The global “pharmacovigilance” market size is projected to reach USD 12.25 billion by 2027, exhibiting a CAGR of 12.3% during the forecast period. Initiation of awareness campaigns to disperse information among patients regarding safe medication practices will stimulate market growth, finds Fortune Business Insights™ in its report, titled “Pharmacovigilance Market Size, Share & Industry Analysis, By Type (Service and Software), By Deployment (In-house and Outsource), By End User (Hospitals, Pharmaceutical Companies, and Others), and Regional Forecast, 2020-2027”. Prior to its commercial release, a drug has to undergo multiple trial phases and, in each phase, its efficacy and safety are rigorously tested.
Enhanced access to information has made people more aware about the safety of medicines, especially those given over-the-counter (OTC). This awareness is further bolstered by the initiatives taken at the local, national, and international level. For instance, the World Health Organization (WHO) launched the Global Patient Safety Challenge a few years ago with the title ‘Medication Without Harm’ to spread awareness among people about safe medication practices and overall medicinal safety standards.
Similarly, the Uppsala Monitoring Center in Sweden started a campaign in 2019 focusing on polypharmacy and safe consumption of medication among the geriatric population. Such programs and campaigns will play a key role in boosting the growth of this market in the coming years. The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
The report states that the market value was at USD 4.84 billion in 2019. The other highlights of the report include:
- Sweeping analysis of the impact of the COVID-19 pandemic on the market;
- In-depth study of each individual market segment;
- Comprehensive evaluation of the market trends, drivers, and restraints; and
- Detailed assessment of the regional prospects and competitive dynamics of the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.
Rapid Spread of the Coronavirus Pandemic to Provide Impetus to Market Growth
The COVID-19 outbreak has created an acute global health crisis and various organizations ranging from governments and pharmaceutical companies to academic institutions are racing against time to develop an effective vaccine for the infection. As a consequence, there has been a sudden surge in clinical trials in recent months, which has brought glad tidings for the pharmacovigilance market growth. For example, PGIMER Chandigarh began the clinical trial of Sepsivac, an immunomodulator, on asymptomatic COVID-19 patients in April 2020. Similarly, a potential vaccine against the coronavirus was developed by the University of Oxford in a span of just 3 months and its first human trial began in the third week of April in the UK. Efficient PV technologies are critical in assessing the adverse effects of vaccines and the COVID-19 pandemic has raised the need for PV exponentially. Moreover, medical research in the present scenario is also directed towards developing effective therapies for coronavirus patients, which will further bolster the demand for pharmacovigilance services.
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Strategic Introduction of Advanced PV Tools to Intensify Competition
Development and launch of advanced PV software and service offerings by key market players is likely to play a key role in perpetuating the PV market growth in the forthcoming years. Besides this strategy, companies are also collaborating with each other and ramping up their R&D investment to expand their regional and global presence.
- September 2019: Bayer Zydus Pharma, the Indian division of the German pharmaceutical giant Bayer, introduced its novel adverse event reporting mechanism, SafeTrack, in Mumbai, marking the importance of the International Patient Safety Day. The tool is designed for convenience and ease-of-use and will be available to the public.
- January 2019: IQVIA, the US-based health information technology specialist, developed a scalable Software-as-a-Service (SaaS) safety platform to meet the increasing drug safety and monitoring challenges encountered by life sciences entities such as pharmaceutical companies. The platform is engineered to allow access to multiple users and across multiple locations.