Pharmacovigilance Market Forecast Report Global Analysis, Statistics, Revenue, Demand and Trend Analysis Research Report by 2027

The growing prevalence of adverse drug reaction and toxicity is one of the significant factors influencing the market growth.
Market Size – USD 4.83 billion in 2019, Market Growth - CAGR of 13.1%, Market Trends – Rise in drug consumption and development rates
The global pharmacovigilance market is expected to reach USD 12.98 Billion by 2027, according to a new report by Reports and Data. Every drug is associated with beneficial, as well as an undesirable or adverse effect. The major focus of pharmacovigilance is on adverse drug reactions (ADR), a common clinical problem, and drug toxicity. According to the studies conducted by the WHO (World Health Organization), in developed countries, nearly 5% of hospitalized patients are admitted into hospital as a result of an ADR, and 6-10% of in-patients are expected to experience a serious ADR during hospitalization. The pharmacovigilance market consists of all types of adverse events reporting conducted during clinical trials in hospitals, pharmacies, and other healthcare sectors. Increasing demand for acceptance and adoption of outsourcing services by healthcare companies will stimulate pharmacovigilance market growth during the forecast period. Moreover, Outsourcing eliminates the risk of business overhead costs as well as the deployment of pharmacovigilance resources.
Outsourcing strategy increases the cost-effectiveness and efficiency by relieving resource pressure on firms, thereby positively supporting the market growth. Positively shifting trends in PV outsourcing owing to increasing benefits will accelerate pharmacovigilance market growth in the coming years. Major pharmaceutical industry key players are significantly involved in extensive R&D initiatives for the development of innovative therapeutic molecules to bring out the best outcomes. This has successfully resulted in increased drug development activities over a period of time. Manufacturers are keenly focusing on remodeling their product development processes and work on the product portfolio and improvise the service provided by them in order to make an attempt to fulfill the unmet demand of patients across the globe. These factors are collectively anticipated to boost the pharmacovigilance market.

Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2253

The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.

Key companies profiled in the report include:
Cognizant, ArisGlobal, IBM Corporation, IQVIA, BoClinica Inc., Laboratory Corporation of America Holdings, Linical Accelovance, Capgemini, and ITClinical, among others.

Market Segmentation by Types:
Type Outlook (Revenue, USD Million; 2017-2027)
• Spontaneous Reporting
• Intensified Adverse Drug Reaction (ADR) Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring
• Electronic Health Record (HER) Mining
Service Provider Outlook (Revenue, USD Million; 2017-2027)
• In-House
• Contract Outsourcing
Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)
• Pre-Clinical
• Phase I
• Phase II
• Phase III
• Phase IV
End-Users Outlook (Revenue, USD Million; 2017-2027)
• Hospitals
• Research Organizations
• Others

Request a discount on the report @ https://www.reportsanddata.com/discount-enquiry-form/2253

Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Pharmacovigilance market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.

• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o Italy
o France
o BENELUX
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o U.A.E.
o South Africa
o Rest of MEA

To know more about the report @ https://www.reportsanddata.com/report-detail/pharmacovigilance-market

Further key findings from the report suggest
• By type, spontaneous reporting contributed to the largest market share in 2019. The spontaneous reporting system is indispensable in pharmacovigilance by delivering information from actual clinical settings during the life of a drug. Physicians and various other healthcare experts may contribute vastly to enhancing public health by reporting suspected adverse drug reactions.
• By service provider, the in-house service provider is likely to grow at a rate of 12.3% in the forecast period. Reporting to partners, Health Authorities: Most of the firms favor in-house handling of reporting to healthcare authorities and partners, possibly because they should be the principal contact entity for any deliberation, in and out.
• By the clinical trial phase, phase IV contributed to the largest market share in 2019 and is expected to witness a growth rate of 13.1% in the forecast period. The increasing intricacy of therapeutic agents and biologics and a rise in the usage of new agents past the original purpose and testing, it is crucial to recognize at the earliest, any unwanted and unexpected Adverse Events and other severe toxicities. The well-known instances of drugs withdrawn from the market after being approved confirm the need for Phase IV pharmacovigilance.
• By end-users, hospitals contributed to the largest market share in 2019 and is likely to grow at a rate of 13.2% in the forecast period. Hospital pharmacists are of utmost significance in ADR reporting, as the majority of the serious adverse drug events happen in hospitals, and ADRs are responsible for a considerable proportion of hospital admissions.
• The market in the Asia Pacific region is estimated to grow at the fastest rate of 14.3% in the forecast period, owing to stringent regulatory norms for reporting ADRs, along with a large number of firms providing pharmacovigilance outsourcing services. Furthermore, growing funding for clinical trials is also causative of the market growth in the region.

Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/2253

Thank you for reading our report. For further inquiry, please connect with us and our team will make sure the report is customized according to your requirements.

Browse More Reports:

Research Antibodies Market @ https://www.google.me/url?q=https://www.reportsanddata.com/report-detail/research-antibodies-market

Ingestible Smart Pills Market @ https://www.google.com.om/url?q=https://www.reportsanddata.com/report-detail/ingestible-smart-pills-market

Metformin Hydrochloride Market @ https://www.google.rw/url?q=https://www.reportsanddata.com/report-detail/metformin-hydrochloride-market

Particle Therapy Systems Market @ https://www.google.co.tz/url?q=https://www.reportsanddata.com/report-detail/particle-therapy-systems-market

Precision Oncology Market @ https://www.google.gy/url?q=https://www.reportsanddata.com/report-detail/precision-oncology-market

Contact Us:
John W
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com

About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

This release was published on openPR.