Pharmacovigilance Market Competitive Analysis and Future Outlook Trends Report 2

Posted by Pareesh on June 6th, 2018

Pharmacovigilance is a study of safety and efficacy of a medical product or drug. It is a science associated with the collection, detection, assessment, and prevention of adverse effects related with the medical product or drug. The role of pharmacovigilance is to analyze the side effects of the drug and determine the adverse effects, negatively affecting the drug’s efficacy and vice-versa. Pharmacovigilance comprises drug discovery and development, preclinical research, clinical research, and post marketing surveillance. It traces every phase of a drug cycle from preclinical development to post-market surveillance. Increasing prevalence of adverse drug reaction and implementation of safety regulations by government regulatory bodies is expected to fuel growth of the pharmacovigilance market over the forecast period.

Request Sample Copy Of This Report:

Growing prevalence of adverse drug reactions is expected to fuel pharmacovigilance market growth over the forecast period

Growing prevalence of adverse reactions caused by drugs, has influenced the pharmaceutical and biotechnological industries to adapt practices of pharmacovigilance, is in turn, expected to fuel growth of the market for pharmacovigilance in the near future.

Government regulatory bodies such as the U.S. Food and Drug Administration (U.S.-FDA) and European Medicines Evaluation Agency (EMEA) have formulated safety regulations to ensure manufacture of safe drugs and evaluation of its after-effects on patients. These regulations have to be followed by pharmaceutical and biotechnological companies, in turn, fueling demand for pharmacovigilance. Moreover, increasing R&D in the drug sector is further expected to propel growth of the pharmacovigilance market.

Europe is expected to hold a dominant position in the global pharmacovigilance market, due tointroduction of new legislation in European Union

Europe is expected to hold a dominant position in the global pharmacovigilance market, over the forecast period. This is mainly due to introduction of new legislations in European Union in 2012, which ensures good vigilance practices for pharmaceutical companies and medicines regulators.. According to National Center for Biotechnology Information, in 2016, Europe accounted for high incidence of adverse drug reactions, around 5% of all hospital admissions were due to drug reactions, which caused around 197,000 deaths in EU. Increasing prevalence of adverse drug reactions and introduction new legislation has influenced adoption of pharmacovigilance among companies, in turn, fueling the market growth in the region. North America is expected to hold the second-largest market for pharmacovigilance due to increasing development of new drugs and growth in research and development activities of pharmaceutical and biotechnology in the U.S.

Click To Continue Reading On Pharmacovigilance Market

Key Players in the Pharmacovigilance Market

PharmaLex, a development consulting and affairs group has collaborated with Volv to boost its pharmacovigilance business. Key players operating in the global pharmacovigilance market include Accenture, Cognizant, PAREXEL International Corporation, IBM Corporation, Clinquest Group B.V., Wipro Ltd, Oracle Corporation, Foresight Group International AG, TAKE Solutions Ltd, and United BioSource Corporation.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:

Mr. Shah
Coherent Market Insights
1001 4th Ave, 
Seattle, WA 98154
Tel: +1-206-701-6702


Like it? Share it!


About the Author

Joined: May 31st, 2017
Articles Posted: 1,431

More by this author