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The worldwide pharmacological market is categorized on the basis of clinical trials , types of methods , service types , and geographies . As per clinical trial phases , the segments are preclinical , phase 0 , phases I , II , III , and IV . The usage rate was by far the highest for phase IV in 2013 . Before getting the nod from regulatory authorities , phase IV needs to necessarily clear the following vital stages : quality inspection , efficacy test , and safety of use . Data gathered during the post phase III stage is highly reliable & widely accepted . The phase IV trials market holds the largest share , closely followed by the phase III market . As against phase I & II , phase III witnesses maximum drug safety clearances .
Based on types of methods , the global Pharmacovigilance Market is categorized into intensified ADR reporting , cohort event monitoring , target reporting , EHR monitoring , and spontaneous reporting . The EHR monitoring segment may expand robustly during the forecast period . This market is fueled by the growing trend of automation & digitalization in healthcare . EHR devices facilitate effective communic ations between doctors and patients owing to efficient data sharing capabilities electronically .
House manufacturing and contract outsourcing are two types of services in the pharmacovigilance market . Contractual outsourcing led the industry in 2013 . Due to globalization , developed countries can manufacture goods & services at affordable costs because of outsourcing . Outsourcing leads to lower production failures and helps overcome the problem of depleting stocks . It could even lower fixed costs , facilitat e effective resource management , mitigate risks , and reduce upfront investments .
Geographically , the global pharmacovigilance industry is divided into Europe , North America , and Asia Pacific . North America dominated the industry in 2013 . Implementation of drug safety regulatory norms by FDA and substantial R & D investments are key regional drivers . Asia Pacific could expand robustly during the forecast period because of availability of cheap labor and widespread awareness about ADR . This region offers sever al lucrative opportunities for further market progress .
Prominent competitors in the worldwide pharmacovigilance market are Janssen Research & Development , United BioSource Corporation , Cognizant Technology Solutions Corporation , Boehringer Ingelheim Gmbh , and Bristol-Myers Squibb . Most companies engage in business ventures , such as mergers and acquisitions in order to gain higher market shares .
The life sciences industry is a rapidly developing one . Advanced automation is gaining much importance in this industry as it is in the others . While most life sciences companies aim at launching products rapidly & cost effectively , they also need to ensure other key aspects . The devices & drugs being produced , besides fulfilling patient needs , must lead to better outcomes in the short & long term . A number of life sciences
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