The
global industry report "Pharmacovigilance
Market Size By Clinical Trial Phase
(Preclinical, Phase I, Phase II, Phase III, Phase IV), By Service Provider
(In-house, Contract outsourcing) Industry Analysis Report, Regional Outlook
(U.S., Canada, UK, Germany, Spain, Italy, France, China, Japan, India,
Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Qatar),
Application Potential, Price Trends, Competitive Market Share & Forecast,
2016 – 2024" by Global Market
Insights, Inc. says Worldwide Pharmacovigilance Market having had a revenue of
USD 3 billion in 2015, is predicted to surpass a revenue collection of USD 8
billion by 2024.
The
crucial need to monitor the efficiency and aftereffects of drugs will drive
pharmacovigilance market. The field of pharmacovigilance globally represents
the picture of drug effectiveness, safety, and associated risk detection. It is
expected that even life science manufacturers will become more proactive due to
adoption of pharmacovigilance services, which will stimulate the industry
trends. Implementation of stringent rules and regulations regarding clinical
trial management and drugs safety will also influence pharmacovigilance
industry size.
Most
of the pharmaceutical and biotechnology firms are adopting these services to
maintain and manage clinical trial data, which will favorably influence
pharmacovigilance market share from in-house companies, which generated a
revenue of USD 1.5 billion in 2015 and is likely to increase two-fold by 2024.
Companies
established in the developed countries often outsource these services,
considering the operational cost reduction effectiveness and quality. The
notable business participants in pharmacovigilance market are Accenture,
Boehringer Ingelheim, Covance, PAREXEL, Bristol-Myers Squibb, Quintiles,
Cognizant Technology Solutions Corporation, United BioSource, and ICON.
Contract outsourcing covered more than 50% of the revenue share of the service
provider segment in pharmacovigilance industry in 2015 and will exceed a
revenue collection of USD 4.8 billion by 2024. The growing adoption of this
segment by the various pharmaceutical firms will stimulate the product demand
noticeably.
Browse
key industry insights spread across 111 pages with 66 market data tables &
6 figures & charts from this 2017 report Pharmacovigilance Market in detail along with the table of contents
at:
Asia
Pacific pharmacovigilance market having had a revenue of USD 835 million in
2015, will surpass a revenue collection of USD 2.4 billion by 2024. The
attributing factors toward the market growth are stringent regulations
regarding health, rise in number of clinical trials, and a massive patient
base. The region will witness a surge in the number of pre-clinical trials,
subject to which pharmacovigilance market from pre-clinical trials will
generate a revenue of more than USD 84 million by 2024 with an annual growth
rate of 10.3% over the years ahead.
U.S.
pharmacovigilance industry collected a revenue of USD 1 billion in 2015 and
will exceed a revenue generation of USD 2.5 billion by 2024 with an annual
growth rate of 10.7% over the period of 2016 to 2024. Surging need to monitor
the significant effects of medical drugs owing to the increasing mortality rate
subject to adverse drug effects will stimulate the product demand. Moreover, rising
concern among patients regarding the effectiveness and safety of drugs is
predicted to boost pharmacovigilance market size.
The
need to evaluate drug efficiency based on risk benefit ratio will fuel
pharmacovigilance market from phase III clinical trials, which will collect a
revenue of more than USD 1,254 million by 2024, having been valued over USD 492
million in 2015. Europe pharmacovigilance market will collect a revenue of USD
1.8 billion by 2024 with a CAGR of 9.9% over the coming seven years. The
growth can be attributed to the escalating requirement of personalized medicines.
Germany, Spain, and UK covered more than 70% of the Europe regional revenue
share in 2015.
Industry
giants are engaged in strategic partnerships with research organizations to
enhance the effectiveness of the product. Mergers & acquisitions is a major
growth strategy adopted by the market players to comply with competitiveness of
the business.
Drug Discovery Informatics
Market Size, Industry Analysis Report, Regional Outlook (U.S.,
Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico,
Saudi Arabia, UAE, South Africa), Application Potential, Price Trends,
Competitive Market Share & Forecast, 2016 – 2023
About Global Market Insights:
Global Market
Insights, Inc., headquartered in Delaware, U.S., is a global market research
and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and
industry research reports offer clients with penetrative insights and
actionable market data specially designed and presented to aid strategic
decision making. These exhaustive reports are designed via a proprietary
research methodology and are available for key industries such as chemicals,
advanced materials, technology, renewable energy and biotechnology.
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