Currently, the global market is pharmacovigilance is rising radically with the increasing awareness of better health facilities and growing preference to use safer medicines. The increasing numbers of national Pharmacovigilance centers across the nations will fuel the market in the coming years. Additionally, the significance of contract research organizations (CROs) and business process outsourcing (BPO) have assisted the players largely and have created lucrative offers to grow the market. Cohort event monitoring, targeted spontaneous reporting, intensified ADR reporting, EHR mining, and spontaneous reporting are the major methods used in the pharmacovigilance market.
A study done by the Centers for Disease Control and Prevention (CDC) states that the number of death cases has increased to thousands mainly because of adverse drug reactions (ADRs). The study is mainly focused on countries in North America. It has also increased fear among the people for the use of safe medical products in the region, thus triggering the market for pharmacovigilance.
According to the recent analysis done by Prof. Kevin Dew, at Victoria University’s Department of Social and Cultural Studies under Centre for Adverse Reactions Monitoring (CARM) states that there should be proper implementation of the passive system of pharmacovigilance with regular up-gradation. With the increasing number of cases and lesser public awareness are the main causes that are being cautiously worked under CARM.
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Factors Boosting the Demand for Pharmacovigilance Market
- The increasing awareness about the safe use of drugs and its efficacy among the huge population is the main driving factor for the pharmacovigilance market. Moreover, the awareness that has made people conscious about the safe intake of medicines is also proven beneficial for the increasing preference of pharmacovigilance in the global market.
- Rigorous implementation of post-market monitoring mechanisms initiated by various government agencies to attain an efficient drug regulation system is an important aspect to expand the growth of the market.
Restrains Hampering the Market Effectiveness to Grow
- Certain challenges are developing that may hinder the market from growing. The absence of skilled labor and minimal information about drugs to be used through web-based services are the major factors hindering the market to attain its full potential. Moreover, the lack of technological advancements in the pharmacovigilance process may also slow down the market.
- Although, compulsory efforts made to enhance pharmacovigilance activities will help in minimizing the restrain and push the market to grow further.
- The geographical significance in pharmacovigilance is highly seen in developing nations with higher preference given to strict healthcare regulations by the government. Adding to it is the increasing number of clinical trials for pharmacovigilance that will further enhance the market to grow in a profound manner. Additionally, increasing cases related to ADRs in North America has also increased the importance of pharmacovigilance in the region.
Author: Pooja Mahajan
Digital Marketing & Editorial Team
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