Hexa Reports Industry Pharmacovigilance (PV) Market | Page 2

Major pharmaceutical companies are involved in extensive R&D initiatives for development of innovative
therapeutic molecules. This has resulted in increased rate of drug development. Manufacturers are now
focusing on remodeling their product development processes in an attempt to cater to patient needs across
the globe. These factors are anticipated to fuel the demand for PV services during the forecast period.
Moreover, leading pharma companies in developed countries are focusing toward the outsourcing PV service
in an attempt to reduce cost and minimize operational expenses. This is anticipated to serve as opportunity
for contact research organizations in developing regions to gain more revenue share.
The companies are undertaking strategic initiatives such as collaboration with the PV service providers to get
access to medical information and manage PV workflows. For instance, In April 2017, Accenture entered in a
collaborative agreement with BioCelebrate to develop a platform for aggregating and analyzing clinical
information for improvement in drug developing efficiency, thus enhancing its R&D capabilities.
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Further Key Findings From the Study Suggest:
• Phase IV held a dominant share owing to the extensive post marketing surveillance of pharmaceuticals and
increasing number of ADR incidences in the market
• Phase III is anticipated to grow with lucrative CAGR owing to increasing focus of pharmaceutical
manufacturers on therapeutic development and safety monitoring
• Contract outsourcing held a significant share of the PV market based on service provider owing to the
increasing shift of pharmaceutical companies towards outsourcing of PV services with a view to reduce
operational cost
• Based on the type of service, spontaneous reporting held the largest share owing to its wide application in
pharmacovigilance and associated benefits such as easy simulation of data sets for better drug comparison
• Research organizations segment is anticipated to exhibit lucrative growth over forecast period owing to
increasing R&D for the development of novel biologics and medical devices
• The Asia Pacific market for pharmacovigilance is anticipated to show lucrative CAGR in the coming years
• The industry participants are focusing towards increasing R&D activities for the development of better
pharmacovigilance services.
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