CRIFAX added a report on ‘Pharmacovigilance Market, 2019-2028’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
The Pharmacovigilance Market is estimated to witness dynamic growth over the next eight years. This growth can be attributed to progression of technology and medicines due to rising number of health ailments across the globe. This has further led to implementation of advanced healthcare facilities via numerous health care initiatives and health plans proposed by government bodies of various nations in order to provide better care to the patients. According to World Health Organization, the total healthcare expenditure (% of GDP) around the world increased from 9.2% in 2006 to 10.02% in 2016. The highest expenditure was recorded in the United States, i.e., 17.07% in 2016 as compared to 14.66% in 2006.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
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Additionally, growing rate of technological advancements in healthcare has led to improved detection, prevention and treatment of health problems. Moreover, improved efficiency provided by electronic databases holding huge amount of medical records has eliminated the errors and challenges faced while searching for patients’ medical history.
Growing rate of geriatric population is another significant factor contributing to the growth of the Pharmacovigilance Market. The elderly population is more prone to health problems such as arthritis, cataracts, cancer, dementia and CVDs among others, which requires continuing medical care, thereby driving vast demand for elderly health facilities. According to W.H.O., the world’s geriatric population, aged 60 years and older, is estimated to reach 2 Billion by 2050 from 900 million in 2015. These statistics are predicted to drive significant demand for old age nursing and homecare facilities, which is further estimated to drive notable opportunities in the global Pharmacovigilance Market over the forecast period i.e. 2019-2028. Moreover, various health initiatives to provide efficient prevention and control interventions to bring down growing rate of health problems around the globe is contributing significantly to the growth of the market. For instance, CDC (Centers for Disease Control and Prevention), United States’ leading health institute, introduced health initiatives such as HI-5, Winnable Battles, Million Hearts, and 6|18 initiatives to focus on health problems that can be prevented.
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Furthermore, to provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the global Pharmacovigilance Market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five forces analysis, absolute $ opportunity and anticipated cost structure of the market.
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