SAN FRANCISCO, California, February 4, 2015 /PRNewswire/ --
New Market Research Reports Title Global Pharmacovigilance Market Analysis, Size And Segment Forecasts To 2020 has Been Added to GrandViewReseach.com Report Database.
Global pharmacovigilance market is expected to reach USD 5.51 billion by 2020, according to a new study by Grand View Research, Inc. Increasing incidence rates of adverse drug reaction and the introduction of stringent drug safety regulations are some key drivers of this market. ADR is responsible for approximately 5% of the hospitalization in developed countries annually, and this is expected to boost usage rates over the next six years. Pharmacovigilance has witnessed a significant rise in usage rates in the recent times owing to growing global geriatric population triggering a growth in demand for new drug development. Additionally, health regulatory authorities such as the U.S. FDA and EMEA (European Medicines Agency) are now emphasizing on electronic submission of data which is also expected to drive the pharmacovigilance market.
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For more information, tables and figures, visit - http://www.grandviewresearch.com/industry-analysis/pharmacovigilance-industry
Contract outsourcing pharmacovigilance market is expected to grow at a lucrative rate of over 13.1% during the forecast period. Service flexibility and cost effectiveness associated with outsourcing are some key factors accounting for the segment's lucrative growth.
Further key findings from the study suggest:
Browse All Reports of This Category by Grand View Research @ http://www.grandviewresearch.com/industry/medical-devices
For the purpose of this study, Grand View Research has segmented the pharmacovigilance market on the basis of clinical trial phase, type of service provider and region:
Global Pharmacovigilance Clinical Trial Phase Outlook (Revenue, USD Million, 2012 - 2020)
Global Pharmacovigilance Service Provider Outlook (Revenue, USD Million, 2012 - 2020)
Pharmacovigilance Regional Outlook (Revenue, USD Million, 2012 - 2020)
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