Felton, 4 December
2019 - Pharmacovigilance (PV) Market size
is estimated to reach USD 10.27 billion by 2025, registering at a 13.1% CAGR
over the forecast period as the scope and its applications are rising
enormously across the globe. Pharmacovigilance (PV) is also termed as drug
safety, is a science and activities relating to the prevention, detection, understanding,
and assessment of adverse effects or other drug-related issues.
The factors that are playing a major role in the growth of
pharmacovigilance market are the rising occurrence of adverse drug reactions
(ADR), enhancement in development of ADR database and information system, and
the rising demand from the end-users. Pharmacovigilance (PV) industry is
segmented based on the clinical trial phase, service provider, type of methods,
end-user, and region.
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Phase IV, phase III, phase II, phase I, and pre-clinical are
the clinical trial phase that could be explored in pharmacovigilance (PV)
market in the forecast period. The phase IV sector accounted for the
substantial market share of pharmacovigilance and is estimated to lead the
overall market in the years to come. Also, phase III sector is estimated to
show lucrative growth in the years to come. Contract outsourcing, in-house, and
other service providers could be explored in pharmacovigilance industry in the
forecast period. Contract outsourcing sector accounted for the substantial
market share of pharmacovigilance and is estimated to lead the overall market
in the years to come.
Based on the type of method, HER mining, spontaneous
reporting, cohort event monitoring, intensified ADR reporting, targeted
spontaneous reporting, and others could classify pharmacovigilance market in
the forecast period. Spontaneous report sector accounted for the significant
market share of pharmacovigilance and is estimated to continue its dominance in
the years to come. Also, the cohort event monitoring sector is estimated to
grow at the fastest pace in the years to come.
The market may be categorized based on end-users like
industrial, hospitals, research organizations, and others that could be
explored in the forecast period. The hospitals sector accounted for the
substantial market share of pharmacovigilance and is estimated to lead the
overall market in the years to come. Also, the research organization sector is
estimated to grow at the fastest pace in the years to come.
Globally, North America accounted for the substantial share
of pharmacovigilance industry and is estimated to lead the overall market in
the years to come. The reason behind the overall market growth could be the
presence of key manufacturers in the region and the high investment in the
development of new drugs. The United States and Canada are the major consumers
of pharmacovigilance in the years to come.
Europe and the Asia Pacific are also estimated to have a
positive influence on future growth. Europe is the second largest region with
significant market share. However, Asia Pacific is estimated to grow at the
highest CAGR in the forecast period. The developing countries like India and
China are the major consumers of pharmacovigilance in this region.
The key players of pharmacovigilance (PV) industry are
United BioSource Corporation, Accenture, Wipro Ltd., Clinquest Group B.V.,
BioClinica, Cognizant, PAREXEL International Corporation, Laboratory
Corporation of America Holdings, TAKE Solutions Ltd., IBM Corporation,
Foresight Group International AG, ArisGlobal, and iMEDGlobal. These players are
concentrating on inorganic growth to sustain themselves amidst fierce
competition.
Market Segment:
Pharmacovigilance
Clinical Trial Phase Outlook (Revenue, USD Million, 2014 - 2025)
• Pre-clinical
• Phase I
• Phase II
• Phase III
• Phase IV
Pharmacovigilance
Service Provider Outlook (Revenue, USD Million, 2014 - 2025)
• In-house
• Contract
Outsourcing
Pharmacovigilance
Type of Methods Outlook (Revenue, USD Million, 2014 - 2025)
• Spontaneous
Reporting
• Intensified ADR
Reporting
• Targeted
Spontaneous Reporting
• Cohort Event
Monitoring
• EHR Mining
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Insights, Download Brochure @ https://www.millioninsights.com/industry-reports/pharmacovigilance-pv-market
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