According to the latest report published by Credence Research, Inc. “Global Pharmacovigilance Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the pharmacovigilance market was valued at USD 2,159.3 Mn in 2015, and is expected to reach USD 5,896.4 Mn by 2022, expanding at a CAGR of 15.8% from 2016 to 2022.
Browse the full report Global Pharmacovigilance Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022 report at http://www.credenceresearch.com/report/pharmacovigilance-market
Increasing demands on pharmaceutical manufacturers and other intermediaries regarding early identification of drug adversities, growing concerns over drug safety and growing need for prompt compliance to regulatory guidelines have led to emergence of pharmacovigilance services. Moreover, withdrawals of several high profile drugs in the past have urged pharmaceutical manufacturers to closely observe GPvP practices to preserve their stronghold in the market.
Among the phases of drug development namely, preclinical studies, phase I, phase II, phase III, phase IV or post marketing surveillance, phase IV segment is the largest revenue generating segment in the pharmacovigilance market. Standing at above 55% market share in 2015, as this stage is highly instrumental in assessing drug safety in the widest range of patients and registers the highest number of events. Phase IV assessment is also highly instrumental in product life cycle management of high profile drugs. In addition, phase III stage pharmacovigilance enables convenient and robust commercialization of novel drugs thus ensuring strong future foothold in the market.
Spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining are the major methods of pharmacovigilance reporting. Our analysis estimates spontaneous reporting to be the largest segment in 2015 and is expected to maintain its dominance during the through the forecast period. Efficient identification of adverse effects that were previously unknown and less expensive processing are the major contributors to the market growth of this segment.
Pharmacovigilance is conducted either in-house or through contract outsourcing. Between the two options, the later method is the most widely adopted by both large and mid-sized pharmaceutical companies. The trend of adopting in-house pharmaceutical is thus expected to be low in the future due to growing preference of pharmaceutical manufacturers towards cost containment of operations and their growing focus on developing core competencies.
Geographically, North America and Europe take over half the pharmacovigilance market. Asia-Pacific, on the other hand, is anticipated to be the fastest growing regional market for pharmacovigilance due to growing awareness in the emerging economies, and government initiatives regarding drug safety. This market is observed to be highly fragmented with several BPOs and CROs currently operational in the international markets. PAREXEL International, Covance, Quintiles, Accenture, Cognizant Technology Solutions are some of the notable names in this market.
For More Information, List of Figure, Tables And TOC Visit – http://www.credenceresearch.com/report/pharmacovigilance-market
Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.
Who we are
Credence Research is a worldwide firm, containing more than 15 research consultants and almost 100 research and information professionals.
Our customers mirror our worldwide nature. Around 45% are in Europe, 30% in the Americas, 13% in Asia Pacific and 12% in the Middle East and Africa.
Our firm is intended to work as one. We are a solitary global research organization united by a solid arrangement of qualities, concentrated on customer effect.
What we do
We serve customers at each level of their organization, in whatever limit we can be most helpful, whether as a trusted counsel to top management or as a hands-on mentor for forefront representatives. For each engagement, we collect a group with the most suitable experience and ability.
No matter the challenge, we concentrate on delivering functional and persevering results, and preparing our customers to develop and lead. We join forces with customers to place suggestions into practice. Our research specialist work straightforwardly with customers over long stretches to create workforce aptitudes, drive operational change, and apply new working strategies.
Web: Credence Research
Company Name: Credence Research
Contact Person: Chris Smith, Global Sales Manager
Address:105 N 1st ST #429
City: SAN JOSE
Country: United States