Pharmacovigilance Market to Reach Worth USD 9.3 Bn by 2024 with flourish CAGR 13.45%

Global Pharmacovigilance Market-New Research Report Announced with business priorities in order to assist companies to realign their business strategies.

Global Pharmacovigilance Market is expected to witness flourish CAGR of 13.45% and is projected to reach USD 9.3 billion by 2024 from USD 3.8 billion in 2017.

The key factors propelling the growth of market includes increasing incidence of adverse drug reactions (ADRs) coupled with increase prevalence of acute and chronic disease, and rising consumption of drugs. Moreover, rising demand in end-use industry owing to new drug developments further impelling the market growth. However, lack of awareness among the healthcare providers may hinder the market growth.

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Adverse Drugs Reactions(ADRs)Is Driving the Growth of the Industry

Pharmacovigilance science relates to detection, assessment, understanding, and prevention of adverse effects of drugs and drug-related problems. ADRs are major health problems in outpatient and inpatient clinical setting. It is an essential part of pharmacovigilance systems. Adverse drug reactions caused by nonimmune and immune mechanism are major cause of mortality and morbidity worldwide. Incidence and severity of ADRs vary by patient’s characteristics such as sex, age, genetic or geographic factors, and coexisting disorders; and drug factor including drug type, route of drug administration, bioavailability, and dosage.

Moreover, rate of hospitalization of patients is increasing due to the adverse effect of drugs. Pharmacovigilance plays an important role in the surveillance of ADRs. It is a tool to collect information of ADRs to establish the causal relationship between drugs and the adverse reactions. During the clinical trials of a new drug development, it is prominent to explore the dependability of drugs. Additionally, in recent years there have been a substantial growing number of clinical trials in the developed and developing countries.In their approval of clinical trials, the government looks at safety and efficacy of novel products under investigation.

Global Pharmacovigilance Market Regional Insight

Geographically, North America held the largest market share of the global market, owing to large production of new drugs development, along with increasing number of clinical trials has led to further need pharmacovigilance of drugs, resulting in higher demand in this region. Moreover, ADRs, contribute to more than 100,000 deaths in the United States annually and most top 10 leading causes of death. Regulator bodies are developing active surveillance approaches to assess the risk of medicine in the post-market phase of the novel products. The growth of pharmacovigilance market in Europe is also attributed to growing number of adverse drug reactions, and growing demand in end-use industry. Asia-Pacific is expected to be the fastest growing market, due to growing number of acute and chronic diseases burden and increasing drug safety concerns. Moreover, growing number of pharmaceutical and biotechnological companies, and increasing awareness about adverse drug reactions in this region.

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Key findings from the report:

On the basis of clinical trials, the phase IV trials segment held the share of the market in 2017

Based on the service, the contract outsourcing segment held the major share of the market in 2017, and expected to continue its dominance over the forecast period

Geographically, North America held major share of the market in 2017, owing tofavorable government regulations, and presence of major key player in this region

Some of the key companies operating in the market includeLaboratory Corporation of America Holdings, IBM Corporation, Capgemini, ICON plc, PAREXEL International Corporation, United BioSource Corporation, BioClinica, Wipro Ltd., Cognizant,Quintiles IMS Holdings, Inc., GlaxoSmithKline, Novartis International AG, and among others

This report segments global pharmacovigilance market by clinical trials, service, type of method, end-use industry, and region.

By Clinical Trials

Preclinical Studies

Phase I Trials

Phase II Trials

Phase III Trials

Phase IV Trials

By Service

Contract Outsourcing

In-house

By Type of Method

Targeted Spontaneous Reporting

Cohort Event Monitoring

EHR Mining

Intensified ADR Reporting

Spontaneous Reporting

By End-use Industry

Pharmaceutical

Medical Device

Biotechnological

By Region

North America

Latin America

Europe

Asia-Pacific

Middle East and Africa

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