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Pharmacovigilance Market Size Worth $12.98 Billion by 2027, with Top Industry Players – Accenture, Cognizant, ArisGlobal, IBM Corporation and More

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Pharmacovigilance Market Size Worth $12.98 Billion by 2027, with Top Industry Players – Accenture, Cognizant, ArisGlobal, IBM Corporation and More

April 09
22:31 2021
Pharmacovigilance Market Size Worth $12.98 Billion by 2027, with Top Industry Players - Accenture, Cognizant, ArisGlobal, IBM Corporation and More

Pharmacovigilance Market
The growing prevalence of adverse drug reaction and toxicity is one of the significant factors influencing the market growth.

The global Pharmacovigilance Market is expected to reach USD 12.98 Billion by 2027, according to a new report by Reports and Data. Every drug is associated with beneficial, as well as an undesirable or adverse effect. The major focus of pharmacovigilance is on adverse drug reactions (ADR), a common clinical problem, and drug toxicity. According to the studies conducted by the WHO (World Health Organization), in developed countries, nearly 5% of hospitalized patients are admitted into hospital as a result of an ADR, and 6-10% of in-patients are expected to experience a serious ADR during hospitalization. The pharmacovigilance market consists of all types of adverse events reporting conducted during clinical trials in hospitals, pharmacies, and other healthcare sectors. Increasing demand for acceptance and adoption of outsourcing services by healthcare companies will stimulate pharmacovigilance market growth during the forecast period. Moreover, Outsourcing eliminates the risk of business overhead costs as well as the deployment of pharmacovigilance resources.

Outsourcing strategy increases the cost-effectiveness and efficiency by relieving resource pressure on firms, thereby positively supporting the market growth. Positively shifting trends in PV outsourcing owing to increasing benefits will accelerate pharmacovigilance market growth in the coming years. Major pharmaceutical industry key players are significantly involved in extensive R&D initiatives for the development of innovative therapeutic molecules to bring out the best outcomes. This has successfully resulted in increased drug development activities over a period of time. Manufacturers are keenly focusing on remodeling their product development processes and work on the product portfolio and improvise the service provided by them in order to make an attempt to fulfill the unmet demand of patients across the globe. These factors are collectively anticipated to boost the pharmacovigilance market.

COVID-19 Impact
Healthcare organizations/agencies across the globe are evaluating the impact of the COVID-19 pandemic and providing new guidance on clinical trial management by sponsors and pharmacovigilance systems. This swiftly changing circumstances require sponsors to be more proactive and vigilant in ascertaining the effects of the pandemic and variations in authority expectations to decrease the impact on safety reporting while maintaining patient safety. At present, it has become essential to request revised instructions and implement regulatory changes rapidly to lessen interruptions to clinical trials. To deal with the present situation in an effective manner, it is necessary to have and recognized and strong safety reporting solution.

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Key findings in the report:

  • By type, spontaneous reporting contributed to the largest market share in 2019. The spontaneous reporting system is indispensable in pharmacovigilance by delivering information from actual clinical settings during the life of a drug. Physicians and various other healthcare experts may contribute vastly to enhancing public health by reporting suspected adverse drug reactions.
  • By service provider, the in-house service provider is likely to grow at a rate of 12.3% in the forecast period. Reporting to partners, Health Authorities: Most of the firms favor in-house handling of reporting to healthcare authorities and partners, possibly because they should be the principal contact entity for any deliberation, in and out.
  • By the clinical trial phase, phase IV contributed to the largest market share in 2019 and is expected to witness a growth rate of 13.1% in the forecast period. The increasing intricacy of therapeutic agents and biologics and a rise in the usage of new agents past the original purpose and testing, it is crucial to recognize at the earliest, any unwanted and unexpected Adverse Events and other severe toxicities. The well-known instances of drugs withdrawn from the market after being approved confirm the need for Phase IV pharmacovigilance.
  • By end-users, hospitals contributed to the largest market share in 2019 and is likely to grow at a rate of 13.2% in the forecast period. Hospital pharmacists are of utmost significance in ADR reporting, as the majority of the serious adverse drug events happen in hospitals, and ADRs are responsible for a considerable proportion of hospital admissions.
  • The market in the Asia Pacific region is estimated to grow at the fastest rate of 14.3% in the forecast period, owing to stringent regulatory norms for reporting ADRs, along with a large number of firms providing pharmacovigilance outsourcing services. Furthermore, growing funding for clinical trials is also causative of the market growth in the region.
  • Key participants include Accenture, Cognizant, ArisGlobal, IBM Corporation, IQVIA, BoClinica Inc., Laboratory Corporation of America Holdings, Linical Accelovance, Capgemini, and ITClinical, among others.
  • In April 2017, Accenture entered a collaborative agreement with BioCelebrate to develop a platform for aggregating and analyzing clinical information for improved drug developing efficiency, thus enhancing its R&D capabilities.

Pharmacovigilance Market By Type, By Service Provider, By Clinical Trial Phase, and By End-User, Forecasts To 2027, To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/pharmacovigilance-market

For the purpose of this report, Reports and Data have segmented the global pharmacovigilance market on the basis of type, service provider, clinical trial phase, end-users, and region:

Type Outlook (Revenue, USD Million; 2017-2027)

  • Spontaneous Reporting
  • Intensified Adverse Drug Reaction (ADR) Reporting
  • Targeted Spontaneous Reporting
  • Cohort Event Monitoring
  • Electronic Health Record (HER) Mining

Service Provider Outlook (Revenue, USD Million; 2017-2027)

  • In-House
  • Contract Outsourcing

Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)

  • Pre-Clinical
  • Phase I
  • Phase II
  • Phase III
  • Phase IV

End-Users Outlook (Revenue, USD Million; 2017-2027)

  • Hospitals
  • Research Organizations
  • Others

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Regional Outlook (Revenue in USD Billion; 2017–2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Egypt
    • Rest of MEA

Table Of Content

Chapter 1. Market Synopsis

    1.1. Market Definition

    1.2. Research Scope & Premise

    1.3. Methodology

    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2019-2027

Chapter 3. Indicative Metrics

Chapter 4. Pharmacovigilance Segmentation & Impact Analysis

    4.1. Pharmacovigilance Material Segmentation Analysis

    4.2. Industrial Outlook

………..

Chapter 10. Competitive Landscape

     10.1. Market Revenue Share by Manufacturers

     10.2. Manufacturing Cost Breakdown Analysis

     10.3. Mergers & Acquisitions

     10.4. Market positioning

     10.5. Strategy Benchmarking

     10.6. Customer Mapping

     10.7. Vendor Landscape

Chapter 11. Company Profiles

    11.1. Accenture

             11.1.1. Company Overview

             11.1.2. Financial Performance

             11.1.3. Technology Insights

             11.1.4. Strategic Initiatives

    11.2. Cognizant

            11.2.1. Company Overview

            11.2.2. Financial Performance

            11.2.3. Technology Insights

            11.2.4. Strategic Initiatives

    11.3. ArisGlobal

            11.3.1. Company Overview

            11.3.2. Financial Performance

            11.3.3. Technology Insights

            11.3.4. Strategic Initiatives

    11.4. IBM Corporation

            11.4.1. Company Overview

            11.4.2. Financial Performance

            11.4.3. Technology Insights

            11.4.4. Strategic Initiatives

    11.5. IQVIA

             11.5.1. Company Overview

             11.5.2. Financial Performance

             11.5.3. Technology Insights

             11.5.4. Strategic Initiatives

Continue …

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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