Seattle, WA -- (SBWIRE) -- 09/17/2019 -- Pharmacovigilance is a study of safety and efficacy of a medical product or drug. It is a science associated with the collection, detection, assessment, and prevention of adverse effects related with the medical product or drug. The role of pharmacovigilance is to analyze the side effects of the drug and determine the adverse effects, negatively affecting the drug's efficacy and vice-versa. Pharmacovigilance comprises drug discovery and development, preclinical research, clinical research, and post marketing surveillance. It traces every phase of a drug cycle from preclinical development to post-market surveillance. Increasing prevalence of adverse drug reaction and implementation of safety regulations by government regulatory bodies is expected to fuel growth of the pharmacovigilance market over the forecast period.

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Government regulatory bodies such as the U.S. Food and Drug Administration (U.S.-FDA) and European Medicines Evaluation Agency (EMEA) have formulated safety regulations to ensure manufacture of safe drugs and evaluation of its after-effects on patients. These regulations have to be followed by pharmaceutical and biotechnological companies, in turn, fueling demand for pharmacovigilance. Moreover, increasing R&D in the drug sector is further expected to propel growth of the pharmacovigilance market.

Europe is expected to hold a dominant position in the global pharmacovigilance market, over the forecast period. This is mainly due to introduction of new legislations in European Union in 2012, which ensures good vigilance practices for pharmaceutical companies and medicines regulators.. According to National Center for Biotechnology Information, in 2016, Europe accounted for high incidence of adverse drug reactions, around 5% of all hospital admissions were due to drug reactions, which caused around 197,000 deaths in EU. Increasing prevalence of adverse drug reactions and introduction new legislation has influenced adoption of pharmacovigilance among companies, in turn, fueling the market growth in the region. North America is expected to hold the second-largest market for pharmacovigilance due to increasing development of new drugs and growth in research and development activities of pharmaceutical and biotechnology in the U.S.

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Global Pharmacovigilance Market Taxonomy

On The Basis Of Clinical Trial:

Preclinical Studies

Phase I

Phase II

Phase III

Phase IV or Post Marketing Surveillance

On The Basis Of Types Of Reporting:

Spontaneous Reporting

Targeted Spontaneous Reporting

Cohort Event Monitoring

Intensified ADR Reporting

EHR Mining

On The Basis Of Service Provider:

Contract Outsourcing

In-house

On The Basis Of End User:

Medical Device

Biotechnological

Pharmaceutical

Key Players in the Pharmacovigilance Market

Accenture

Cognizant

PAREXEL International Corporation

IBM Corporation

Clinquest Group B.V

Wipro Ltd

Oracle Corporation

Foresight Group International AG

TAKE Solutions Ltd

PharmaLex, a development consulting and affairs group has collaborated with Volv to boost its pharmacovigilance business.

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