Albany, NY -- (SBWIRE) -- 01/28/2019 -- The global pharmacovigilance market is anticipated to rise in terms of competition due to entrance of new players in the market. According to a report by Transparency Market Research, the global pharmacovigilance market is highly fragmented in nature. This nature of the market is attributed to presence of various established players and startups entering the market.
The profitable prospects that the market will be attaining in near future is encouraging multiple players from contract research organizations (CROs) and business process outsourcing (BPO) to engage in the market. These players are expected to collaborate and make strategic partnerships with various pharmaceutical companies. Some of the leading companies operating in the global pharmacovigilance market are Accenture Plc., Cognizant Technology Solutions, Bristol-Myers Squibb, and Covance Inc.
The global pharmacovigilance market is expected to rise at a healthy CAGR of 14.20% during the forecast period of 2014 to 2020. The global pharmacovigilance market is expected to attain a valuation of US$6.1 bn by the end of 2020. The drug development segment of pharmacovigilance is led by phase IV or post marketing surveillance as it has contributed the largest in shares in the previous years. Geographically, North America is leading the pharmacovigilance market by consuming larger shares in the market.
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Strict Health Regulations to Provide Lucrative Market Growth
The global pharmacovigilance market is expected to rise significantly due to compulsory pharmacovigilance activities that are being rigorously implemented. These mandatory activities are helping in managing high risk medicines. Rise in healthcare sector leading of stringent healthcare regulations is anticipated to support the market growth. Increased number of clinical trials are another reason boosting the global market. The rise in death rates due to adverse effects of drug reactions is one of the major factors for the rise in demand for global pharmacovigilance market. Rising awareness among patients regarding the safety of medicinal products are boosting the market growth.
The global market is primarily driven due to rising awareness about the efficacy and safety of drugs among worldwide population. This has created massive demand for safer practices in medicines. The market in emerging as well as developed economies are gathering immense momentum due to rising support from governments to open pharmacovigilance centers.
Strict implementation of post market monitoring mechanisms is encouraging government agencies to set up effective drug regulation system. Therefore, efforts from several pharmacovigilance centers, healthcare providers, and governmental agencies will potentially boost the global pharmacovigilance market. The increased outsourcing of pharmacovigilance services by pharmaceutical companies to CRO's along with rising trend of contract outsourcing services are other major factors boosting the global market.
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Lack of Technologically Advanced Infrastructure to Restrain Market Growth
The global pharmacovigilance market is expected to face certain restrains that might hamper the growth of the market during the forecast period. Unavailability of skilled labor in various emerging economies is one of the major reason restraining the market. Lack of information or information obtained through internet can lead to serious damage thus affecting the market. High substantial risk of data theft in pharmacovigilance methods and processes also holds potential to adversely affect the market during the forecast period.
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