Pharmacovigilance Market to Soar at 12.3% CAGR till 2027; Exponential Growth in COVID-19 Cases Worldwide to Brighten Market Prospects: Fortune Business Insights
The global pharmacovigilance (PV) market size is projected to reach USD 12.25 billion by 2027, exhibiting a CAGR of 12.3% during the forecast period. Initiation of awareness campaigns to disperse information among patients regarding safe medication practices will stimulate market growth, finds Fortune Business Insights™ in its report, titled “Pharmacovigilance (PV) Market Size, Share & Industry Analysis, By Type (Service and Software), By Deployment (In-house and Outsource), By End User (Hospitals, Pharmaceutical Companies, and Others), and Regional Forecast, 2020-2027”.
Prior to its commercial release, a
drug has to undergo multiple trial phases and in each phase, its efficacy and
safety are rigorously tested. Enhanced access to information has made people
more aware about the safety of medicines, especially those given
over-the-counter (OTC). This awareness is further bolstered by the initiatives
taken at the local, national, and international level.
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List of Key Players Covered in the Pharmacovigilance Market Report
Include:
·
IQVIA (U.S.)
·
Covance Inc. (U.S.)
·
Parexel International Corporation (U.S.)
·
Accenture plc (Ireland)
·
Cognizant (U.S.)
·
Bioclinica (U.S.)
·
Pharmaceutical Product Development, LLC (U.S.)
·
ICON plc (Ireland)
·
Quanticate (U.S.)
Market Driver
Rapid Spread of the Coronavirus Pandemic to Provide
Impetus to Market Growth
The
COVID-19 outbreak has created an acute global health crisis and various
organizations ranging from governments and pharmaceutical companies to academic
institutions are racing against time to develop an effective vaccine for the
infection. As a consequence, there has been a sudden surge in clinical trials
in recent months, which has brought glad tidings for the pharmacovigilance
market growth. For example, PGIMER Chandigarh began the clinical trial of
Sepsivac, an immunomodulator, on asymptomatic COVID-19 patients in April 2020.
Similarly, a potential vaccine against the coronavirus was developed by the
University of Oxford in a span of just 3 months and its first human trial began
in the third week of April in the UK. Efficient PV technologies are critical in
assessing the adverse effects of vaccines and the COVID-19 pandemic has raised
the need for PV exponentially. Moreover, medical research in the present
scenario is also directed towards developing effective therapies for
coronavirus patients, which will further bolster the demand for
pharmacovigilance services.
Regional Analysis
Robust Healthcare Research Facilities to Augment the
Market in North America
Having
generated revenue worth USD 1.94 billion in 2019, North America is anticipated
to lead the pharmacovigilance market share during the forecast period. One of
the main reasons for the region’s dominance is the well-established healthcare
research infrastructure in the region as well as supportive policy environment
for advancements in medicine technologies. In addition to this, North America
also has a large number of PV centers with modern software, which augurs well
for the market in the region. In Europe, the market is expected perform
impressively owing to the presence of strong regulatory bodies such as European
Medicines Agency (EMA) to monitor Adverse Drug Reactions (ADRs). The market in
Asia-Pacific is foreseen to grow at the fastest pace on account of rising
emphasis on efficient assessment of ADRs and Adverse Event (AE).
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