Albany, NY, March 21, 2016 (GLOBE NEWSWIRE) -- The research report, titled “Pharmacovigilance Market (Phases of Drug Development: Preclinical Studies, Clinical Trial Phase I, II, III & IV or Post Marketing Surveillance; Type of Methods: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, & EHR Mining; Type of Service: In-House & Contract Outsourcing) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, states that the overall value of the worldwide pharmacovigilance market stood at US$2.4 bn in 2013.
According to the report, the rising incidence of adverse drug reactions and drug toxicity is fueling the demand for pharmacovigilance activities across the world.
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The global pharmacovigilance market is segmented on the basis of phase of drug development, method, and service in this research report. Preclinical studies, phase one, phase two, phase three, and post market surveillance are the main phases of drug development. Spontaneous reporting, targeted spontaneous reporting, intensified ADR reporting, cohort event monitoring, and EHR mining are the major methods applied for pharmacovigilance. In-house and contract outsourcing services are the key types of services offered in this market.
On the regional front, the global pharmacovigilance market has been analyzed on the basis of its performance in North America, Asia Pacific, Europe, and the Rest of the World. North America leads the global market among these. In 2013, it accounted for a share of 35% in the overall market. The increase in clinical research activities, coupled with the abundant presence of large-scale research facilities in this region, is the key factor driving the North America pharmacovigilance market.
Asia Pacific, On the other hand, has been anticipated to register the fastest growth at a CAGR of more than 13% during the forecast period. The large pool of skilled workers and the competitive market is likely to fuel the Asia Pacific pharmacovigilance market in the coming years. In addition to this, the rising number of initiatives by various governments in this region, focused on spreading awareness regarding safety and efficiency of drugs, is projected to stimulate the pharmacovigilance market in Asia Pacific extensively over the forecast period, says the market report.
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The report states that the global market for pharmacovigilance is highly fragmented in nature. Accenture plc, Clinquest Group B.V., Bristol-Myers Squibb, Cognizant Technology Solutions, F. Hoffmann-La Roche Ltd., Covance Inc., GlaxoSmithKline plc, iGATE Corp., ICON plc, iMEDGlobal Corp., Novartis International AG, inVentiv Health Inc., PAREXEL International Corp., Pharmaceutical Product Development LLC., Pfizer Inc., PRA Health Sciences Inc., Sanofi, Quintiles Transnational Holdings Inc., Wipro Ltd., and Synowledge LLC are the key players operating in the worldwide pharmacovigilance market.
Global Pharmacovigilance Market 2014-2020
In terms of regional analysis, the global pharmacovigilance market has been segmented into four key geographies: North America, Europe, Asia Pacific, and Rest of World (RoW). Market revenue estimations for each of these geographies have been provided in the report for the period from 2012 to 2020 in terms of USD million, considering 2013 as the base year for calculations and 2012 as the historical year. The CAGR (%) of each market segment for the forecast period from 2014 to 2020 has also been provided along with market size estimations.
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