Research and Markets has announced the addition of the "Global Pharmacovigilance Market Analysis and Forecast, 2015-2022" report to their offering.
The pharmacovigilance market is expected to reach a market size of $8.23 billion by 2022. Stringent compliance with drug safety regulations and increasing incidents of ADRs are acting as key drivers for the growth of this market. Pharmaceutical organizations are entering into collaborations with CROs and BPOs to perform pharmacovigilance activities during all the clinical trials phases.
Drug safety implies that the drug benefits outweigh the risks associated with them. During the past decade, there has been an increase in the serious outcomes related to the side effects of the drugs. Serious outcomes imply hospitalization, life-threats, disability, and death among others. 10-20% of patients suffer from serious Adverse Drug Reactions (ADRs) in hospitals and these ADRs may contribute to 5-10% of the hospital costs. Therefore, the monitoring and evaluation of the drug adverse effects becomes crucial for an effective medical practice.
Pharmacovigilance in clinical trial Phase III is expected to grow at the highest CAGR during the forecast period because this phase covers large patient population for the medicinal product safety analysis before it becomes available officially.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period because of the availability of cost effective Pharmacovigilance workforce. APAC region has the presence of 60% of the world population which is expected to increase clinical trials and act as a key driving factor for the growth of Pharmacovigilance in this region.
Key Topics Covered:
1 Research Scope and Methodology
2 Market Overview
3 Market Dynamics
4 Competitive Landscape
5 Industry Analysis
6 Forecast by Clinical Trials Insights
7 Forecast by Service Provider Type
8 Forecast by Geography
9 Company Profiles
For more information about this report visit http://www.researchandmarkets.com/research/cbc37m/global
View source version on businesswire.com: http://www.businesswire.com/news/home/20161005006107/en/Business Wire
Last updated on: 05/10/2016
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