Pharmacovigilance Market : Rising Awareness Regarding Public Health to Drive Demand

-

The global market for pharmacovigilance demonstrates a highly fragmented and competitive landscape, thanks to the presence of a large pool of established as well as startups, finds a new study by Transparency Market Research (TMR). Prompted by its exponential growth, a number of BPOs and CROs from across the world are looking to foray into this market, which is likely to increase the competition in the years to come. The leading companies, such as Accenture Plc, Cognizant Technology Solutions, Bristol-Myers Squibb, and Covance Inc., are likely to focus on technological advancements in their offerings over the next few years, states the report.


As per the research report, the global pharmacovigilance market, which was US$2.4 bn in 2013, is anticipated to rise at a CAGR of 14.20% during the period for 2014 to 2020 and reach a value of US$6.1 bn by the end of the forecast period. Spontaneous reporting has been the most preferred method of pharmacovigilance across the world and is anticipated to remain so over the next few years, note the study.

Demand for Contract Outsourcing Services to Remain Strong

In-house and contract outsourcing services have been considered as the most preferred pharmacovigilance services across the world in this report. The demand for contract outsourcing services is much higher than the in-house ones and the scenario is likely to remain so over the forthcoming years, thanks to the rising need of pharma companies to shift their focus from non-core to their core business activities by outsourcing pharmacovigilance services.

In terms of the geography, the report classifies this market into North America, Asia Pacific, Europe, and the Rest of the World. North America, among these, has been leading the global market. Researchers anticipate this regional market to remain on the top over the forecast period, thanks to the escalating mortality rate, fueled by ADRs, and the rising concerns of patients pertaining to the safety and the efficiency of pharmaceutical products, states the report.

Rising Number of Government Pharmacovigilance Centers to Boost Market’s Growth

According to an analyst at TMR, the growing awareness pertaining to the public health and the increasing demand for medical interventions and safe practices of medicines are boosting the market for pharmacovigilance substantially across the world. “The rising number of government pharmacovigilance centers, globally, is playing a decisive role in increasing the public awareness level regarding drug safety and, consequently, influencing this market,” he adds.

The market, however, is facing several issues and challenges in developing a technologically advanced healthcare system. The growth of this market may also be hindered by the dearth of skilled professionals and the high risk associated with the data security in the near future, reports the study.


The study presented here is based on a report by Transparency Market Research (TMR), titled “Pharmacovigilance Market (Phases of Drug Development - Preclinical Studies, Phase I, Phase II, Phase III, and Phase IV or Post Marketing Surveillance; Type of Method - Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, and EHR Mining; Type of Service - In-house and Contract Outsourcing - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”

About Us

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

U.S. Office

Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Comments

Post a Comment

Popular posts from this blog

Oil and Gas Terminal Automation Market: To Reflect Impressive Growth Rate By 2019 - 2027

-
  Global  Oil and Gas Terminal Automation Market : Overview A sturdy growth rate, compounded annually, will be recorded in the global oil and gas terminal market, states Transparency market Research (TMR), for the period of 2019 to 2027. It will be driven forward on to a high growth trajectory at the back of a number of growth factors. Some of these are low oil prices and growing demand for natural gas across a number of varied industry verticals. Demand for oil and gas will also be pushed up by growing population for its energy and fuel needs. This in turn will require more exploration, extraction, better storage and robust distribution. And, this again would lead to demand for oil and gas terminal automation. Therefore, the market will be rife with new opportunities of growth in this period. And, as per TMR, the players would do their best to make the most of these. Global Oil and Gas Terminal Automation Market: Competitive Landscape Global oil and gas terminal automation ma...
Read more

Impact Sensing Door Unlock System Market will Generate New Growth Opportunities By 2019 - 2027

-
  Impact Sensing Door Unlock System : Introduction The impact sensing door unlock system unlocks the door automatically without a key, it can be operated through a mobile application. The impact sensing door unlock system consists of sensors and an electronic control unit, wherein the sensors receive a signal from the wireless system and transmits that signal to the electronic control unit. The electronic control unit is wired to the central lock, which in turn unlocks or locks all the doors of the vehicle. Key Drivers of Impact Sensing Door Unlock System Market Rise in demand for safety and security features in a vehicle is estimated to boost the impact sensing door unlock system market. Every vehicle manufacturer is trying to boost the integration of advanced safety features, including center locking system with impact sensing door unlock system that is activated through a mobile application. This in turn is projected to fuel the demand for the impact sensing door unlock system. ...
Read more

Architectural LED Products Market: Size, Analytical Overview, Growth Factors, Demand, Trends And Forecast To 2018 - 2026

-
  Global Architectural LED Products Market: Overview  Safety is one of the key concern in architectural spaces, which is important to recognize the need for acceptable architectural lighting. Proper architectural lighting has a vital role for people occupying the architectural space. Additionally, architectural lighting attracts the person’s attention and enables the architectures for serving its true purpose with enhanced features.  The  architectural LED products market  report involves some of the insightful predictions over the scope of the market and some prospects over growth. The new report from Transparency Market Research (TMR) on the architectural LED products market offers the thorough analysis of market segmentation and involves the past revenue and future forecasts. The report offers numerous key strategies adopted by key players coupled with some prominent trends, which are impacting on the growth. Along with this, it explains important information...
Read more