A recent report published by Infinium Global Research on pharmacovigilance market provides in-depth analysis of segments and sub-segments in the global as well as regional pharmacovigilance market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional pharmacovigilance market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global pharmacovigilance market. According to the report, the global pharmacovigilance market is projected to grow at a CAGR of 10.2% over the forecast period of 2019-2025.
The emergence of the new disease, drug resistance problem, and expire of the patented drugs and other problems are helping to grow the demand of the pharmacovigilance market around the world. The emergence of the new diseases as AIDS, Ebola and other diseases are motivating the pharmaceutical companies to develop new drugs. Further, the development of a new drug takes a long period to taste its adverse reactions, efficacy, medication errors. All these observations take a long time. All these observations' detail repost is submitted to the FDA for the final approval to market new medicine.
The growing demand for the different type of modern medicine to treat the newly emerging health complications, epidemics are helping to grow the demand of the pharmacovigilance market around the world. Further, the increasing focus of the FDA to provide safe drugs to the patients for their better health is catalyzing the demand for the different type of the pharmacovigilance market around the world. However, the long term required to develop the new medicine and again meticulous and time-consuming pharmacovigilance procedure to bring new drugs in the market is hampering the growth of this market. Increasing governments’ attention to provide lifesaving drugs at the continuous interval is expected to boost the demand of the pharmacovigilance in the near future.
Geographically, the pharmacovigilance market is segmented into four regions namely North America, Europe, the Asia Pacific and RoW. North America is the largest player of the pharmacovigilance market, owing to the presence of a large number of pharmaceutical companies in this region, who are intensively engaged in the development of the new drugs. Additionally, the availability of the conducive environment to conduct the research and testing for the long term is helping to grow this industry at a sustainable rate. The Asia-Pacific pharmacovigilance market is expected to grow at the highest rate during the forecast period, owing to the presence of the several pharmaceutical companies and getting outsource service for the pharmacovigilance from the other developed nation.
The report on global pharmacovigilance market covers segments such as product, service provider, type, and end use. On the basis of product, the sub-markets include preclinical, phase I, phase II, phase III, and phase IV. On the basis of service provider, the sub-markets include in house, and contract outsourcing. On the basis of type, the sub-markets include type dashboard, spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, and other types. On the basis of end use, the sub-markets include hospitals, research organizations, and industrial.
The report provides profiles of the companies in the market such as TAKE Solutions Limited, Foresight Group International AG, ITClinical, iMEDGlobal Solutions India Private Limited (an FMD KL Company), Capgemini, ICON plc, ArisGlobal LLC, International Business Machines Corporation, LabCorp, and Cognizant.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of pharmacovigilance market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.