The global pharmacovigilance market size is expected to reach around US$ 10.6 billion by 2026 and growing at a CAGR around 12.8 % throughout the forecast period 2019 to 2026.
The report provides analysis of global Pharmacovigilance market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Pharmacovigilance is a medical product or drug safety and efficacy study. It is an investigation related to medical product or drug collection, detection, evaluation and prevention of adverse effects. Pharmacowigilance is responsible for analyzing the drug's side effects and determining the effects adverse to the drug and vice versa. Drug discovery and development, preclinical research, clinical research and post-marketing surveillance are all included in pharmacovigilance. Each phase of the drug cycle ranges from preclinical to post-market surveillance. More prevailing adverse medicine reactions and safety regulations are projected to fuelled by the growth of the pharmaceutical surveillance market during the prediction period by government regulatory agencies.
High regulations by different agencies related to drug approval, increasing incidence of ADR and increasing patient awareness of drug safety are the main factors contributing to the growth in the pharmacovigilance market. The other factor driving market growth is the rigorous guidelines for new medication therapy clinical trials and the strict requirements for keeping medical records on electronic drugs. Different pharmaceutical and biotechnology companies pressurized the initiatives taken by famous regulatory organizations in respect of the safe manufacture of medicines. The recent outsourcing trend to CRO and BPOs of pharmacovigilance services has resulted in an efficient operation of the medication regulation system. The outsourcing services have increased productivity, increased adherence to regulations, and improved strategic outcomes leading to the growth of the drug supervision market. Patient data safety, lack of expertise and increased web sales of drugs are factors that are limiting the growth of the market.
Clinical Trail Phase Outlook
The market is divided into preclinical, phase I, Phase II, III and IV based on clinical trial phase. In 2018, the Phase IV or the clinical trial after marketing led the market. For medicines undergoing clinical trials, PV solutions serve as additional safe measures. Phase IV is a critical phase of clinical trials, as unsuspected medication adverse reactions in this stage can be identified. The data collected and evaluated in this phase are therefore expected to be of the greatest importance. Intensive pharmaceutical testing on a large demographic patient basis can be attributed to this factor after medication is marketed. Phase III is projected to show lucrative growth, on the other hand. Phase III studies are conducted with the objective of determining and determining drug effectiveness. These experiments also provide further information on possible medicament interactions, drug safety and efficacy before the drug is marketed. The above factors are expected to contribute in the near future to revenue generation.
Service Provider Outlook
Contract outsourcing was dominant on 2018 and is projected to see the fastest growth over the next few years, owing to outsourcing advantages such as risk mitigation, resource flexibility, lower early investment and reduced fixed costs. The outsourcing contracts provide solutions such as SOPs, PV audits and other customized services.
The rapidly emerging CROs, particularly in emergent economies such as India, China and Japan, provide end - to - end clinical trial solutions to enable resource sharing, cost efficiency, resource flexibility and operational capacity development, are also able to attribute the dynamic development of the contract outsourcing segment.
Outsourcing services include services which address very complex regulatory requirements, add scalability to accommodate the growing product portfolio, and support aggressive cost objectives. PV services are accompanied by a wide range of advantages. The outsourcing of contracts also helps to reduce the complexity of clinical trials, to enable faster trial approvals and to efficiently utilize internal resources.
In the home segment, moderate growth is predicted over the forecast period as a result of extensive R&D by major pharmaceutical and biotechnology companies for the production of new drugs. In the coming years, the industry is expected to be served by this.
Due to the presence of key players in pharmaceuticals and medical products, North America had the largest share for revenue in 2018 and contributed to overall sales in this region. Increased drug abuse and associated adverse drug reactions are a leading cause of death and morbidity. The above elements are high growth factors for the North American market. Increased investment in the development of new drugs by major players is also expected to promote the regional market. As a result the numbers of clinical trials and post-marketing surveillance needs increased as a result of large drug production and thus contributed to the overall growth of the market.
In the projected period due to the availability of a large number of external organizations, Asia Pacific is expected to register a lucrative CAGR of over 15 percent. As a result, the regional pharmacovigilance demand is to be stimulated in coming years by improving productivity, cost-efficiency and resource sharing. In addition the regional market growth is driven by increased awareness among patients, increased investment and government support initiatives to meet the demands of the population.
Global Pharmacovigilance Market, by Clinical Trial Phase
Global Pharmacovigilance Market, by Service
Global Pharmacovigilance Market, by Type
Global Pharmacovigilance Market, by End Use
Global Pharmacovigilance Market, by Geography
The market research study on “Pharmacovigilance Market (By Clinical Trial Phase: Pre-clinical, Phase I, Phase II, Phase III, Phase IV; By Service: In-house, Contract Outsourcing; By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining; By End Use: Hospitals, Research Organizations, Industrial) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Pharmacovigilance market segments with market dynamics and their impact. The report also covers basic technology development policies.
The report offers an overview of the market and statistical diagrams to support the expected figures. Our analysts predict the market scope and future prospects in an insightful way. The Acumen Research and Consulting report contains a comprehensive analysis of the global market in Pharmacovigilance segmented by molecular type, test type and region. The report outlines numerous growth strategies implemented by companies as well as the latest market trends. The market share and current position of all leading players are discussed in detail. It analyzes players ' new revenue sources and highlights the different strategies.
Key Players & Strategies
The Pharmacovigilance market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Clinquest Group, IBM Corporation, ArisGlobal, ICON plc. Accenture, Clinquest Group B.V., Cognizant, Laboratory Corporation of America Holdings. TAKE Solutions Ltd., PAREXEL International Corporation, BioClinica, Wipro Ltd. and United BioSource Corporation, Capgemini, iMEDGlobal, Foresight Group International AG., among others.
The expiry patent of branded drugs and the increasing number of new drug developments in this market is experiencing significant boost. This has attracted several pharmacovigilance providers both locally and internationally. The presence of competitive environments has led to better management of clinical data, pharmacovigilance and an improved R&D process. The market is competitive by key players involved in the ongoing development of products, cooperation, partnership and alliances to enhance market perception. For example, Aris Global launched a new Life Sphere Safety pharmacovigilance and security platform suite in May 2017 to expand its portfolio of services. In the near future, increasing numbers of outsourcing providers will raise industry rivalry. Because of this, competitive competition is expected to remain high for the pharmaceutical industry in the near future.