Pharmacovigilance market value to be worth $8 billion by 2024, says report
The extent and key drivers of the growth of the global pharmacovigilance market have been set out in a report.
Increasing drug consumption, together with rising chronic diseases prevalence, will stimulate this growth, Global Market Insights predicts, anticipating that the market will rise from its $3 billion value of 2015, to more than $8 billion by 2024.
Contract outsourcing covered more than 50% of the revenue share of the service provider segment in pharmacovigilance industry in 2015, and will exceed a revenue collection of $4.8 billion by 2024, the study adds. The growing adoption of this segment by certain pharma firms will stimulate the product demand noticeably, it is predicted. Major regions for growth will be the Asia Pacific and US markets, in particular.
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