According to a new market report published by Transparency Market Research “Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, the global pharmacovigilance market was valued at USD 2,426.6 million in 2013 and is expected to expand at a CAGR of 14.2% from 2014 to 2020 to reach USD 6,104.1 million in 2020.
Browse the full Pharmacovigilance Market Report at http://www.transparencymarketresearch.com/pharmacovigilance-market.html
Growing pressure on the pharmaceutical industry to detect early signals of drug disasters and interactions, rising concerns regarding public safety issues and stringent regulatory inspections have fueled the growth of the global pharmacovigilance market. A number of high profile drug withdrawals in the past few years have prompted various biopharmaceutical companies to follow the guidelines of Good Pharmacovigilance Practice (GPvP) in order to maintain their reputation and position in the global market. Various factors such as early detection of suspected as well as unsuspected adverse drug reactions (ADRs), prevention of unnecessary hospitalization of patients and increasing number of clinical trials are expected to drive the growth of the global pharmacovigilance market from 2014 to 2020.