Pharmacovigilance Market size to exceed $8bn by 2024: Global Market Insights Inc. Pharmacovigilance Market size is expected to exceed USD 8 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing number of adverse drug reactions (ADRs) coupled with increasing prevalence of chronic diseases will drive global pharmacovigilance market size. Furthermore, growing geriatric population base is associated with increased drug consumption for treatment of chronic diseases such as diabetes, oncology cardiovascular and respiratory disorders. Rising demand for drugs has driven the need for new drug development through clinical trials. Pharmaceutical companies are collaborating with CROs to streamline R&D, medical writing, manufacturing operations, clinical data management and other pharmacovigilance activities to achieve greater efficiency at reduced cost. Outsourcing should enable better regulatory compliance, higher productivity and improved strategic outcomes spurring pharmacovigilance market growth.
Increasing number of National pharmacovigilance centers across the globe along with rising patient awareness regarding adverse drug events will stimulate global pharmacovigilance market growth. However, lack of skilled professionals and risk associated with data security and web-based drug sales will hamper business expansion. The phase IV clinical trial market size was valued more than USD 2 billion in 2015 and is expected to grow at over 10% by 2024. Phase IV studies ensure that restrictions could be imposed on a drug being sold depending on its safety performance. U.S. pharmacovigilance market size was valued at more than USD 1 billion in 2015, with expectations to grow at 10.7% over the forecast period, owing to favorable governmental regulations, huge clinical trial volume and presence of large scale research companies. Additionally, growing patient concerns related to the drug safety and rising adverse drug events related mortality rates will positively impact pharmacovigilance market share. Spain pharmacovigilance market size was valued over USD 230 million in 2015 and should witness 10.2% CAGR from 2016 to 2024, to surpass USD 550 million by 2024. Rising demand for new drug development, growing geriatric population and 1|Page