Pharmacovigilance Market Revenue, Trends, Growth & Regional Analysis 2018-2024 Key Players – HCL Technologies, IBM Corporation, ICON plc, iGATE Corporation, Infosys Ltd, InVentiv Health Clinical, Ipca Laboratories Ltd, IQVIA

U.S. pharmacovigilance market was valued over USD 1.2 billion in 2017. Rising death rates due to adverse drug reactions and growing patient concerns relating to safety and efficacy of drugs in the country are prominent factors for business growth. Increasing funding for clinical trials along with presence of well-established industry players in the U.S. will further drive U.S. pharmacovigilance market.

Worldwide Pharmacovigilance Market By Service Provider, Forecast & companies (Accenture, Boehringer Ingelheim, iGATE Corporation, HCL Technologies, IBM Corporation., Cognizant Technology Solutions Corporation) to 2024

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Companies profiled in this research and active in the Accenture, Boehringer Ingelheim, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions Corporation, Ecron Acunova Ltd., F. Hoffmann-La Roche Ltd, Foresight Group International AG, GlaxoSmithKline Pl, HCL Technologies, IBM Corporation, ICON plc, iGATE Corporation, Infosys Ltd, InVentiv Health Clinical, Ipca Laboratories Ltd, IQVIA, ITclinical, Janssen Research & Development, LLC industry participants have adopted the strategy of frequent product launches in order to improve customer satisfaction and promote market growth. Moreover, manufacturers are also investing in technological innovation to improve product quality and ensure regulatory compliance.

Italy pharmacovigilance market is projected to grow at a rapid 10.6% CAGR from 2018 to 2024 due to presence of favorable regulatory authorities in the country. The Italian Medicines Agency (Agenzia Italiana del Farmaco, AIFA) regulates the national pharmacovigilance system in association with the rules laid down at EU level by the EMA. The organization is responsible for improving pharmacovigilance knowledge and increase the number of ADR reports up to the gold standard level established by the WHO. Such factors will drive regional growth in the coming years.

Pharmacovigilance phase IV clinical trial business segment market was USD 2.9 billion in 2017 owing to increasing drug safety concerns and growing public health awareness about adverse drug events. It aims at continuous safety surveillance through adverse event monitoring till the drug is marketed.

Increasing outsourcing of clinical trials to developing countries such as India and China due to low operating costs coupled with availability of large diverse patient pool for conducting clinical trials in these countries will foster Asia Pacific pharmacovigilance market growth.

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Rising incidences of adverse drug reactions (ADRs) leading to increase in morbidity and mortality rates across the globe is primary driver for pharmacovigilance market growth. Approximately 5% of the total hospitalizations every year are due to adverse drug reactions creating a huge healthcare burden across the globe. Such factors lead to increase in demand for monitoring drug safety and efficacy thereby augmenting pharmacovigilance industry growth.

Upsurge in drug development by pharmaceutical companies owing to increasing chronic diseases worldwide is another major factor contributing towards market growth. In addition, regulatory authorities such as European Medicines Agency and U.S. FDA have intensified drug safety mandates prior and post commercialization of drugs further boosting industry size.

Few notable industry players are IQVIA (QuintilesIMS), InVentiv Health Clinical, LabCorp, PAREXEL, Accenture, Cognizant, and TCS. Strategic collaborations, mergers and acquisitions, and providing customized services are key sustainability strategies adopted by these industry players.

Table of Content:

Chapter 1. Methodology

Chapter 2. Executive Summary

Chapter 3. Pharmacovigilance Industry Insights

Chapter 4. Pharmacovigilance Market, By Clinical Trial Phase

Chapter 5. Pharmacovigilance Market, By Service Provider

Chapter 6. Pharmacovigilance Market, By Region

Chapter 7. Company Profiles

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