Press Release
Healthcare

The Pharmacovigilance Market Is Set to Skyrocket by 2024

Latest Report Available at Analytical Research Cognizance, “Pharmacovigilance Market” provides pin-point analysis for changing competitive dynamics and a forward looking perspective on different factors driving or restraining industry growth.

“Market Overview
The key factors propelling this market are increasing drug consumption and drug development rates, growing incidence rates of adverse drug reactions and drug toxicity, and increasing trend of outsourcing pharmacovigilance services. The increasing incidence of lifestyle diseases, such as diabetes, hypertension, and cardiac disorders, as a result of sedentary lifestyles, lack of physical activities, changing lifestyle patterns, and poor diets lead to increasing consumption of drugs, which, in turn, indicates the high demand for drug monitoring and further fuels the growth of the pharmacovigilance market.

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With the growing drug consumption, the need for the regular monitoring of drugs has also augmented, eventually boosting the pharmacovigilance market. Human infectious diseases are also on rising due to the changing climate, pervasive poverty, and increasing urbanization, which also surge drug consumption and drive the drug development process. Furthermore, new drug developments need to get regulated and stimulate the overall pharmacovigilance market.

Scope of the Report
Pharmacovigilance is the science and activities relating to the detection, assessment, understanding, and prevention of adverse effects or any other drug-related problems. The focus of pharmacovigilance is on ADR (adverse drug reactions) and drug toxicity. The pharmacovigilance market comprises of all types of adverse events reporting conducted during clinical trials in hospitals, pharmacies, and other healthcare sectors.

Key Market Trends
Pharmaceutical Companies are Expected to Hold the Highest Market Share in the End User Segment

In the end user segment of the pharmacovigilance market, pharmaceutical companies are believed to have the largest market size.

The role of pharmaceutical companies is to invest in the R&D of new compounds, have the commitment to bring a new drug to market to enhance the patients’ health and quality of life, strict governance to conduct clinical trials, product development activities as well as conduct relations with patients and healthcare professionals in accordance with ethical and legal principles. A major pharmaceutical company, such as Astra, has over 100 permanent, experienced staff in pharmacovigilance within its R&D organization in Sweden and the United Kingdom, and a similar number in local operating companies worldwide. This development has been driven by the increased recognition of the role of pharmacovigilance, the investigation, and marketing of a wider range of diverse medicinal products and more stringent and detailed regulatory requirements.

Such developments that are occurring in the pharmaceutical companies are helping the pharmacovigilance market grow.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America currently dominates the market for pharmacovigilance and is expected to continue its stronghold for a few more years. Due to the shifting of high costs of in-house pharmacovigilance activities to CROs, the pharmacovigilance system in the United States is moving from a passive to a proactive role in the healthcare system. According to a 2017 publication in the Journal of American Medical Association, one out of three drugs in the United States may have the safety issues. Therefore, a need for modifying the current protocols for quick communication between healthcare providers and the FDA needs to be strengthened. Additionally, as more biosimilars would be available in the near future, accurately matching the adverse event is highly important. With that, the United States has a large market share of 56% in North America and is expected to register a growth rate of 12.3% over the forecast period.

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Competitive Landscape
The pharmacovigilance market is moderately competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. Companies like Accenture, IBM Corporation, Wipro, Cognizant, and Capgemini hold the substantial market share in the pharmacovigilance market.

Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support

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Major Point of TOC:

Chapter One: INTRODUCTION

Chapter Two: RESEARCH METHODOLOGY

Chapter Three: EXECUTIVE SUMMARY

Chapter Four: MARKET DYNAMICS

Chapter Five: MARKET SEGMENTATION

Chapter Six: COMPETITIVE LANDSCAPE

Chapter Seven: MARKET OPPORTUNITIES AND FUTURE TRENDS

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