Albany, NY -- (SBWire) -- 11/03/2017 --The global Pharmacovigilance Market demonstrates a highly fragmented and competitive landscape, thanks to the presence of a large pool of established as well as startups, finds a new study by Transparency Market Research (TMR). Prompted by its exponential growth, a number of BPOs and CROs from across the world are looking to foray into this market, which is likely to increase the competition in the years to come. The leading companies, such as Accenture Plc, Cognizant Technology Solutions, Bristol-Myers Squibb, and Covance Inc., are likely to focus on technological advancements in their offerings over the next few years, states the report.

As per the research report, the global pharmacovigilance market, which was US$2.4 bn in 2013, is anticipated to rise at a CAGR of 14.20% during the period for 2014 to 2020 and reach a value of US$6.1 bn by the end of the forecast period. Spontaneous reporting has been the most preferred method of pharmacovigilance across the world and is anticipated to remain so over the next few years, note the study.

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Demand for Contract Outsourcing Services to Remain Strong

In-house and contract outsourcing services have been considered as the most preferred pharmacovigilance services across the world in this report. The demand for contract outsourcing services is much higher than the in-house ones and the scenario is likely to remain so over the forthcoming years, thanks to the rising need of pharma companies to shift their focus from non-core to their core business activities by outsourcing pharmacovigilance services.

In terms of the geography, the report classifies this market into North America, Asia Pacific, Europe, and the Rest of the World. North America, among these, has been leading the global market. Researchers anticipate this regional market to remain on the top over the forecast period, thanks to the escalating mortality rate, fueled by ADRs, and the rising concerns of patients pertaining to the safety and the efficiency of pharmaceutical products, states the report.

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Rising Number of Government Pharmacovigilance Centers to Boost Market's Growth

According to an analyst at TMR, the growing awareness pertaining to the public health and the increasing demand for medical interventions and safe practices of medicines are boosting the market for pharmacovigilance substantially across the world. "The rising number of government pharmacovigilance centers, globally, is playing a decisive role in increasing the public awareness level regarding drug safety and, consequently, influencing this market," he adds.

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The market, however, is facing several issues and challenges in developing a technologically advanced healthcare system. The growth of this market may also be hindered by the dearth of skilled professionals and the high risk associated with the data security in the near future, reports the study.