Global Pharmacovigilance Market to Worth Usd 5.9 Bn by 2022: Credence Research

According to the latest report published by Credence Research, Inc. “Global Pharmacovigilance Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2022,” the pharmacovigilance market was valued at USD 2,159.3 Mn in 2015, and is expected to reach USD 5,896.4 Mn by 2022, expanding at a CAGR of 15.8% from 2016 to 2022.

Browse the full report Global Pharmacovigilance Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022 report at http://www.credenceresearch.com/report/pharmacovigilance-market

Market Insights

Increasing demands on pharmaceutical manufacturers and other intermediaries regarding early identification of drug adversities, growing concerns over drug safety and growing need for prompt compliance to regulatory guidelines have led to emergence of pharmacovigilance services. Moreover, withdrawals of several high profile drugs in the past have urged pharmaceutical manufacturers to closely observe GPvP practices to preserve their stronghold in the market.

Among the phases of drug development namely, preclinical studies, phase I, phase II, phase III, phase IV or post marketing surveillance, phase IV segment is the largest revenue generating segment in the pharmacovigilance market. Standing at above 55% market share in 2015, as this stage is highly instrumental in assessing drug safety in the widest range of patients and registers the highest number of events. Phase IV assessment is also highly instrumental in product life cycle management of high profile drugs. In addition, phase III stage pharmacovigilance enables convenient and robust commercialization of novel drugs thus ensuring strong future foothold in the market.

Spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining are the major methods of pharmacovigilance reporting. Our analysis estimates spontaneous reporting to be the...