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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