The global pharmacovigilance market is expected to be worth USD 12.48 Billion by 2027, according to a current analysis by Emergen Research. The market for pharmacovigilance is experiencing rapid growth attributed to a rise in application for spontaneous reporting, electronic health record (HER) mining, cohort event monitoring, and intensified adverse drug reaction (ADR) reporting, among others. The pharmacovigilance primarily emphasizes on on ADR (adverse drug reactions) and cases of drug toxicity. According to the statistic released by WHO, about 5.0% of hospitalized patients in the developed nations are admitted into the hospital due to adverse drug reactions, and 6.0% to 10% of in-patients are anticipated to observe a severe adverse reaction for the duration of hospitalization.
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A rise in demand for outsourcing services by
players in the healthcare industry is anticipated to boost the forecast
period's pharmacovigilance market growth. A spiraling inclination to outsource
eliminates the issues pertaining to overhead costs and the pharmacovigilance
resources’ deployment. Outsourcing is beneficial in enhancing the cost-effectiveness
and output efficiency by releasing pressure associated with the procurement of
resources on firms, therefore encouraging market growth. Leading pharmaceutical
firms are substantially involved in extensive R&D ingenuities for novel therapeutic
drug molecules to get superior outcomes, thereby successfully leading to a rise
in drug development activities.
Key participants include ArisGlobal, Accenture, Cognizant,
Capgemini, IBM Corporation, IQVIA, BoClinica Inc., Laboratory Corporation of
America Holdings, Linical Accelovance, and ITClinical, among others.
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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
Growing pet possession may be a
major issue resulting in the market growth of the genetic abnormality testing
section. Genetic attribute tests, like tests for coat color, and parentage
tests area unit expected to rise with increasing pet population. what is more,
genetic abnormality tests in eutherian mammal animals also are expected to grow
throughout the forecast amount, to make sure disease-free breed of animals.
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Key questions addressed in the report:
- What are the predominant factors propelling the global Pharmacovigilance market development?
- Who are the leading distributors, traders, and dealers of this market?
- Who are the key manufacturers in the Pharmacovigilance business sector?
- What are the significant market opportunities and challenges for the v global market vendors?
- What are the sales and revenue estimations for the leading market players in the Pharmacovigilance market over the projected period?
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