New York, NY -- (SBWire) -- 02/03/2021 --Pharmacovigilance Market
Pharmacovigilance is a new discipline in the pharmaceutical sector. It supports the safe and appropriate use of drugs by identifying the risk factors for the development of adverse drug reactions.
A rise in the growing incidence of chronic diseases, like diabetes, oncological diseases, and cardiovascular and respiratory disorders, has resulted in an increase in drug consumption globally. Hence, the demand for new drug development through extensive clinical trials has risen. The presence of a competitive environment for introducing innovative compounds in the market has resulted in high demand for improved pharmacovigilance, manufacturing operations, streamlined R&D, clinical data management, and medical writing. Manufacturers are extensively focusing on outsourcing as a viable economic tool.
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The report further studies the significant trends and demands of the market in each key region of the market and analyzes the strategic steps and initiatives taken by the leading companies of the industry. Some of the major companies operating in the Pharmacovigilance market and profiled in the report are:
Accenture, Cognizant, ArisGlobal, IBM Corporation, IQVIA, BoClinica Inc., Laboratory Corporation of America Holdings, Linical Accelovance, Capgemini, and ITClinical, among others
The report covers the assessment of the historical data of the market to offer key insights into the current and emerging trends in the business sphere. The report considers 2017-2018 as historical years, 2019 as the base year, and 2021-2027 as forecast years. The report also discusses in detail the mergers and acquisitions, collaborations, joint ventures, product launches, brand promotions, corporate and government deals, and partnerships occurring in the market.
The report further segments the market on the basis of product types and application spectrum offered by the market.
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
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Regional Landscape
North America accounted for the largest revenue share of 33.97% in 2020 due to the presence of major pharmaceutical and medical device players, influencing the overall revenue in this region. The increasing level of drug abuse and associated intense drug reactions is a primary cause of morbidity and death. This acts as a high-growth influencing factor for the market growth in North America. Increasing investment in novel drug development by key players is also expected to fuel the regional market growth. These factors will contribute to the overall growth of the regional market.
Asia Pacific is estimated to register a lucrative CAGR of 13.2% over the forecast period due to the presence of several outsourcing organizations. Therefore, there is cost efficiency, improved productivity, and resource sharing that is expected to fuel the regional demand for pharmacovigilance in the near future. Additionally, rising awareness among patients, increasing investments are the factors fuelling the market.
TOC -
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Pharmacovigilance Segmentation & Impact Analysis
4.1. Pharmacovigilance Material Segmentation Analysis
4.2. Industrial Outlook
Continued……….
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The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Pharmacovigilance market and its competitive landscape.
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Pharmacovigilance Market Size, Demand, Trends and Growth Analysis with Leading Participants - Accenture, Cognizant, ArisGlobal, IBM Corporation
The global pharmacovigilance market is expected to reach USD 12.98 Billion by 2027, according to a new report by Reports and Data