Pharmacovigilance Market 2020 growth factors, latest trend and regional analysis of leading players by 2025
Category: #business  By Ronak Bora  Date: 2021-03-23
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Pharmacovigilance Market 2020 growth factors, latest trend and regional analysis of leading players by 2025

Pharmacovigilance Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Global pharmacovigilance market size is anticipated to expand at a considerable pace over 2019-2025, owing to rising consumption of drugs and major concerns related to the adverse reactions of the medicines. Likewise, growing prevalence of personalized medicines, alongside a robust demand for targeted drugs, will further impact industry outlook. Countries across the globe are currently witnessing an increased burden due to chronic diseases, thereby resulting in high accessibility to drugs.

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In addition, the pharmacovigilance market is slated to amass significant gains in the coming years, due to accelerating per capita healthcare expenditure. According to the CDC (Centers for Disease Control and Prevention), in 2017, nearly 28,000 deaths in the U.S. were caused by the usage of synthetic opioids.

As per GMI estimates, the global pharmacovigilance market size is expected to exceed $8.9 billion by 2025.

Mounting adoption of gene therapy for the treatment of cancers and other chronic diseases will boost the global pharmacovigilance industry share over the estimated timeframe.

With the number of deadly diseases on the rise, key players are consistently advancing the development of precision and personalized medicines by considering the genetic composition and reactions to the medicines. For example, a Touro College of Pharmacy student and her mentor are working together to explore the potential of precision medicine, specifically pharmacogenomics, to repurpose existing medications used for other diseases, to treat patients diagnosed with the COVID-19 disease. By leveraging thorough DNA analysis of various patient populations, the Touro Pharmacy team is aiming towards using personalized medicine to better examine the potential role of older drugs in fighting against the ongoing COVID-19 pandemic.

In terms of segmentation by clinical trial phase, the Phase IV segment recorded more than 70% market share in 2018.

Pharmacovigilance is highly crucial for safety surveillance after the release of drugs in the market, as it detects and monitors the adverse effects of pharmaceutical products. Rapidly increasing prominence of pharmaceutical companies that are focusing on the development of new drugs will further augment business growth.

With regards to service provider,  the global pharmacovigilance market is categorized into contract outsourcing and in-house segments. Of these, the in-house segment held a revenue share of over 45% in 2018, and is expected to further expand over the forecast spell.

High prevalence of this segment can be attributed to rising data safety and confidentiality risks and rapid infrastructural advancements. However, lack of expertise and cost-effective solutions in underdeveloped and developing economies is likely to impede segmental growth.

On the other hand, myriad benefits displayed by the contract outsourcing segment, such as high-quality service, reduced operational costs, enhanced productivity, and efficient monitoring of drugs, will also make significant contributions to overall pharmacovigilance market dynamics.

On the regional front, the Europe pharmacovigilance market is poised to record a CAGR of nearly 9.5% through 2025, due to high centralization & harmonization of pharmacovigilance practices for the detection of safety signals in the region. 

Browse full table of contents (TOC) of this report @  https://www.decresearch.com/toc/detail/pharmacovigilance-market

Partial Chapter of the Table of Content 

Chapter 4. Pharmacovigilance Market, By Clinical Trial Phase

4.1. Key segment trends

4.2. Preclinical

4.2.1. Market size, by region, 2014 - 2025 (USD Million)

4.3. Phase I

4.3.1. Market size, by region, 2014 - 2025 (USD Million)

4.4. Phase II

4.4.1. Market size, by region, 2014 - 2025 (USD Million)

4.5. Phase III

4.5.1. Market size, by region, 2014 - 2025 (USD Million)

4.6. Phase IV

4.6.1. Market size, by region, 2014 - 2025 (USD Million)

Chapter 5. Pharmacovigilance Market, By Service Provider

5.1. Key segment trend

5.2. In-house

5.2.1. Market size, by region, 2014 - 2025 (USD Million)

5.3. Contract resourcing

5.3.1. Market size, by region, 2014 - 2025 (USD Million)

About Author

Ronak Bora    

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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