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The pharmacovigilance market is driven by the growing need to mitigate or control the risk of adverse effects of the drugs. These effects might include constipation, skin rash or dermatitis, dizziness, dry mouth and headache, among others. Some long term side-effects of the drug may include birth defect among infants, abnormal heart rhythms, and cancer. Therefore, this has propelled the need for pharmacovigilance in the forecast period.
North America is likely to account for a significant share in the market owing to the thriving pharmaceutical industry in the United States of America and Canada. The growing R&D activities, coupled with the growing efforts of expansion by the major drug manufacturers in the region, will provide significant opportunities for pharmacovigilance in the region. Over the forecast period, the market in the region will further be aided by the growing level of drug abuse and its associated reactions among the youth. Furthermore, the growing cases of chronic diseases, such as oncological diseases, diabetes, cardiovascular, and respiratory disorders, are likely to provide impetus to the market growth in the region, owing to the anticipated rise in the drug consumption.
In December 2019, Accenture plc (NYSE: ACN) collaborated with UCB, a leading pharmaceutical company to build a safety solution based on Accenture’s INTIENT Pharmacovigilance to bolster the processing of individual patient safety case reports. This collaboration is likely to help UCB in uncover the adverse effects of the drug, medicines, or any kind of previous treatments a patient has went through. Accenture’s INITIENT pharmacovigilance leverages artificial intelligence to collect, manage and learn from UCB’s structured and unstructured data source. This will enhance the monitoring process of the adverse effects of drugs.
Market Breakup by Service Providers, Types, Product Life Cycles, Process Flows, Therapeutic Area, End-Uses, and Region:
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The major players in the global pharmacovigilance market include Accenture plc, Linical Americas, IQVIA, Cognizant, Laboratory Corporation of America Holdings, and IBM Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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