The global Medical Carts (PV) market size is projected to reach USD 12.25 billion by 2027, exhibiting a CAGR of 12.3% during the forecast period. Initiation of awareness campaigns to disperse information among patients regarding safe medication practices will stimulate market growth, finds Fortune Business Insights™ in its report, titled “Medical Carts (PV) Market Size, Share & Industry Analysis, By Type (Service and Software), By Deployment (In-house and Outsource), By End User (Hospitals, Pharmaceutical Companies, and Others), and Regional Forecast, 2020-2027”. Prior to its commercial release, a drug has to undergo multiple trial phases and in each phase, its efficacy and safety are rigorously tested. Enhanced access to information has made people more aware about the safety of medicines, especially those given over-the-counter (OTC). This awareness is further bolstered by the initiatives taken at the local, national, and international level. For instance, the World Health Organization (WHO) launched the Global Patient Safety Challenge a few years ago with the title ‘Medication Without Harm’ to spread awareness among people about safe medication practices and overall medicinal safety standards. Similarly, the Uppsala Monitoring Center in Sweden started a campaign in 2019 focusing on polypharmacy and safe consumption of medication among the geriatric population. Such programs and campaigns will play a key role in boosting the growth of this market in the coming years.
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The report states that the market value was at USD 4.84 billion in 2019. The other highlights of the report include:
Sweeping analysis of the impact of the COVID-19 pandemic on the market;
In-depth study of each individual market segment;
Comprehensive evaluation of the market trends, drivers, and restraints; and
Detailed assessment of the regional prospects and competitive dynamics of the market.
Rapid Spread of the Coronavirus Pandemic to Provide Impetus to Market Growth
The COVID-19 outbreak has created an acute global health crisis and various organizations ranging from governments and pharmaceutical companies to academic institutions are racing against time to develop an effective vaccine for the infection. As a consequence, there has been a sudden surge in clinical trials in recent months, which has brought glad tidings for the Medical Carts market growth. For example, PGIMER Chandigarh began the clinical trial of Sepsivac, an immunomodulator, on asymptomatic COVID-19 patients in April 2020. Similarly, a potential vaccine against the coronavirus was developed by the University of Oxford in a span of just 3 months and its first human trial began in the third week of April in the UK. Efficient PV technologies are critical in assessing the adverse effects of vaccines and the COVID-19 pandemic has raised the need for PV exponentially. Moreover, medical research in the present scenario is also directed towards developing effective therapies for coronavirus patients, which will further bolster the demand for Medical Carts services.
Robust Healthcare Research Facilities to Augment the Market in North America
Having generated revenue worth USD 1.94 billion in 2019, North America is anticipated to lead the Medical Carts market share during the forecast period. One of the main reasons for the region’s dominance is the well-established healthcare research infrastructure in the region as well as supportive policy environment for advancements in medicine technologies. In addition to this, North America also has a large number of PV centers with modern software, which augurs well for the market in the region. In Europe, the market is expected perform impressively owing to the presence of strong regulatory bodies such as European Medicines Agency (EMA) to monitor Adverse Drug Reactions (ADRs). The market in Asia-Pacific is foreseen to grow at the fastest pace on account of rising emphasis on efficient assessment of ADRs and Adverse Event (AE).
Strategic Introduction of Advanced PV Tools to Intensify Competition
Development and launch of advanced PV software and service offerings by key market players is likely to play a key role in perpetuating the PV market growth in the forthcoming years. Besides this strategy, companies are also collaborating with each other and ramping up their R&D investment to expand their regional and global presence.
September 2019: Bayer Zydus Pharma, the Indian division of the German pharmaceutical giant Bayer, introduced its novel adverse event reporting mechanism, SafeTrack, in Mumbai, marking the importance of the International Patient Safety Day. The tool is designed for convenience and ease-of-use and will be available to the public.
January 2019: IQVIA, the US-based health information technology specialist, developed a scalable Software-as-a-Service (SaaS) safety platform to meet the increasing drug safety and monitoring challenges encountered by life sciences entities such as pharmaceutical companies. The platform is engineered to allow access to multiple users and across multiple locations.
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List of Key Players Covered in the Medical Carts Market Report Include:
Pharmaceutical Product Development, LLC (U. S)
Parexel International Corporation (U.S)
ICON plc (Ireland)
Accenture plc (Ireland)
Covance Inc. (U.S)
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