Pharmacovigilance Market share to exceed $8bn by 2024 - PowerPoint PPT Presentation

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Pharmacovigilance Market share to exceed $8bn by 2024


Growing number of adverse drug reactions (ADRs) coupled with increasing prevalence of chronic diseases will drive global pharmacovigilance market size. Furthermore, growing geriatric population base is associated with increased drug consumption for treatment of chronic diseases such as diabetes, oncology cardiovascular and respiratory disorders. – PowerPoint PPT presentation

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Title: Pharmacovigilance Market share to exceed $8bn by 2024

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

  • 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
  • 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
  • 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.

  • 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
  • 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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