Nowadays the global market is pharmacovigilance is rising radically with the increasing awareness of better health facilities and growing preference to use safer medicines
Nowadays the global market is pharmacovigilance is rising radically with the increasing awareness of better health facilities and growing preference to use safer medicines. The increasing numbers of national pharmacovigilance centers across the nations will fuel the market in coming years. Additionally, the significance of contract research organizations (CROs) and business process outsourcing (BPO) have assisted the players largely and have created lucrative offers to grow the market. Cohort event monitoring, targeted spontaneous reporting, intensified ADR reporting, EHR mining, and spontaneous reporting are the major methods used in pharmacovigilance market.
A study done by Centers for Disease Control and Prevention (CDC) states that the number of death cases has increased to thousands mainly because of adverse drug reaction (ADRs). The study is mainly focused on countries in North America. It has also increased fear among the people for the use of safe medical products in the region, thus triggering the market for pharmacovigilance.
According to the recent analysis done by Prof. Kevin Dew, at the Victoria University’s Department of Social and Cultural Studies under Centre for Adverse Reactions Monitoring (CARM) states that there should be proper implementation of passive system of pharmacovigilance with regular upgradation. With the increasing number of cases and lesser public awareness are main causes that are being cautiously worked under CARM.
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Factors Boosting the Demand for Pharmacovigilance Market
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The increasing awareness about the safe use of drugs and its efficacy among the huge population is the main driving factor for pharmacovigilance market. Moreover, awareness that has made people conscious about the safe intake of medicines is also proven beneficial for the increasing preference of pharmacovigilance in the global market.
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Rigorous implementation of post-market monitoring mechanisms initiated by various government agencies to attain efficient drug regulation system is an important aspect to expand the growth of the market.
Restrains Hampering the Market Effectiveness to Grow
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Certain challenges are developing that may hinder the market form growing. The absence of skilled labor and minimal information about drugs to be used through web based services are the major factors hinder the market to attain its full potential. Moreover, lack of technological advancements in pharmacovigilance process may also slow down the market.
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Although, compulsory efforts made to enhance pharmacovigilance activities will help in minimizing the restrain and push the market to grow further.
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Regional Contribution
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The geographical significance in pharmacovigilance is highly seen in developing nations with higher preference given to strict healthcare regulations by the government. Adding to it is the increasing number of clinical trials for pharmacovigilance will further enhance the market to grow in a profound manner. Additionally, increasing cases related to ADRs in North America has also increased the importance of pharmacovigilance in the region.
The market landscape is competitive and with patents of a number of drugs expiring within the next few years, the need for Pharmacovigilance will rise. Some of the leading players operating in the market include Accenture, Clinquest Group B.V., Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, ICON plc. Capgemini, and ITClinical.
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