Pharmacovigilance Market to grow exponentially crossing 6 Bn $ by 2020

Pharmacovigilance is Booming with its market size expected to expand at a CAGR of 14.2% through 2020. In 2014 the market was at 2,75 Mn $ which is now expected to reach 6,10 Mn $ by 2020.

It is believed that the growth is attributed to CAGR of 15.5% in Phase III clinical trials, further needless to say that 57% of global pharmaceutical companies outsource their projects to contract research organization.

Outsourcing trend of pharmaceutical companies has projected increase the market size of Pharmacovigilance, which in turn benefits the not only the vendor (by creating more job opportunities) , it also benefits the Pharmaceutical giants by increasing their capitalization by working on shorter turn-around time and also avoiding operational cost in Talent acquisition and Infrastructure for carrying drug safety operations.

Reference: https://goo.gl/h3vc8i

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