Global Pharmacovigilance Market: Snapshot
The global pharmacovigilance market is growing cumulatively as it is being driven by increase in awareness in the public health sector coupled with rise in preference for safe medicines. Globally, growing number of national pharmacovigilance centers is playing an imperative role to support the growth of the market in the next few years. Needless to mention, pharmacovigilance is witnessing numerous challenges to develop a better healthcare system. Unavailability of unskilled labor and information about drugs obtained via the web could be two high-impact restraints of the market. However, rigorous pharmacovigilance activities that could be made compulsory are expected to raise demand in the market. Such mandatory activities help to actively manage high-risk medicines.
The global pharmacovigilance market is anticipated to thrive at a handsome CAGR to be worth a US$6.1 billion by the end of 2020.
Monitoring of Drug Safety Leads to Massive Growth in Phase III Clinical Trial
The world pharmacovigilance market could be segmented into preclinical studies, clinical trial phases I, II, III, and IV by phase of drug development. Phase IV a.k.a. post-marketing surveillance has contributed with its larger share in terms of revenue in the previous years. Safety worries relating to marketed products, growing necessity of designing systems to compare safety profiles of homologous medicinal products, and growth in public health awareness campaigns are few of the reasons which aid the growth of the segment.
Clinical trial phase III is predicted to set to rise at a higher CAGR because of escalating need for monitoring of drug safety. This phase emphasizes on drug safety and efficiency in diverse sub-groups, where the benefit-risk ratio is developed, scrutinized, and updated accordingly. In order to be more accurate on the part of drug safety, biopharmaceutical companies are focusing on creating advanced clinical trial phases.
The world pharmacovigilance market could be divided into contract outsourcing and in-house pharmacovigilance based on type of service provider. An important factor helping with the growth of contract outsourcing could be shift in focus to core business activities from that of non-core by outsourcing pharmacovigilance services. This will lead to decrease in operational and financial costs suffered from delays in product approval.
The world pharmacovigilance market could be segregated based on five types of methods. These are intensified ADR reporting, targeted spontaneous reporting, EHR mining, spontaneous reporting, and cohort event monitoring. In a recent year, in terms of revenue, spontaneous reporting method grew as a larger segment since it is a more accurate technique of discovering new ADRs.
Strict Healthcare Regulations Result in Higher Demand in Asia Pacific
Asia Pacific is expected to gain higher growth during the forecast period. Factors supporting market growth in the region are envisaged to include high demand for strict healthcare regulations and increase in number of clinical trials being set up. Nevertheless, developed regions are projected to significantly contribute to the international pharmacovigilance market. For instance, North America’s cost benefit gained by switching to contract research organization (CRO) outsourcing from expensive in-house activities is projected to help the region to collect a larger share of the market.
Increased death rates because of adverse drug reactions (ADRs) and rise in patient fears regarding safety of medicinal products have propelled market growth of North America in the recent years. A report by Centers for Disease Control and Prevention (CDC) states that there are around 100,000 deaths caused by ADRs in the U.S. which are counted among the top ten leading causes of death in the country.
The report also provides a regional study of other important markets, viz. Europe and the Middle East and Africa. Besides this, it analyzes the competitive landscape while profiling key players such as Accenture plc, Cognizant Technology, Bristol- Myers Squibb, and Wipro Limited.
Pharmacovigilance Market: Overview
The increasing occurrence of adverse drug reaction (ADR) and the rising policies implemented by governments on drug safety regulations globally will fuel the growth of the global pharmacovigilance market. The market for pharmacovigilance has been growing in leaps and bounds owing to the increasing aging population, raising the introduction of new drugs. Furthermore, health regulatory authorities including EMEA and the U.S. FDA are pressurizing on submission of data through electronic mediums. This will also positively impact the growth of the global pharmacovigilance market.
This report presents quantitative information sets and elaborates upon the market dynamics such as the future prospects, drivers, and challenges. The competitive analysis tools such as attractive investment proposition have also been employed in order to present an accurate understanding of the overall market. The top regional segment driving the growth of the global pharmacovigilance market also forms a key part of this study.
In the competitive landscape section of the report, the main sustainability strategies implemented by the leading players and their impact on the development of the market have also been presented. The key market regulating factors have also been detailed under this study. Key monitoring tools such as SWOT analysis and Porter’s five forces analysis have also been utilized in order to provide a detailed understanding of the competition present in the overall pharmacovigilance market.
Pharmacovigilance Market: Drivers and Restraints
The increasing awareness amongst individuals on the safe utilization of medical interventions and medicines is amongst the key factors providing impetus to the development of the pharmacovigilance market. In addition, the rising count of national pharmacovigilance centers worldwide is positively impacting the growth of the overall market for pharmacovigilance. These centers are increasing awareness regarding safety of drugs amongst individuals, hence catapulting demand for pharmacovigilance.
On the other hand, the huge risk of data security and increasing perception on benefits or harmful effects of various drugs are amongst the key factors restraining the development of the market. In addition, the trend of web-based sales and drug information and the lack of skilled professionals may negatively impact the growth of the global pharmacovigilance market.
Pharmacovigilance Market: Region-wise Outlook
On the basis of geography, the global pharmacovigilance market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Of these, the North America pharmacovigilance market held a significant share in the past owing to the rising mortality rate in this region because of increasing occurrence rate of ADRS and the growing concern on patients about the efficacy and safety of pharmaceutical products.
However, Asia Pacific is predicted to emerge as the most lucrative region in the market in the coming years. This is due to the rising demand for strict regulations on healthcare in Asia Pacific and the large pool of patients within this region. In addition, the growing need for effective pharmacovigilance services owing to the increasing count of clinical trials taking place in a number of Asia Pacific nations will also boost the development of the overall market.
Key players Mentioned in the Report are:
The top players in this market are Clinquest Group B.V., Accenture, Plc, Cognizant Technology Solutions, iMED Global Corporation, Covance, Inc. ICON, Plc, inVentiv Health, Inc., Pharmaceutical Product Development LLC, Parexel International Corporation, PRA Health Sciences, Inc., F. Hoffmann-La Roche Ltd., Quintiles Transnational Holdings Inc, Sanofi , Wipro Limited, and Synowledge LLC, among others.
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments