The COVID-19 outbreak and subsequent lockdowns and pandemic situation changed the way of handling clinical trials. This greatly affected the U. K. pharmacovigilance market. Furthermore, rising externalization as well as outsourcing of clinical trials by several biotechnological as well as pharmaceutical companies is boosting the demand in U. K. pharmacovigilance market. Some other factors driving the growth in the U. K. pharmacovigilance market include presence of regulatory mandates prescribing ideal trial conduct as well as pointing out strict post-marketing vigilance.
The study on the U. K. pharmacovigilance market offers a critical assessment of key growth dynamics, technology trends, regulatory frameworks prevailing in key regional markets, and recent investment trends among prominent stakeholders. The research provides a detailed insight into the share and size of various segments in the U. K. pharmacovigilance market. The report also estimates their projected valuation by the end of 2031, and regulations that may disrupt or hold game-changing potential in the near future.
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The U.K. Pharmacovigilance Market: Major Trends and Drivers
Increasing incidence of adverse drug reactions or ADRs caused by drug abuse as well as rising prevalence of severe diseases that require combination drug therapies are two of the major drivers for the products in the U. K. pharmacovigilance market. Furthermore, rising efforts in increasing the production of essential drugs as well as presence of strict government norms and regulatory frameworks may fuel the growth in the U. K. pharmacovigilance market in coming years. Similarly, advancements in creation of ADR databases as well as rising usage of medical information systems are also expected to bolster the upward trajectory of the U. K. pharmacovigilance market in near future.
The government of the United Kingdom has integrated several new and cutting edge technologies such as virtual trial technology, to supplement the processing of negative events pertaining to the COVID-19 vaccines. Integration of virtual trial technology is vaccine development as well as in securing full service COVID trials as well as studies is also bolstering the development in U. K. pharmacovigilance market. Furthermore, rising drug development efforts in the field such as personalized medicine, orphan drugs, adaptive trial designs, biosimilars, and companion diagnostics is also expected to foster the demand in the U. K. pharmacovigilance market in near future.
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The U.K. Pharmacovigilance Market: Key Players and Manufacturers
The research report features a thorough evaluation of the competitive landscape in U. K. pharmacovigilance market. It includes information about the major players in the market. The business intelligence report highlights their product range, production volume, market share and size, profile, key competitors, and regions of operations. Through assessment of historic data about pricing and profit margins, readers can gauge potential opportunities in various segments in the U. K. pharmacovigilance market.
Some of the key and leading players as well as manufacturers operating within the U. K. pharmacovigilance market may include Accenture, IBM Corporation, ICON PLC, IQVIA, PAREXEL International Corporation, Cognizant, ArisGlobal, Capgemini, TAKE Solutions Ltd., and BioClinica, among others. The U. K. pharmacovigilance market is considered to be somewhat fragmented owing to the presence of significant number of players operating within the industry. Some of the key strategies adopted by the players in the U. K. pharmacovigilance market for expansion include constant product development, partnerships, alliances, and collaborations, among others.
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For example, Ashfield Pharmacovigilance Inc., a United States based subsidiary of UDG Healthcare PLC, was acquired by the Ergomed PLC for complete cash consideration of US$ 10 million. This acquisition is aimed at supplementing the development of Ergomed PLLC’s combined PV as well as CRO business all over the world. This will also aid them in establishing presence and offering avenues for potential growth in the U. K. pharmacovigilance market in North America.
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