The global “pharmacovigilance” market size is projected to reach USD 12.25 billion by 2027, exhibiting a CAGR of 12.3% during the forecast period. Initiation of awareness campaigns to disperse information among patients regarding safe medication practices will stimulate market growth, finds Fortune Business Insights™ in its report, titled “Pharmacovigilance 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”. Prior to its commercial release, a drug has to undergo multiple trial phases and in each phase, its efficacy and safety are rigorously tested.
Enhanced access to information has made people more aware about the safety of medicines, especially those given over-the-counter (OTC). This awareness is further bolstered by the initiatives taken at the local, national, and international level. For instance, the World Health Organization (WHO) launched the Global Patient Safety Challenge a few years ago with the title ‘Medication Without Harm’ to spread awareness among people about safe medication practices and overall medicinal safety standards. Similarly, the Uppsala Monitoring Center in Sweden started a campaign in 2019 focusing on polypharmacy and safe consumption of medication among the geriatric population. Such programs and campaigns will play a key role in boosting the growth of this market in the coming years.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
The report states that the market value was at USD 4.84 billion in 2019. The other highlights of the report include:
Sweeping analysis of the impact of the COVID-19 pandemic on the market;
In-depth study of each individual market segment;
Comprehensive evaluation of the market trends, drivers, and restraints; and
Detailed assessment of the regional prospects and competitive dynamics of the market.
To get to know more about the short-term and long-term impacts of COVID-19 on this market,
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