openPR Logo
Press release

Pharmacovigilance Market to Register Substantial Expansion Forecast to 2017 - 2025

03-06-2018 10:15 AM CET | Health & Medicine

Press release from: TMR Research

Pharmacovigilance Market to Register Substantial Expansion

Global Pharmacovigilance Market: Snapshot

Pharmacovigilance (PV) is a process refereeing to the detection, collection, prevention, and monitoring of negative effects that may occur because of the use of pharmaceutical products and other drugs. PV services cater to a wide range of drug related activities such as discovery of a drug to its commercialization. It also helps with the utilization of tools and software that reviews, classifies data on drugs and pharmaceutical products. There has been a soaring demand for pharmacovigilance services due factors such as rising drug consumption, growing prevalence of chronic diseases, respiratory disorders, and cancer symptoms, among others. In addition to this, a large number of adverse drug reactions (ADRs) has added a substantial burden on healthcare sector leading to the increased demand for pharmacovigilance.

The global pharmacovigilance market is expanding at a swiftly. Many leading pharmaceutical and IT companies are strategically collaborating and actively promoting pharmacovigilance software to bolster their market contribution. There are extensive post-market controlling mechanisms set up by multiple government supervisory agencies that concentrates on safety and efficiency of the various pharmaceutical products after they are pitched in the market. The governments have also established centers to enhance the pharmacovigilance services. For instance, Indian Pharmacopoeia Commission (IPC) has aimed to assign around 40 pharmacovigilance officials across the country to coordinate with various ADR centers and strengthen reporting and monitoring of ADR activities. Increased mortality rate because of ADRs and rising awareness among patients about the safety and efficiency of the drugs are expected to be the significant driving factors for the growth of the global pharmacovigilance market.

Request Sample Copy of the Report @ https://www.tmrresearch.com/sample/sample?flag=B&rep_id=1328

Global Pharmacovigilance Market: Overview

Pharmacovigilance (PV) is a scientific process pertaining to the collection, detection, monitoring, and prevention of adverse effects that may arise due to use of drugs and pharmaceutical products.

Pharmacovigilance services cater to drug development activities ranging from its discovery to commercialization and consist of tools and software that helps in reviewing, classifying, creating, and other data. PV occupies a critical role in drug regulation system that helps in comprehensive monitoring and evaluation of adverse drug reactions (ADRs). Increasing instances of ADR cause an extension of patient morbidity, increase hospitalization fees, and thus pose a significant burden on any responsive healthcare system. These factors stimulate the demand for pharmacovigilance services worldwide and contribute to the expansion of the market. Several pharmaceutical companies prefer collaborating with BPOs and contract research organizations (CROs) for pharmacovigilance services to bring down the cost and augment the operational efficiency.

Global Pharmacovigilance Market: Trends

The global pharmacovigilance market is primarily driven by the rising incidence of ADR, soaring patient awareness regarding safety of drugs, and stringent regulations by various agencies related to drug approvals. Strict guidelines related to clinical trials of new drug therapies and mandatory requirements to keep electronic medical records (EMR) have propelled the growth of the PV market. Initiatives taken by renowned regulatory agencies, such as the FDA and European Medicines Agency (EMA), and global organizations such as the WHO have mounted pressures on several biotechnology and pharmaceutical companies to manufacture safe drugs. This is expected to stimulate the demand for pharmacovigilance.

Request TOC of the Report @ https://www.tmrresearch.com/sample/sample?flag=T&rep_id=1328

Furthermore, the rising trend of outsourcing of PV services to BPOs and CROs has resulted in effective drug regulation system. These outsourcing entities offer pharmacovigilance services that have high regulatory compliance, enhanced productivity, and better strategic outcomes, thus boosting the global PV market. However, concerns of patient data safety, rise in web-based sale of drugs, and lack of expertise are the key factors that may impede the growth of the market to some extent. Nevertheless, the rising number of clinical trials, particularly phase 3 and phase 4 clinical trial will unlock abundant opportunities for the market players.

Global Pharmacovigilance Market: Market Potential

The global pharmacovigilance is growing at a rapid pace. Intense post-market monitoring mechanisms set up by various government regulatory agencies increasingly focus on safety and efficacy of pharmaceutical products after they are launched in the market. This has led to a flurry of PV activities and procedures. Various coordination initiatives between national agencies, healthcare providers, and regional pharmacovigilance centers in several countries such as France, China, India, Romania, and Turkey have put the onus on pharmaceutical companies to collect and assess information relating to adverse drug effects. Subsequently, effective measures can be taken to prevent and mitigate the risks.

Furthermore, governments in various countries have created centers to expand PV services. For instance, Indian Pharmacopoeia Commission (IPC) has intended to appoint as many as 40 district product safety pharmacovigilance officials in the country; these officials will coordinate with different ADR centers to strengthen the monitoring and reporting of ADR activities. These initiatives are expected to provide a robust boost to the market across the region.

Read Comprehensive Overview of Report@ https://www.tmrresearch.com/pharmacovigilance-market

Global Pharmacovigilance Market: Regional Outlook

The pharmacovigilance market in the U.S. held a prominent share in 2016 and the regional market is expected to rise at healthy CAGR during the forecast period. The growth is attributed to the rising mortality rates due to ADR and soaring awareness of patients on safety and efficacy of drugs. Asia Pacific is expected to expand at positive CAGR in the next five years. Growth witnessed in the region will be driven by stringent health care regulations, vast geriatric base, intense government initiatives to set up PV centers, and rising number of clinical trials conducted.

Global Pharmacovigilance Market: Competitive Landscape

Major technology and IT companies are actively launching pharmacovigilance software to strengthen their market shares. Pharmaceutical and life sciences companies are forming strategic collaborations with key contract research organizations (CRO) to expand their market presence in various regions. This has also enabled them to gain a better foothold in major regions by effectively positioning their services to new clients. Major players operating in this market include Accenture, Boehringer Ingelheim, Bristol-Myers Squibb, ICON, Covance, PAREXEL, Quintiles, Synowlwedge, Cognizant Technology Solutions Corporation, and United BioSource.

About Us

TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.

Our savvy custom-built reports span a gamut of industries such as pharmaceuticals, chemicals and metals, food and beverages, and technology and media, among others. With actionable insights uncovered through in-depth research of the market, we try to bring about game-changing success for our clients.

Contact:

TMR Research,
3739 Balboa St # 1097,
San Francisco, CA 94121
United States
Tel: +1-415-520-1050
Email: sales@tmrresearch.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Pharmacovigilance Market to Register Substantial Expansion Forecast to 2017 - 2025 here

News-ID: 965944 • Views:

More Releases from TMR Research

Automotive Vision System Market Share and Growth Factors Impact Analysis 2021 - 2031
Automotive Vision System Market Share and Growth Factors Impact Analysis 2021 - …
Automotive Vision System Market: Introduction A system that increases the vehicle driver's perception during night or bad weather conditions is termed as Automotive night vision system (ANVS). The system is otherwise beyond the reach of the vehicle's headlights, thereby prevents accidents at night. It can also be defined as a system which assists the driver by increasing visibility during bad whether while providing safety. Vehicle which have automotive vision system integrated are
Waste Heat Recovery Market Competitive Landscape Analysis with Forecast by 2031
Waste Heat Recovery Market Competitive Landscape Analysis with Forecast by 2031
Waste Heat Recovery Market: Snapshot The waste heat recovery market has been expected to reach a valuation of US$ 65.87 Bn and expand at a CAGR of 6.90% in the foreseeable years from 2020 to 2030. The growth opportunities in the waste heat recovery market are attributed to the increasing prices of electricity and energy in the emerging economies. In addition to this, government regulations and incentives are also estimated to contribute
Physical Fitness Equipment Market Current Trends and Future Aspect Analysis | Market has been expected to reach a valuation of US$ 14.8 Bn and expand at a CAGR of 3.3% in the foreseeable years from 2021 to 2031.
Physical Fitness Equipment Market Current Trends and Future Aspect Analysis | Ma …
Global Physical Fitness Equipment Market: Snapshot The physical fitness equipment market has been expected to reach a valuation of US$ 14.8 Bn and expand at a CAGR of 3.3% in the foreseeable years from 2020 to 2030. The revenue generation opportunities in the physical fitness equipment market are attributed to the increasing enthusiasm among people toward fitness. In recent years, the fitness industry has been growing at a noticeable speed owing to
Molecular Spectrometry Market Competitive Analysis and Forecast 2021-2031 | Growing Regions like North America, Europe and Asia Pacific.
Molecular Spectrometry Market Competitive Analysis and Forecast 2021-2031 | Grow …
Global Molecular Spectrometry Market: Snapshot  Molecular spectrometry examines and quantifies the response of molecules on interaction with known amounts of energy. Molecules have some energy levels that can be studied by determining the molecule's energy exchange through emission or absorbance. Molecular spectrometry involves studying emission, absorption, or scattering of electromagnetic waves by atoms or molecules to quantitatively and qualitatively study atoms, molecules or physical processes. The interaction of matter with radiation

All 5 Releases


More Releases for Pharmacovigilance

Pharmacovigilance Outsourcing Market 2021 | Detailed Report
Pharmacovigilance Outsourcing Market Forecasts report provided to identify significant trends, drivers, influence factors in global and regions, agreements, new product launches and acquisitions, Analysis, market drivers, opportunities and challenges, risks in the market, cost and forecasts to 2027. Get Free Sample PDF (including full TOC, Tables and Figures) of Pharmacovigilance Outsourcing Market @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=4964765 The report provides a comprehensive analysis of company profiles listed below: - Clinquest Group B.V - Cognizant - LabCorp - IBM -
Global Pharmacovigilance Market & Forecasts
According to a new market research report published by Global Market Estimates, the Global Pharmacovigilance Market is expected to grow at a CAGR of 13.55% during the forecast period. The demand for pharmacovigilance is projected to be high due to the increasing demand for pharmacovigilance services and rising cost-effective initiatives for SMEs companies. Browse 145 Market Data Tables and 118 Figures spread through 168 Pages and in-depth TOC on "Pharmacovigilance Market
Pharmacovigilance and Drug Safety Software Market: Pharmacovigilance and Drug Sa …
The global pharmacovigilance and drug safety software market is projected to create new opportunities in the coming years on account of the escalating complexity of drug safety regulations. Among the key contributing factors of the market could be tighter regulatory inspections implemented to control the rise of the incidences of drug-associated adverse events and spiraling concerns pertaining to patient safety. Pharmaceutical and biotechnology companies are predicted to largely adopt pharmacovigilance software
Rising Number of Government Pharmacovigilance Centers to Boost Pharmacovigilance …
Pharmacovigilance is a key component of an effective drug regulation system for monitoring and evaluating adverse drug reactions (ADRs). Pharmacovigilance activities are an important part of clinical research and are growing at a significant pace. At present, the global network of pharmacovigilance centers, harmonized by Uppsala Monitoring Centre, are operating on the global level for appropriate functioning of the process of drug safety monitoring across the world. Large volume of
Pharmacovigilance Market | Forecast up to 2020
Pharmacovigilance is a key component of an effective drug regulation system for monitoring and evaluating adverse drug reactions (ADRs). Pharmacovigilance activities are an important part of clinical research and are growing at a significant pace. At present, the global network of pharmacovigilance centers, harmonized by Uppsala Monitoring Centre, are operating on the global level for appropriate functioning of the process of drug safety monitoring across the world. Large volume of
Pharmacovigilance Market Research Report Forecast to 2020
Pharmacovigilance is a crucial component of an effective drug regulation system and is used for evaluating and monitoring adverse drug reactions. Pharmacovigilance activities are essential for conducting clinical research. Currently, the global network of pharmacovigilance centers is operating effectively to assure appropriate functioning of drug safety procedures. The large volume of international adverse drug reaction reports collected and stored in a central database assists the national drug regulatory authorities to