Medical Literature Monitoring Services Market Size is predicted to witness a 9.1% CAGR during the forecast period for 2023-2031.
Medical literature monitoring services are tailored solutions that assist individuals or organizations in remaining abreast of the most recent developments, studies, articles, and news about healthcare and medicine. The information gathered, analyzed, and shared by these services is based on scholarly publications, research articles, clinical trials, conferences, and other academic journals.
The main objective is to ensure that people in the healthcare, research, and pharmaceutical industries are up-to-date on their respective sectors' newest discoveries and advancements. Personalized alerts, extensive coverage, advanced analytics, supporting research and decision-making, regulatory compliance, and competitive intelligence are all features of medical literature monitoring services. Furthermore, clinical trials, studies, and publications have surged due to the growing focus on evidence-based medicine and the continuous breakthroughs in medical research. This trend highlights the growing need for reliable literature monitoring services that can keep up with the rapid pace of medical research.
However, the market growth is hampered by the strict regulatory criteria for the safety and health of the medical literature monitoring services market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high humidity medical literature monitoring because data security and privacy concerns have emerged as a major obstacle for the medical literature monitoring business, given the growing dependence on digital platforms and the acquisition of sensitive healthcare data.
One important factor that can affect the adoption of literature monitoring services is the need to comply with strict data protection rules while protecting the confidentiality of patient information. Literature monitoring systems can only be useful if trustworthy data sources are readily available. The market's potential is restricted because data formats aren't defined, data quality isn't uniform, and not everyone has access to complete databases. Regulatory agencies have reiterated the significance of electronic reporting to guarantee data interchange for patient safety and have been pushed to reevaluate their standards due to the COVID-19 pandemic.
Competitive Landscape
Some Major Key Players In The Medical Literature Monitoring Services Market:
- Clarivate
- Tepsivo Oy
- Qvigilance
- Biologit
- APCER Life Sciences Inc.
- Techsol Life Sciences
- PrimeVigilance Ltd.
- Freyr
- Pharmalex GmbH
- Arriello Ireland Ltd.
- Others
Market Segmentation:
The medical literature monitoring services market is segmented based on type and end user. Based on type, the market is segmented into global and local literature monitoring. By end user, the market is segmented into pharmaceutical companies, biotechnology and biopharma companies, contract research organisations, medical device manufacturers, and others.
Based On The Type, The Global Literature Monitoring Segment Is A Major Contributor To The Medical Literature Monitoring Services Market.
The global literature monitoring medical literature monitoring services market is expected to lead with a major global market share in 2022. To make better decisions, healthcare organizations and professionals rely more and more on access to the most recent literature in real-time. In addition, the category is experiencing fast growth in the worldwide medical literature monitoring market due to the improved efficiency and accuracy of global literature monitoring services made possible by integrating sophisticated technologies like AI and natural language processing.
Pharmaceutical Companies Segment To Witness Growth At A Rapid Rate.
The pharmaceutical industry accounts for the bulk of medical literature monitoring services because these companies rely heavily on such services to stay abreast of new scientific discoveries, regulatory shifts, and competitive environments. With the necessity for extensive data analysis, real-time information, and insights into new trends, pharmaceutical enterprises are the key drivers of the market's significant growth and revenue, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Medical Literature Monitoring Services Market Holds A Significant Revenue Share.
The North American medical literature monitoring services market is expected to register the maximum revenue share in the near future. This can be attributed to its advanced regulatory infrastructure and growing interest in the value of current medical knowledge. In addition, Asia Pacific is estimated to grow rapidly in the global medical literature monitoring services market. Due to rising healthcare investments, research and development efforts, and an increased focus on evidence-based medicine, the industry is seeing rapid growth.
Recent Developments:
- In Aug 2023, Clarivate acquired Dialog Solutions. Clarivate added Dialog Solutions services and products to its Life Sciences & Healthcare business in December 2021 after acquiring it as part of the ProQuest M&A. The addition of Dialog Solutions products and services to Clarivate's portfolio has improved pharmacovigilance medical literature monitoring, patent research, systematic review literature searches, MDR literature review searches, competitive and business intelligence research.
- In Jan 2023, PharmaceuticalLex Holding GmbH has been acquired by AmerisourceBergen Corporation. By strengthening its position as a leader in specialty services and broadening its global platform of pharma manufacturer services capabilities, the acquisition of PharmaLex bolstered AmerisourceBergen's growth strategy.
Medical Literature Monitoring Services Market Report Scope
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Report Attribute |
Specifications |
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Growth Rate CAGR |
CAGR of 9.1% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Clarivate, Tepsivo Oy, Qvigilance, Biologit, APCER Life Sciences Inc., Techsol Life Sciences, PrimeVigilance Ltd., Freyr, Pharmalex GmbH, and Arriello Ireland Ltd. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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