Medical Literature Monitoring Services Market Size, Share and Scope Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Medical Literature Monitoring Services Market - (By Type (Global Literature Monitoring and Local Literature Monitoring), By End User (Pharmaceutical Companies, Biotechnology and Biopharma Companies, Contract Research Organisations, Medical Device Manufacturers, and Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Medical Literature Monitoring Services Market is expected to grow with a CAGR of 9.1% during the forecast period of 2023-2031.

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Medical literature monitoring services are platforms or tools designed to track, aggregate, and provide information on the latest developments, research findings, and publications in the field of medicine and healthcare. These services are valuable for healthcare professionals, researchers, pharmaceutical companies, and other stakeholders who want to stay updated on the most recent advancements, clinical trials, and publications in their areas of interest. These services obtain, analyze, and disseminate data from academic journals, conferences, clinical trials, and other scholarly works. Clinical trials, studies, and publications have increased dramatically due to the rising tide of evidence-based medicine and the never-ending progress in medical research. Decisions about patient care and treatment alternatives are being more and more supported by evidence-based practices, which are relied upon by researchers and healthcare practitioners. The demand for literature monitoring services is driven by the importance of access to current and relevant medical literature to build procedures and guidelines based on evidence.

List of Prominent Players in the Medical Literature Monitoring Services Market:
• Clarivate
• Tepsivo Oy
• Qvigilance
• Biologit
• APCER Life Sciences Inc.
• Techsol Life Sciences
• PrimeVigilance Ltd.
• Freyr
• Pharmalex GmbH
• Arriello Ireland Ltd.
• Others

Market Dynamics:

Drivers-
The growing demand for medical literature monitoring services is fueled by the rising tide of evidence-based medicine and the never-ending progress in medical research. To stay abreast of the most recent discoveries and advancements in the medical industry, there is a growing need for reliable literature monitoring services. The healthcare business is governed by stringent regulations. Therefore, it is imperative to regularly monitor medical literature for updates in regulations, recommendations, and criteria. Comprehensive literature monitoring solutions are in high demand because they are paramount to the pharmaceutical, biotechnology, and medical device industries.

Challenges:
The prime challenges are strict regulations, a shortage of competent individuals, and a lack of norms and protocols because of lockdowns and isolation in emerging countries, which are predicted to slow the growth of the medical literature monitoring services market. Protecting patients' privacy and adhering to strict data protection requirements are important factors that might influence the decision to use literature monitoring services. The success of literature monitoring services depends on the accessibility of trustworthy data sources. Inconsistent data quality, a lack of defined data formats, and restricted access to extensive databases can all work together to reduce the collected data's trustworthiness and precision, which limits the market's potential. The COVID-19 pandemic has prompted regulatory authorities to reassess existing standards and emphasize the need for electronic reporting to ensure data interchange for patient safety.

Regional Trends:
The North American medical literature monitoring services market is anticipated to record a major market share in revenue. It is projected to grow at a high CAGR in the near future because the advancements in healthcare infrastructure and technology utilization, along with the growing pharmaceutical and biotechnology industries in the region, are driving the demand for comprehensive literature monitoring services. Besides, Asia Pacific had a considerable market share due to technological advancements and affluence. Numerous healthcare organizations, research institutions, and pharmaceutical businesses in this area invest much in research and development.

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Recent Developments:

• In Aug 2023, Clarivate acquired Dialog Solutions. Clarivate added Dialog Solutions services and products to its Life Sciences & Healthcare business in December 2021 after acquiring it as part of the ProQuest M&A. The addition of Dialog Solutions products and services to Clarivate's portfolio has improved pharmacovigilance medical literature monitoring, patent research, systematic review literature searches, MDR literature review searches, competitive and business intelligence research.

• In Jan 2023, PharmaceuticalLex Holding GmbH has been acquired by AmerisourceBergen Corporation. By strengthening its position as a leader in specialty services and broadening its global platform of pharma manufacturer services capabilities, the acquisition of PharmaLex bolstered AmerisourceBergen's growth strategy.

Segmentation of Medical Literature Monitoring Services Market-
By Type-
• Global Literature Monitoring
• Local Literature Monitoring

By End-User-
• Pharmaceutical Companies
• Biotechnology and Biopharma Companies
• Contract Research Organisations
• Medical Device Manufacturers
• Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.