The global pharmacovigilance market has witnessed a remarkable rise in the recent times, thanks to the increased consumption of drugs across the world. Owing to the surge in the drug consumption, the need for regular monitoring of drugs has also augmented, fueling the worldwide market for pharmacovigilance.
Browse the full Report of Global Pharmacovigilance Market: http://www.mrrse.com/pharmacovigilance-market
According to a research report, published by Future Market Insights (FMI) and recently added to the repository of Market Research Reports Search Engine (MRRSE), the global pharmacovigilance market reached US$2.7 bn in 2014. Analysts expect this market to rise at a CAGR of 14.20% between 2015 and 2020 and reach an estimated value of US$6.1 bn by the end of 2020.
Rising Mortality Rate Boosts Demand for Pharmacovigilance Services in North America
In 2014, the global pharmacovigilance market was dominated by North America in terms of consumption. The rising mortality rate and the increasing concerns of patients over the efficiency and safety of pharmaceutical products have been the key factors behind the accelerated demand for pharmacovigilance services in North America over the past few years.
Additionally, several regulations regarding drug approval, imposed by the U.S. FDA and other regulatory bodies in North America, together with the increasing need to maintain electronic medical records, are likely to boost the North America pharmacovigilance market significantly in the coming years.
Apart from this, the increasing awareness regarding effects of pharmaceutical products on health among patients and the rates of utilization of advanced services in North America are also projected to drive the market’s growth in the near future.
Asia Pacific Emerges as Most Attractive Pharmacovigilance Regional Market
In 2013, Europe acquired the second position among the regional pharmacovigilance markets; however, it was Asia Pacific, which emerged as the most attractive market for pharmacovigilance services that year.
In the coming years, the Asia Pacific market for pharmacovigilance services are projected to exhibit the fastest growth on account of the presence of a large pool of skilled and cost efficient labor, coupled with the availability of a favorable environment for pharmacovigilance services.
The implementation of various government regulations aimed at improving healthcare facilities in urban as well as remote areas is also expected to fuel the pharmacovigilance market in Asia Pacific over the forthcoming years.
Mergers, Acquisitions, Partnership: Key Strategies of Major Players
Mergers, acquisitions, and strategic partnership with contract research organizations, to meet the demand of consumers for customized services, are the major strategies adopted by the players operating in the worldwide pharmacovigilance market for their business expansion.
Accenture Plc., one of the biggest companies in the global market for pharmacovigilance, recently invested a heavy amount to accelerate research and development activities aimed at delivering streamlined as well as integrated pharmacovigilance services. The company also entered into a strategic partnership with Oracle partner network in order to increase its service base related to pharmacovigilance.
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Pfizer Inc., PAREXEL International Corp., Quintiles Transnational Holdings Inc., Sanofi S.A., Synowledge LLC, Novartis International AG, inVentiv Health Inc., Pharmaceutical Product Development LLC., Wipro Ltd., and PRA Health Sciences Inc. are some of the other prominent market participants.