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The global pharmacovigilance (PV) market size it set to touch USD 12.25 billion by 2027 as a result of rising R&D activities conducted by pharmaceutical companies in developed countries, according to Fortune Business Insights™ in its recent report, titled “Pharmacovigilance (PV) 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”. As per the report findings, the value of this market stood at USD 4.84 billion in 2019 and is expected to register an impressive CAGR of 12.3% from 2020 to 2027.
Diamond Pharma Announces Takeover of PharmaCentral, Expands European Presence
In April 2020, the UK-based Diamond Pharma Services announced its successful acquisition of the Irish pharmacovigilance innovator, PharmaCentral. The intent behind this acquisition is for Diamond to enhance its presence and operations in Europe and diversify its PV solutions portfolio. Diamond Pharma has already established itself as an expert in providing pharmacovigilance services to various life sciences organizations such as pharmaceutical conglomerates and academic institutions. This takeover will allow the company to enrich its senior-level expertise of its PV division, especially to deliver regulatory services to its clients in niche domains such as gene and cell therapies. Thus, companies in this market are increasingly acquiring smaller, regional players to entrench their position in this market as well as gain entry into new regional markets.
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COVID-19 Outbreak to Generate New Growth Opportunities in the Market
The coronavirus pandemic has claimed more than 200,000 lives worldwide and has afflicted around 3.5 million people in a span of a few months. While a vaccine for the infection is still many months away, biomedical organizations are currently focused on developing effective treatment options for COVID-19 to contain the contagion. For example, the World Health Organization (WHO) initiated the ‘Solidarity Trial’ to test the efficacy of various treatment options developed in various countries. The idea is to enroll patients in different countries to assess whether a particular treatment is able to slow the infection’s progress in a body and improve chances of survival. Similarly, the antiviral drug remdesivir, which was proven effective against SARS and MERS, is currently being investigated as a potential treatment option against COVID-19. This augurs well for the pharmacovigilance market growth as PV services and tools play a key role in determining the success or failure of clinical trials of drugs, treatments, and vaccines.
Key Players to Explore Automation of PV Software and Services
Major players in this market are exploring new avenues of innovation by developing automated PV solutions and tools to enable rapid assessment of new medication. Furthermore, established players such as IQVIA and Bayer are launching PV products to strengthen their market position, while new entrants are focusing on expanding their portfolio to build a solid customer base and establish their presence in the market. Lastly, the COVID-19 outbreak has created a vast plethora of opportunities for companies to leverage their capacities and provide professional services to end-users.
List of Companies Profiled in the Pharmacovigilance Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD billion)
By End User