Press release
Pharmacovigilance Market share to grow at 10.3% CAGR from 2016 to 2024
Fractovia.org
Pharmacovigilance market is trending toward a remarkable growth path, owing to the presence of global organizations such as WHO, that undertake the responsibility to monitor the safety and effects of licensed drugs. Stringent government rules pertaining to the approval of drugs and their safety will also influence pharmacovigilance industry share considerably.
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Contract outsourcing and in-house are the primary end user segments of pharmacovigilance market. Contract outsourcing segment accounted for more than 50% of market share in 2015, and is anticipated to collect a revenue of more than USD 4.8 billion by 2024. The surging adoption of outsourcing pharmacovigilance services by most of the industry giants to reduce the capital investment will augment the industry growth significantly.
Based on the clinical trial trends, pharmacovigilance industry is mainly divided into phase I, preclinical, phase II, phase III, and phase IV. Phase IV clinical trial was worth USD 2.4 billion in 2015 and will record an annual growth rate of 10.9% over the coming years of 2016 to 2024, primarily driven by rising concerns among the public regarding the safety and adverse effects of drug events. Phase III clinical trial generated a revenue of more than USD 492 million in 2015 and is predicted to cross a revenue collection of USD 1,254 million by 2024. The growth can be attributed to the increasing requirement to monitor drug safety and calculate usefulness of the drug depending on the risk-benefit ratio.
Browse key industry insights spread across 111 pages with 66 market data tables & 6 figures & charts from the report Pharmacovigilance Market in detail along with the table of contents:
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Given below is the regional analysis of pharmacovigilance market over 2016 to 2024:
Europe pharmacovigilance industry was worth USD 793 million in 2015 and will collect a revenue of USD 1.8 billion by 2024, with an annual growth rate of 9.9% over the coming seven years. The growth can be attributed to the surging requirement for personalized medicines.
Asia Pacific pharmacovigilance market collected a revenue of USD 835 million in 2015 and will surpass a revenue collection of USD 2.4 billion by 2024, owing to the implementation of stringent health care norms along with the presence of a huge patient base across this region.
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U.S. pharmacovigilance industry share will register a CAGR of 10.7% over the period of 2016 to 2024. Supportive governmental regulations regarding drug approval coupled with the rising awareness pertaining to the safety of drugs among patients will favor the industry demand.
Many of the market players are willing to sign strategic partnerships with contract research organizations to provide customized services. The key participants in pharmacovigilance market are Accenture, Covance, Boehringer Ingelheim, PAREXEL, Bristol-Myers Squibb, United BioSource Corporation, Cognizant Technology Solutions Corporation, Quintiles, and ICON plc.
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