharmaceutical companies, and others. Hospitals take up the
largest share due to an increase in the number of hospital admissions due to
ADRs.
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Key Players
Some of the key players
in the Global Pharmacovigilance Market are Accenture
(Ireland), ArisGlobal (US), BioClinica (US), Capgemini (France), Conquest Group
BV (Netherlands), Cognizant (US), IBM Corporation (US), ICON PLC (Ireland),
IMEDGlobal (US), ITClinical (Portugal), Laboratory Corporation of America
Holdings (US), PAREXEL International Corporation (US), TAKE Solutions Ltd
(India), United BioSource Corporation (US), and Wipro Ltd (India).
Regional Analysis
The market has been divided, by
region, into the Americas, Europe, Asia-Pacific, and the Middle East &
Africa. The Americas is expected to be the largest market owing to the high
spending by the pharmaceutical industry. The pharmacovigilance market in the
Americas has further been branched into North America and Latin America, with
the North American market divided into the US and Canada. The European
Pharmacovigilance market has been categorized as Western Europe and Eastern
Europe. The Western European market has further been classified as Germany,
France, the UK, Italy, Spain, and the rest of Western Europe. The
Pharmacovigilance market in Asia-Pacific has been segmented into Japan, China,
India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing
prevalence of chronic conditions and rising cases of ADRs and medication
errors, the market in Asia-Pacific is expected to be the fastest-growing. The
pharmacovigilance market in the Middle East & Africa has been divided into
the Middle East and Africa.
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