Press release
Pharmacovigilance (PV) Market reach at USD 8.46 billion by 2023 while registering itself at a compound annual growth rate (CAGR) of 13.14% |Top Most Players| BioClinica, LabCorp, Capgemini, Clinquest Group B.V, iMEDGlobal, ITClinical, Cognizant, ArisGloba
Pharmacovigilance (PV) Market
Competitive Insights
The leading players in the market are BioClinica, LabCorp, Capgemini, Clinquest Group B.V, iMEDGlobal, ITClinical, Cognizant, ArisGlobal LLC, ICON plc, IBM and Accenture. This industry is witnessing a tremendous boost due to patent expiration of branded drugs and rising number of new drug developments. This has encouraged several local and international pharmacovigilance service providers in the market.
Significance of pharmacovigilance:
Pharmacovigilance agreements (PVAs) furnish the necessary information related to terms and conditions for an efficient Pharmacovigilance to take place. Hence, pharmacovigilance plays a crucial role in the prevention of adverse effects that may come to any patient during the usage of a pharmaceutical product. Enterprises of various types are asked to mandatorily perform comprehensive drug safety and pharmacovigilance audit to efficiently analyze their agreement with regulations, guidance and worldwide laws.
Industry Trend Analysis
The Pharmacovigilance (PV) Market was worth USD 2.78 billion in 2014 and is expected to reach approximately USD 8.46 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 13.14% during the forecast period.
Expanding rate of Adverse Drug Reactions (ADRs) is anticipated to quicken the interest for pharmacovigilance services over the conjecture time frame. Developing prevalence of chronic diseases is another significant benefactor for the PV development. Treatment of these chronic diseases require uptake of blend of medications bringing about ADR. To curtail this issue, PV administrations are used. Also, presence of charitable association for spreading the awareness associated with PV, for example, International Society of Pharmacovigilance (ISoP) is anticipated to encourage the selection of PV amid the conjecture time frame as it is concentrating on upgrading safe and appropriate use of medications at worldwide level. Increasing government activities relating to adoption of PV administrations is foreseen to impel the business development in the following years.
Research Report Description with Detailed TOC of Pharmacovigilance (PV) Market @:
https://www.crystalmarketresearch.com/report/pharmacovigilance-pv-market
Regional Outlook
North America captured the biggest revenue share in 2016, attributable to presence of key pharmaceutical and medicinal devices players in this area, adding to the general income in this area. Rising level of drug abuse and related unfavourable drug reactions is a main source of death and morbidity. The previously mentioned components are high development rendering factors for the pharmacovigilance market in North America. Asia Pacific is anticipated to develop at lucrative rate, owing to accessibility of expansive number of outsourcing associations.
Market Segmentation- Pharmacovigilance (PV) Market
By Clinical Trial Phase:
Pre-clinical
Phase I
Phase II
Phase III
Phase IV
By Service Provider:
In-house
Contract Outsourcing
By Type:
Intensified ADR Reporting
Targeted Spontaneous Reporting
Spontaneous Reporting
EHR Mining
Cohort Event Monitoring
By End User:
Research Organizations
Hospitals
Industrial
By Region
North America
U.S
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia Pacific
Rest of the World
Brazil
South Africa
Saudi Arabia
United Arab Emirates
Others
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Clinical Trial Phase Outlook and Trend Analysis
The Phase IV (Post marketing) clinical trial section ruled the market in 2016. PV arrangements function as an extra security measure for the drug undergoing clinical trials. Stage IV is fundamental phase of whole clinical trials as unsuspected unfavourable medication responses can be recognized in this stage. Consequently, the information gathered and surveyed amid this stage is anticipated to be of the most elevated significance. The Phase III section is foreseen to witness lucrative development.
End User Outlook and Trend Analysis
In 2016, hospitals represented the biggest revenue share of the pharmacovigilance market based on end use. Hospitals serves columnist associations, which report the ADRs, happened amid a specific time period, to administrative experts keeping in mind the end goal to find out the requirement for post marketing surveillance. Rising frequency of ADRs and medication errors are anticipated to drive the hospital section development over the gauge time frame.
Major Table of Contents:
Chapter 1. Introduction
1.1. Report Description
1.2. Research Methodology
1.2.1. Secondary Research
1.2.2. Primary Research
Chapter 2. Executive Summary
2.1. Key Highlights
Chapter 3. Market Overview
3.1. Introduction
3.1.1. Market Definition
3.1.2. Market Segmentation
3.2. Market Dynamics
3.2.1. Drivers
3.2.1.1. Increasing Incidence Rates of ADR and Drug Toxicity
3.2.1.2. Growing Drug Consumption and Drug Development Rates
3.2.2. Restraints
3.2.2.1. Lack of Skilled Labor
3.2.3. Opportunities
....CONTINUED FOR TOC
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