Pharmacovigilance Market : Top Players – HCL Technologies, IBM Corporation, ICON plc, iGATE Corporation (Capgemini), Infosys Ltd., InVentiv Health Clinical, Ipca Laboratories Ltd., IQVIA (QuintilesIMS), ITclinical, Janssen Research & Development, LLC, L

Pharmacovigilance market size was valued at USD 3.9 billion in 2017 and is expected to witness growth of around 10.7% CAGR from 2018 to 2024.

Increasing acceptance and adoption of outsourcing services by healthcare companies will stimulate pharmacovigilance (PV) market growth in forthcoming years. Outsourcing eliminates the risk of business overhead costs as well as deployment of a pharmacovigilance resources. Outsourcing strategy increases the cost-effectiveness and efficiency by relieving resource pressure on firms. Positively shifting trends in PV outsourcing owing to increasing benefits will accelerate pharmacovigilance business growth in the coming years.

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Rising number of adverse drug reactions (ADRs) will contribute to significant increase in the market size over the forecast period. According to National Centre for Biotechnology Information (NCBI), number of fatalities due to ADRs increased more than two-fold in 2014. This further led to increase in hospitalizations. Similarly, according to data by Clinics, 2018, there was 10% increase in ADR rate in Brazil per medication introduced during hospitalization. Such escalating number of ADRs that require continuous pharmacovigilance will render lucrative growth opportunity for pharmacovigilance market to facilitate effective surveillance of ADRs.

Accelerating demand for personalized medicines will impel momentous industry growth in the foreseeable future. Innovations in personalized medicine will offer growth potential to the market in ways to develop and quantitate risks and benefits of personalized medicines. Increasing advancement in targeted drugs such as new product development will further propel demand for pharmacovigilance services in the coming years.

Dearth of skilled healthcare professionals needed to analyse data and implement solutions can restrict market growth. Moreover, increased risk for data security that can be misused by the pharmacovigilance personnel can hamper business growth over the coming years.

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Germany pharmacovigilance market accounted for 23.2% market share of European pharmacovigilance market in 2017 and is expected to show considerable growth over the coming years. Favorable public and private initiatives conducted in the country such as German Pharmacovigilance Day will propel Germany pharmacovigilance market growth. Such events help in bringing together safety professionals from the healthcare and pharmaceutical domain such as medical devices and biopharmaceutical companies, academic research centers and regulatory authorities. Furthermore, development of good pharmacovigilance practices (GVP) modules and guidelines by the European Medicines Agency will drive Europe pharmacovigilance market growth.

India pharmacovigilance market will grow at robust 12.0% CAGR from 2018 to 2024 due to presence of pharmacovigilance centers in the country focused on drug safety management. It is most preferred country for conducting clinical trials owing to cost-effectiveness and presence of large BPOs offering pharmacovigilance services.

Some of the key industry players operating in global pharmacovigilance market are IQVIA (QuintilesIMS), LabCorp, PAREXEL, Cognizant, TCS, Wipro, InVentiv Health Clinical and Accenture. The industry players resort to growth strategies such as merger and acquisitions to strengthen their market share and expand their service offerings. For instance, In September 2016, PAREXEL International Corporation entered into definitive agreement to acquire ExecuPharm. The strategy aimed at enhancing company’s existing functional services such as clinical monitoring, pharmacovigilance, data management and other functions allowing clients to fulfill its outsourcing needs.

Pharmacovigilance market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:

Pharmacovigilance Market by Clinical Trial Phase
o Preclinical
o Phase I
o Phase II
o Phase III
o Phase IV

Pharmacovigilance Market by Service Provider
o In-house
o Contract outsourcing

The above information is provided for the following regions and countries:

• North America
o U.S.
o Canada

• Europe
o Germany
o UK
o Spain
o Italy
o France

• Asia Pacific
o Japan
o China
o India
o Australia

• Latin America
o Argentina
o Brazil
o Mexico

• Middle East and Africa
o South Africa
o UAE
o Saudi Arabia
o Qatar
o Israel

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This release was published on openPR.