Pharmacovigilance Market to Witness Healthy Growth through 2025
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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