The report Global Pharmacovigilance (PV) Market – Analysis & Forecast 2016 – 2022 Projects the market to be worth USD 8.XX billion by 2022 Pharmacovigilance in clinical trial Phase III is expected to grow at the highest CAGR during the forecast period. The practice of monitoring the effects of medical drugs after they have been licensed for use, especially in order to identify and evaluate previously unreported adverse reactions. The report provides challenges and opportunities for the global pharmacovigilance market
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Medicinal products have changed the way in which diseases are managed and controlled in the current era of medical technology. Regardless of the benefits, Adverse Drug Reactions (ADRs) continue to increase leading to illness, disability and even death of the patients. Globally, ADRs are one of the leading causes of mortality. Monitoring and evaluation of drug safety becomes vital in order to enhance public health, which requires a pharmacovigilance (PV) system in place. Globalization and free trade explosion have changed the way individuals today access medicinal products. Therefore, effective collaboration is required between pharmaceutical organizations and the key pharmacovigilance players in order to minimize the risks associated with the use of medicines. Pharmaceutical organizations are entering into collaborations with CROs and BPOs to perform pharmacovigilance activities during all the clinical trials phases.
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North America and Europe accounted for the largest and second largest market share respectively of the Pharmacovigilance market. Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period because of the availability of cost effective Pharmacovigilance workforce. APAC region has the presence of 60% of the world population which is expected to increase clinical trials and act as a key driving factor for the growth of Pharmacovigilance in this region.
This report on global Pharmacovigilance (PV) market is a detailed research study that helps provides answers and pertinent questions with respect to the emerging trends and growth opportunities in this particular industry. It helps identify each of the prominent barriers to growth, apart from identifying the trends within various application segments of the global market for Pharmacovigilance. Collecting historical and recent data from various authentic resources, and depending on all the factors and trends, the report presents a figurative estimate of the future market condition, along with compound annual growth rate (CAGR).
The research study further offers a detailed overview of the competitive landscape of the global Pharmacovigilance market and throws light on the key players operating.
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The key players have been highlighted on the basis of various business strategies and the marketing tactics. This helps provide a strong understanding of the overall market. In addition, the financial overview, recent developments, SWOT analysis, product portfolio, and mergers and acquisitions in the market have been discussed in depth.
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