According to
“Pharmacovigilance Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast, 2013 - 2019”, a new research study by
U.S.-based market research and intelligence firm Transparency Market
Research, the global pharmacovigilance market that was valued at
US$2,147.3 million in 2012 is estimated to be worth US$5,008.2
million by the end of 2019, growing at a CAGR of 12.9% during the
forecast period from 2013 to 2019.
Browse the full
Pharmacovigilance Market Report at
http://www.transparencymarketresearch.com/pharmacovigilance-market.html
Stringent government
regulations, issues pertaining to public safety, toughened inspection
regimes, coupled with the need of patients to report ailments
immediately, has propelled growth in the global pharmacovigilance
market. The World Health Organization (WHO) defines pharmacovigilance
as the science and activities which help detect, monitor, assess, and
evaluate chances of any adverse occurrence or drug-related side
effect from the consumption of the medicinal products.
Pharmacovigilance activities are aimed to promote safer
administration of drugs and other medicinal products. This is
attained by generating awareness about the importance of timely,
relevant, and precise clinical safety information related to medical
products.
The global
pharmaceutical industry is growing at a rapid pace and this has led
to the innovation of a number of medicinal products that promote
faster and more accurate treatment to several diseases and disorders.
This range of new medicinal products comes along with many benefits,
but none of these benefits are free from adverse drug reactions that
can result in illness, disability and at times even death. Hence,
early discovery of adverse drug reactions during clinical trials,
clinical phase IV, or during post-marketing surveillance is very
important in mitigating the risk of any unpleasant occurrences.
A majority of
pharmaceutical companies nowadays are actively involved in assessing
and monitoring drugs which are under clinical trial. In fact, new
medicinal products that are marketed are also kept under vigilance by
the companies. Apart from drugs, medicinal products such as
traditional medicines, vaccines, medical devices, and blood products
are also assessed and monitored during the different phases of their
production and marketing.
Browse the full Press Release Report: http://www.transparencymarketresearch.com/pressrelease/pharmacovigilance-market.htm
The report has
segmented the global pharmacovigilance market based on service
providers, clinical trial phases and methods used for reporting drug
safety. On the basis of clinical trial phases, the global market for
pharmacovigilance can be categorized into pre-clinical studies, phase
I, phase II, phase III, phase IV, and post-marketing surveillance.
Among these segments, clinical trial phase IV accounted for almost
74.7% of the market share in 2012. The market for clinical trial
phase IV in 2012 was valued at US$1,604.8 million.
Geographically,
North America dominated the global pharmacovigilance market in 2012,
however market trends indicate that Asia Pacific will register the
highest rate of growth, a CAGR of 15.2%, during the forecast period
from 2013 to 2019. Factors such as growing population, reduction in
healthcare cost, and high patient enrollment will bolster demand for
pharmacovigilance in the global market.
According to the
publication, key players dominating the market includes companies
such as Cognizant Technology Solutions, Pharmaceutical Product
Development Inc. (PPD), Pfizer Inc., Novartis International AG,
Accenture, Plc, Parexel International Corporation, Icon Plc.,
Quintiles Transnational Corporation, PRA International Inc.,
Bristol-Myers Squibb, Covance Inc., iGATE Corporation, and Wipro
Limited.
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About Us
Transparency Market
Research (TMR) is a global market intelligence company providing
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blend of quantitative forecasting and trend analysis provides
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experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
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business reports.
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