The global pharmacovigilance market is likely to witness significant growth during the course of forecast period from 2018 to 2026. Transparency market research found that the global pharmacovigilance market exhibits fragmented structure due to growing presence of several established and startup players entering this market.
The manufacturers are highly focused towards strategic partnership with the pharmaceuticals sector. The report also offers insight on major players operating in the pharmacovigilance market and these are Cognizant Technology Solutions, Covance Inc., Accenture Plc. and Bristol-Myers Squibb. The prominent players are highly investing in North America region due to presence of large number of players in this market. The pharmacovigilance vendors are also involve in research and development activities for the development of new products. The participants are focused toward remodeling their products in order to meet the growing requirement of the patients all over the globe.
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The revenue generated by the global pharmacovigilance market is likely to touch valuation of US$6.1 bn by the end of 2020.The global pharmacovigilance market is expected to expand at 14.20% CAGR during the course of forecast period form 2016 till 2026.
Spontaneous Reporting of Service Type to lead Global Pharacovigilance Market
On the basis of service type, spontaneous reporting held major share in the global pharamcovigilance market due to its wide application in the pharamcovigilance market. Geographically, North America is likely to dominate the global pharamcovigilance market due to consumer larger share in this market. However, other developing economies such as Asia Pacific is likely to account for maximum share owing to lucrative growth opportunities in the year to come.
- Lack of skilled labor May Likely to Hamper Market Growth
The unavailability of skilled and proficient labors in the emerging economies is one of major factor restraining growth of the global pharamacovigilance market. Dearth of information or information accessed through internet can may lead serious damage and therefore affecting the overall growth of this market. High risk associated with the data theft of pharamacovigilence are another factor negatively impacting the overall growth of this market.