Increasing prevalence of chronic diseases and respiratory disorders to drive global pharmacovigilance market
According to TechSci Research report, “Global Pharmacovigilance Market By Clinical Trial Phase (Pre-Clinical, Phase 1, Phase 2, Phase 3, and Phase 4), By Method (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining), By Service Provider (In-House, Contract Outsourcing), By End-User (Hospitals, Research Organizations, Industries), By Region, Forecast & Opportunities, 2025”, the global pharmacovigilance market is expected to witness double digit CAGR during the forecast period owing to the increasing cases of chronic diseases such as diabetes and cancer and cardiovascular & respiratory disorders around the globe, which has created a need for new drug development via extensive clinical trials. Moreover, changing lifestyle pattern has led to lack of physical activities and poor diets, which has ultimately increased the amount of drug consumption by an average individual. As the consumption of pharmaceutical drugs is increasing, the pharmacovigilance market is witnessing massive growth. Other factors such as patent expiration of branded drugs and increasing number of new drug developments, are also creating the need for these services. Further, rising cases of Adverse Drug Reaction (ADR) is a major concern and is expected to contribute to the growth of pharmacovigilance market in the coming years.
Moreover, numerous consumer health protection acts in both developed and developing nations are supporting pharmacovigilance market. The need for regular monitoring of drugs due to cases of drug reactions coupled with growing drug consumption is also one of the key reasons behind the growing demand for pharmacovigilance services across the globe. Furthermore, growing number of pharmaceutical companies and global harmonization practices are further expected to support the growth of pharmacovigilance market by 2025.
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The global pharmacovigilance market is segmented based on clinical trial phase, method, service provider, end-user and region. Based on clinical trial phase, market is segmented into pre-clinical, phase 1, phase 2, phase 3, and phase 4. Among them, the phase 4 segment dominated the market in 2019 and is expected to hold its dominance until 2025 as it acts as an additional drug safety measure for drugs undergoing clinical trials. Under phase 4, unsuspected adverse drug reactions can be easily detected. However, the phase 3 segment is expected to undergo impressive growth rate during the forecast period as it helps in finding out the additional information regarding possible drug interactions, effectiveness and drug safety. Based on service provider, the global pharmacovigilance market is categorized into in-house and contract outsourcing. Here, the contract outsourcing service provider dominated the market in 2019 and is expected to hold its lead during the forecast period as well as it eliminates the risk of business overhead costs and is therefore, being increasingly adopted by healthcare companies. Moreover, contract outsourcing offers services such as process design Standard Operating Procedure (SOP), pharmacovigilance audits, and others.
Major players operating in the global pharmacovigilance market include F. Hoffmann-La Roche, Accenture, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, Foresight Group International AG, ICON PLC, Capgemini, United BioSource Corporation, Wipro Ltd, BioClinica , Bristol-Myers Squibb, Clinquest Group, Novartis International, GlaxoSmithKlin, PAREXEL International, iGATE Corporation, iMEDGlobal Corporation, inVentiv Health, etc. The companies are focusing on continuous product developments to enhance their brand image. They are also adopting other growth strategies such as collaborations, partnerships and alliances to increase their profit share.
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“Regionally, Asia-Pacific accounted for largest market share in terms of revenue in 2019 and is expected to witness further growth until 2025 because the region has a large number of companies offering pharmacovigilance outsourcing services. Additionally, India is one of the most favored marketplace for clinical trials among various healthcare companies as the country has large clinical research space and thus offers attractive growth opportunities,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Pharmacovigilance Market By Clinical Trial Phase (Pre-Clinical, Phase 1, Phase 2, Phase 3, and Phase 4), By Method (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining), By Service Provider (In-House, Contract Outsourcing), By End-User (Hospitals, Research Organizations, Industries), By Region, Forecast & Opportunities, 2025”has evaluated the future growth potential of global pharmacovigilance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global pharmacovigilance market.
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