The global 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.
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.
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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.
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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.
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