The global pharmacovigilance market is likely to witness significant growth during the course of forecast period from 2018 to 2026. Transparency market research found that the global pharmacovigilance market exhibits fragmented structure due to growing presence of several established and startup players entering this market.The manufacturers are highly focused towards strategic partnership with the pharmaceuticals sector. The report also offers insight on major players operating in the pharmacovigilance market and these are Cognizant Technology Solutions, Covance Inc., Accenture Plc. and Bristol-Myers Squibb. The prominent players are highly investing in North America region due to presence of large number of players in this market.
The pharmacovigilance vendors are also involve in research and development activities for the development of new products. The participants are focused toward remodeling their products in order to meet the growing requirement of the patients all over the globe. The prominent pharma companies in developed and developing countries are aiming toward the outsourcing PV service in order to lessen cost and reduce in operation expenditures. This is likely to serve as opportunity for contact research organizations in developing regions to gain more revenue share.
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The revenue generated by the global pharmacovigilance market is likely to touch valuation of US.1 bn by the end of 2020.The global pharmacovigilance market is expected to expand at 14.20% CAGR during the course of forecast period form 2016 till 2026.
- Stringent Healthcare Regulation to Drive Market Growth
The global pharamacovigilance market is likely to witness significant growth due to growing pharmaceuticals activities which is being severely executed and these mandatory activities are help to manage high risk associated with the medicine. In addition, growing number of clinical trials are another aspect propelling growth of this market. Furthermore, the rising number of death rate owing to adverse effect of drug are another factor largely contributing towards growth of the global pharamacovigilance market. Further, growing awareness among the population regarding the safety related concern is other trend positively supporting growth of this market.
