Pharmacovigilance Market share to exceed $8bn by 2024

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Pharmacovigilance Market Share, Industry Statistics, Forecast Analysis, 2024: Fractovia.org

The research report “Pharmacovigilance Market Size By Clinical Trial Phase (Preclinical, Phase I, Phase II, Phase III, Phase IV), By Service Provider (Inhouse, Contract outsourcing) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Spain, Italy, France, China, Japan, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Qatar), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” by Global Market Insights, Inc. says Pharmacovigilance Market will generate a revenue of more than USD 8 billion by 2024 Pharmacovigilance market is trending toward a remarkable growth path, owing to the presence of global organizations such as WHO, that undertake the responsibility to monitor the safety and effects of licensed drugs. Stringent government rules pertaining to the approval of drugs and their safety will also influence pharmacovigilance industry share considerably.

Contract outsourcing and in-house are the primary end user segments of pharmacovigilance market. Contract outsourcing segment accounted for more than 50% of market share in 2015, and is anticipated to collect a revenue of more than USD 4.8 billion by 2024. The surging adoption of outsourcing pharmacovigilance services by most of the industry giants to reduce the capital investment will augment the industry growth significantly. Based on the clinical trial trends, pharmacovigilance industry is mainly divided into phase I, preclinical, phase II, phase III, and phase IV. Phase IV clinical trial was worth USD 2.4 billion in 2015 and will record an annual growth rate of 10.9% over the coming years of 2016 to 2024, primarily driven by rising concerns among the public regarding the safety and adverse effects of drug events. Phase III clinical trial generated a revenue of more than USD 492 million in 2015 and is predicted to cross a revenue collection of USD 1,254 million by 2024. The growth can be attributed to the increasing requirement to monitor drug safety and calculate usefulness of the drug depending on the risk-benefit ratio.

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