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Pharmacovigilance Market to Rise due to Increasing Consciousness on Safe Utilization of Medicines: MRRSE

Albany, NY, Aug. 05, 2016 (GLOBE NEWSWIRE) -- The worldwide pharmacovigilance market has been analyzed on the basis of the phase of drug development, reporting method, and service provider in this report. Based on the phase of drug development, the global market has been categorized into preclinical studies, phase one, two, and three of clinical trials, and post-marketing surveillance. The post-marketing surveillance segment led the overall pharmacovigilance market in 2014, accounting for a total revenue of US$630.7 mn. However, the clinical trial phase three segment is projected to rise at the highest CAGR of 15.50% during the forecast period.

By reporting method, the market has been divided into the segments of intensified adverse drug reaction reporting, spontaneous reporting, electronic health records mining, targeted spontaneous reporting, and cohort event monitoring. The spontaneous reporting segment acquired the leading position in the global pharmacovigilance market in 2014, stated the report.

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The primary driving factor for growth of the pharmacovigilance market is the significant increase witnessed in the intake of medical drugs. Besides, increase in prevalence of acute and chronic diseases has consequently led to an increase in incidences of drug consumption, thereby leading to a rise in the number of adverse drug events and drug toxicity cases. This, in turn, has triggered the growth of the pharmacovigilance market globally. Furthermore, safety regulations, risk of high-profile safety issues and need to review large volume of post-market events along with negative media coverage have compelled the pharmaceutical players to take support of various outsourcing services for drug monitoring. Factors such as intensifying regulatory expectations, tougher inspection system and instant need for patient reporting are boosting the adoption rate of pharmacovigilance among pharmaceutical companies globally. Pharmaceutical companies are now entering into long-term partnerships/service agreements with CROs and BPOs to reduce the pharmacovigilance process related expenditure, incurred right from drug discovery to post-marketing approvals.

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The global pharmacovigilance market is segmented based on phase of drug development, type of reporting methods and type of service providers. On the basis of phase of drug development, the market has been segmented into preclinical studies, phase I clinical trial, phase II clinical trial, phase III clinical trial and phase IV clinical trial or post-marketing surveillance. On the basis of type of reporting methods, the market has been segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining. On the basis of the type of service providers, the market has been segmented into in-house and contract outsourcing. A detailed analysis has been provided for all segments and sub-segments in terms of market size, Y-o-Y growth rate, absolute $ opportunity and BPS analysis.

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Detailed profiles of the pharmacovigilance companies are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings, SWOT analysis and recent developments. Key players included in the report are Accenture plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc (GSK), ICON plc, iGATE Corporation, iMEDGlobal Corporation, inVentiv Health, Inc., Novartis International AG, PAREXEL International Corporation, Pfizer, Inc., Pharmaceutical Product Development, LLC. (PPD), PRA Health Sciences, Inc., Quintiles Transnational Holdings, Inc., Sanofi S.A., Synowledge LLC and Wipro Limited.

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Source: MRRSE