Pharmacovigilance Market Is Anticipated To Grow At 13.1% CAGR from 2014 to 2025: Grand View Research, Inc.
The global pharmacovigilance (PV) market is expected to reach
USD 10.27 billion by 2025, according to a new report by Grand View Research,
Inc. The market is expected to witness growth at 13.1% CAGR owing to Increasing
incidence of ADR is key driver for the growth of pharmacovigilance market. As
of 2015, the U.S. FDA received approximately 253,017 serious adverse events and
44,693 deaths associated with adverse drug reactions (ADRs). This shows the
potential demand for implementing safety and pharmacovigilance services over
the forecast period
According to World Health
Organization’s (WHO) report on pharmaceuticals consumption, medicines to treat
chronic diseases accounted for a larger proportion of the total volume of drug
consumption in non-hospital set ups. Owing to this, there has been a
significant rise in the number of medicines made available to healthcare
consumers. Rising demand for drugs has significantly heightened the need for
novel therapeutics development via extensive clinical trials, which is further
expected to serve this market with lucrative opportunities.
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. These factors are anticipated to fuel the market growth.
U.S. pharmacovigilance market
revenue by clinical trial phase, 2014 - 2025 (USD million)
Browse full research report on
Pharmacovigilance
Market
Further key findings from the report suggest:
- The hardware
segment is estimated to grow at a CAGR of over 90% over the forecast
period. Companies such as Sony and Microsoft are expected to commercialize
their devices in 2016, which is expected to bolster growth over the
forecast period. Further, several companies are working on enhancing the
quality of sensors and processors used in AR devices. For instance, Google
has collaborated with the chip manufacturers to build camera components
and processors for Android phones.
- Increasing
penetration of smartphones and tablets are expected to drive the software
segment, growing at a CAGR of over 55% from 2016 to 2024. Increasing
demand for AR apps in retail, gaming and entertainment is expected to
contribute to the industry growth.
- The
head-mounted display (HMD) segment is anticipated to dominate the market
growing at a CAGR of nearly 70%from 2016 to 2024. It can be attributed to
the increasing scope of applications across the military, medicine,
scientific visualization, manufacturing, education, training, navigation,
and entertainment. The other factors driving demand include better content
connectivity, enhanced user-experience and improved Field of View (FOV).
- The adoption
of smart glasses is expected to increase significantly in the consumer
segment. Several companies are developing advanced smart glasses which are
more user-friendly, light weight and offer better FOV.
- Automotive
sectors expected to grow at CAGR of over 70% over the forecast period.
Virtual technologies are increasingly used in automotive in response to
the rising number of model and equipment variants in the vehicle design
and development process. For instance, Volkswagen used spatial AR to put
across virtual data onto the actual vehicle design models that allow the
analyses of components. As a result, it saves time and cost required for
product development.
- Asia Pacific
AR market is estimated to reach over USD 44.30 billion by 2024. China is
anticipated to drive regional growth with the increase in adoption of AR
devices and mobile apps. In 2014, China witnessed a rapid enhancement in
hardware manufacturing, as a result, several chipset manufacturers are
planning to support AR technology by immensely investing in the
technology.
- The key
industry participants include AU Optronics Corp., Cambridge Display
Technology Ltd., LG Display Co., Mitsubishi Electric Corporation,
Panasonic Corporation, Sony Corp., and Toshiba Corp. The players engage in
frequent merger & acquisitions to increase their product portfolio and
geographical presence to gain competitive advantage.
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