DUBLIN, October 27, 2021--(BUSINESS WIRE)--The "Global Pharmacovigilance Market, By Clinical Trial Phase (Pre-Clinical, Phase 1, Phase 2, Phase 3, and Phase 4), By Method, By Service Provider, By Process Flow, By Therapeutic Area, By End-User, By Region, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
Global pharmacovigilance market is anticipated to witness double digit CAGR during the forecast period owing to the increasing drug consumption and drug developments around the globe.
Growing prevalence of chronic diseases such as oncology, diabetes, and others has created the need for advanced and more effective pharmaceutical drugs. Keeping in view the chances of Adverse Drug Reactions (ADR) and drug toxicity, healthcare companies are continuously incorporating pharmacovigilance services. Moreover, numerous consumer health protection acts across various regions are further propelling the growth of this market.
Pharmacovigilance is concerned with identifying the hazards associated with pharmaceutical products and minimizing the risk of any harm that may come to patients. The service helps in finding the new safety concerns and evaluating the already known risks. It also helps in keeping a watch on the benefit risk balance of a drug. Any change in the benefit risk ratio will alter the safety profile of the drug.
Global pharmacovigilance market can be segmented based on clinical trial phase, method, service provider, end-user and region. Based on service provider, the market is categorized into in-house and contract outsourcing. Among them, the contract outsourcing service provider dominated the market in 2020 and is expected to dominate the market during the forecast period owing to the fact that it eliminates the risk of business overhead costs and is thus, being increasingly adopted by healthcare companies
Regionally, Asia-Pacific dominates the market and is expected to undergo highest CAGR until 2026 owing to stringent healthcare regulations across the region. The region has also a large patient pool, which is leading to increasing number of clinical trials. Also, countries such as India and China have large clinical research spaces and offer attractive opportunities to healthcare companies.
Leading companies are focusing on research and development activities to offer better pharmacovigilance services and increase their global market share.
Objective of the Study:
To analyze and forecast the market size of global pharmacovigilance market.
To forecast global pharmacovigilance market based on clinical trial phase, method, service provider, end-user, company and regional distribution.
To identify drivers and challenges for global pharmacovigilance market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions etc. in global pharmacovigilance market.
To identify and analyze the profile of leading players operating in the global pharmacovigilance market.
Major companies operating in global pharmacovigilance market include
Cognizant Technology Solutions Corporation
Laboratory Corporation of America Holdings
Parexel International Corporation
United BioSource Corporation
TAKE Solutions Ltd.
Foresight Group International AG
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Global Pharmacovigilance Market, By Clinical Trial Phase
Global Pharmacovigilance Market, By Method
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
Global Pharmacovigilance Market, By Service Provider
Global Pharmacovigilance Market, By Process Flow
Case Data Management
Risk Management System
Global Pharmacovigilance Market, By Therapeutic Area
Global Pharmacovigilance Market, By End-User
Pharmaceutical & Biotechnology Companies
Medical Device Manufacturers
Global Pharmacovigilance Market, By Region
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/g8luiu
View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005820/en/
Laura Wood, Senior Press Manager
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