|01-11-2019 08:54 PM CET - Business, Economy, Finances, Banking & Insurance||
Future Growth of Pharmacovigilance Market Global Analysis by Key Players -IQVIA (QuintilesIMS), InVentiv Health Clinical, LabCorp, PAREXEL, Accenture, Cognizant, and TCS. Strategic collaborations, mergers and acquisitions
Press release from: marketstudyreport
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Pharmacovigilance Market will exceed USD 8.0 billion by 2024; as per a new research report.
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.
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Rising trend of outsourcing pharmacovigilance services to contract research organizations in developing countries will further favor pharmacovigilance industry expansion. However, data security risks along with dearth of skilled healthcare personnel will hinder market growth over the forecast timeline.
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.
In-house pharmacovigilance business segment was valued at USD 1.7 billion in 2017 and is expected to show considerable growth by 2024. Issues pertaining to data confidentiality, data safety, accountability and commitment associated with outsourcing services are some of the prime factors favoring companies to opt for in-house pharmacovigilance.
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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.
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.
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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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.
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