The role of pharmacovigilance isto analyze the side effects of the drug and determine the adverse effects,negatively affecting the drug’s efficacy and vice-versa. Pharmacovigilancecomprises drug discovery and development, preclinical research, clinicalresearch, and post marketing surveillance.
Statistics:
The global PharmacovigilanceMarket is estimated to account for US$ 5,656.8 Mn in terms of value by theend of 2020.
Global Pharmacovigilance Market:Drivers
Increasing focus onpharmacovigilance orientation and advocacy for healthcare workers is expectedto propel growth of the global pharmacovigilance market over the forecastperiod. For instance, in September 2020, The Zambia Medicines RegulatoryAuthority (ZAMRA) has embarked on Pharmacovigilance orientation and advocacyfor healthcare workers in public and selected health facilities across thecountry.
Global Pharmacovigilance Market:Restraints
Lack of availability of skilledlabor is expected to hinder growth of the global pharmacovigilance market.Pharmacovigilance obligations are expected to be fulfilled in a timely manner.This requires highly skilled staff to satisfy regulatory obligations. Increasein the number of pharmaceutical and biotechnology companies worldwide has ledto a rise in the number of products in the market. As products get older in themarket, companies are liable to continue their pharmacovigilance activities andfulfill the existing regulatory requirements. This needs trained resources.
* The sample copy includes: Report Summary, Table ofContents, Segmentation, Competitive Landscape, Report Structure, Methodology.
Request a sample copyof this report: https://www.coherentmarketinsights.com/insight/request-sample/1047
Key Takeaways:
The global pharmacovigilancemarket was valued at US$ 5,008.2 Mn in 2019 and is forecast to reach a value ofUS$ 13,284.0 Mn by 2027 at a CAGR of 13.0% between 2020 and 2027. Increasingresearch and development for novel drug molecules is expected to propel themarket growth during the forecasted period.
Post Marketing Surveillance orPhase IV segment held dominant position in the global pharmacovigilance marketin 2019, accounting for 75.7% share in terms of value, increasing productapprovals and launches is expected to propel the segment growth.
Market Trends
Major regulatory bodies arefocused on offering training regarding pharmacovigilance. For instance, inJanuary 2020, The U.S. Food and Drugs Authority trained Over The CounterMedicine Sellers (OTCMS) in the Upper West Region on Pharmacovigilance andPatients Safety to ensure optimum public safety.
Increasing adoption ofpharmacovigilance is expected to propel growth of the global pharmacovigilancemarket. For instance, in January 2019, ArisGlobal announced that China-basedFosun Pharma has selected LifeSphere Safety MultiVigilance as its globalpharmacovigilance system.
Browse ResearchReport: https://www.coherentmarketinsights.com/market-insight/pharmacovigilance-market-1047
Global Pharmacovigilance Market:Competitive Landscape
Major players operating in theglobal pharmacovigilance market include, Accenture Plc, Bristol-Myers Squibb,Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc.,GlaxoSmithKline, ICON, Plc, iGATE Corporation. Arriello, iMEDGlobalCorporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv HealthInc., APCER Life Sciences, ArisGlobal, and Johnson and Johnson.
Global Pharmacovigilance Market:Key Developments
Major players in the globalpharmacovigilance market are focused on adopting collaboration and partnershipstrategies to enhance their market share. For instance, in May 2020, Ergomedplc announced PrimeVigilance’s strategic collaboration with AutomationAnywhere, a provider of Robotic Process Automation (RPA) and DataRobot, aprovider of enterprise artificial intelligence (AI), to accelerate thecompany’s intelligent automation strategy.
Major players in the market arealso focused on launching new products to enhance their market share. Forinstance, in June 2018, ArisGlobal and APCER Life Sciences, an end-to-endpharmacovigilance services provider, launched an integrated cloud technologyand pharmacovigilance services platform.
Buy-Now this researchreport: https://www.coherentmarketinsights.com/insight/buy-now/1047
AboutCoherent Market Insights:
CoherentMarket Insights is a prominent market research and consulting firm offeringaction-ready syndicated research reports, custom market analysis, consultingservices, and competitive analysis through various recommendations related toemerging market trends, technologies, and potential absolute dollaropportunity.
ContactUs:
mailto:sales@coherentmarketinsights.com
U.S.Office:
Name: Mr. Shah
CoherentMarket Insights 1001 4th Ave,
# 3200Seattle, WA 98154, U.S.
US : +1-206-701-6702
UK : +44-020-8133-4027
JAPAN: +050-5539-1737
