Comprising of a large number of players, the global pharmacovigilance market exhibits a highly fragmented vendor landscape. A few leading enterprises such as Quintiles Transnational Corporation, Covance, Inc., PAREXEL International Corporation, PRA International, ICON Plc, and Pharmaceutical Product Development, LLC., currently holding dominance in the market, offer “bundled services” to clients by adopting innovative technologies. Cumulatively, the leading enterprises held over 58.5% of the global pharmacovigilance market in 2013.
Marketing policies adopted by the leading players have thus enabled pharmaceutical companies obtain a plethora of services through a single contract agreement, states Transparency Market Research (TMR) in a new study. This also had a significant influence on the market in terms of bolstering its growth over the last few years. TMR has projected the global pharmacovigilance market to exhibit an impressive CAGR between 2016 and 2024. The market is poised to reach a valuation of US$6.1 bn by the end of 2020.
Presence of Several Leading Players to Seal North America’s Lead
Regionally, North America led the global pharmacovigilance market in 2016 and is projected to hold on to its dominance through the forecast period. By the end of 2020, the region is expected to account for over 35.7% of the global market. “The presence of several prominent companies has contributed to sealing North America’s lead in the global pharmacovigilance market,” observed the TMR report’s author. Based on type, spontaneous reporting segment is projected to remain dominant through the forecast period. The segment is likely to hold over 34% of the market in 2020.
Rising Drug Consumption has Led to Increasing Demand for Drug Event Monitoring
The demand for drug event monitoring has significantly increased in the last few years, propelled by the rising drug consumption worldwide. Driven by this factor the global pharmacovigilance market is projected to exhibit robust growth during the course of the forecast period. According to the Institute for Safe Medical Practices (ISMP) approximately 6.4 million prescriptions were dispensed in the U.S. alone in 2010. Since then the world has witnessed a considerable rise in novel therapeutics administered for the treatment of chronic ailments. These developments has in turn contributed to the expansion of the pharmacovigilance market.
In contrast, the incidences of adverse drug reaction and drug toxicity have increased in pace with the launch of novel therapeutics, thus making pharmacovigilance indispensable for patient care. “Following the implementation of stringent regulations, the demand for amplified scrutiny and drug safety monitoring regulations has surged,” said a lead TMR analyst. This has created significant scope for the expansion of the pharmacovigilance market. The adoption of outsourcing services across the pharmaceutical sector is also expected to accentuate the market’s growth.
Risks Associated with Data Security Hinder Adoption of Pharmacovigilance Outsourcing
Despite its rising use, the risks associated with data security has been hindering the widespread uptake of pharmacovigilance outsourcing, which has a negative impact on the market as a whole. As organizations are increasingly becoming connected with the advent of cloud and social media, the resultant rise in potential threats to data security cannot be denied either. It is imperative for the healthcare industry to protect confidential data, which could inhibit the adoption of pharmacovigilance outsourcing to an extent.
The lack of skilled labors could hamper the growth of the market’s growth as well. Furthermore, inadequate penetration in the herbal product segment of Asia Pacific keeps the market away from considerable opportunities.
Opportunities Witnessed in Emerging Economies to Boost Pharmacovigilance Market
The enterprises operating in the pharmacovigilance market has been witnessing lucrative opportunities across emerging economies. Countries such as India, Brazil, and China have emerged as attractive hubs for outsourcing services. These countries boast abundant skilled labor with the required technical skills for handling research processes and supporting large pharmaceutical companies. Developing nations thus provide huge scope for the growth of the pharmacovigilance market. Additionally, with various life sciences and pharmaceutical companies shifting focus towards outsourcing, the pharmacovigilance market is projected to gain considerable impetus during the forecast period.
The study presented here is based on information published by TMR in a report, titled “Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
The report segments the global pharmacovigilance market as:
Pharmacovigilance Market, by Phases of Drug Development
- Preclinical Studies
- Phase I
- Phase II
- Phase III
- Phase IV or Post Marketing Surveillance
Pharmacovigilance Market, by Types of Methods
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
Pharmacovigilance Market, by Type of Service
- Contract Outsourcing
Pharmacovigilance Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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