Pharmacovigilance Market share to exceed $8bn by 2024

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Pharmacovigilance Market Size, Trends, Research
Report Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Pharmacovigilance Market

• Europe pharmacovigilance market size was over USD
  790 million in 2015 growing at anticipated close
  to 10 CAGR. Germany, UK, Spain together
  contributed for over 70 of regional
  pharmacovigilance market share in 2015.
• Brazil pharmacovigilance market share was more
  than 60 of regional revenue for 2015, with
  target slated to exceed USD 300 million by 2024.
  South Africa pharmacovigilance market size was
  more than USD 37 million and anticipated for over
  5 growth.
• Phase III clinical trial market size was more
  than USD 450 million in 2015, with expectations
  to grow over 10 CAGR, due to increasing
  requirement for drug safety monitoring and
  evaluation.

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Continued...

• Contract outsourcing held more than 50 of
  pharmacovigilance market share with target market
  size of over USD 1.7 billion in 2015. Increasing
  outsourcing trend adopted by pharmaceutical
  companies will serve as a high impact driver for
  the business growth.
• Global pharmacovigilance market will be driven by
  collaboration between pharmaceutical companies
  and contract research organizations (CROs). The
  key industry participants include Accenture,
  Quintiles, Cognizant Technology Solutions,
  Boehringer Ingelheim, Covance, PAREXEL
  International Corporation, Bristol-Myers Squibb,
  Janssen Research Development, Synowlwedge,
  United BioSource Corporation and ICON.

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360 Analysis

• Product Trends
• The phase IV clinical trial market size was
  valued more than USD 2 billion in 2015 and is
  expected to grow at over 10 by 2024. Phase IV
  studies ensure that restrictions could be imposed
  on a drug being sold depending on its safety
  performance.
• Contract outsourcing market size was valued over
  USD 1 billion in 2015, poised to grow at 12.2
  from 2016 to 2024 and surpass USD 4 billion by
  2024. Contract outsourcing reduces overall
  economic losses linked with drug approval delays
  and trial failures. It is widely opted by
  companies to avoid huge investments and delegate
  such activities to specialized firms in this
  area.
• Regional Trends
• U.S. pharmacovigilance market size was valued at
  more than USD 1 billion in 2015, with
  expectations to grow at 10.7 over the forecast
  period, owing to favorable governmental
  regulations, huge clinical trial volume and
  presence of large scale research companies.
  Additionally, growing patient concerns related to
  the drug safety and rising adverse drug events
  related mortality rates will positively impact
  pharmacovigilance market share.

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• Spain pharmacovigilance market size was valued
  over USD 230 million in 2015 and should witness
  10.2 CAGR from 2016 to 2024, to surpass USD 550
  million by 2024. Rising demand for new drug
  development, growing geriatric population and
  increasing outsourcing by pharmaceutical
  companies should fuel regional industry growth.
  India pharmacovigilance market growth was more
  than 14 from 2016 to 2024, and expected to reach
  USD 668 million by 2024. The strong and robust
  growth is attributed to increasing number of
  clinical trials conducted across Asian countries,
  owing to low cost trial advantage over developed
  countries.
• Competitive Market Share
• Key industry players such as Quintiles offer
  literature monitoring, safety aggregate
  reporting, benefit risk management, analytics and
  signal detection services. Synowledge offer
  signal detection services, which help clinical
  experts determine medical significance with the
  use of hi-tech visualization techniques.
• Many industry participants are focusing on
  outsourcing pharmacovigilance services as a
  feasible cost reduction avenue. Outsourcing helps
  achieve better pharmacovigilance through
  regulatory compliance, better quality, enhanced
  productivity and improved strategic outcomes.

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