US Pharmacovigilance Market to Witness an Impressive CAGR until 2025
Increasing rate of drug
development and rising cases of adverse drug reactions to drive United States
pharmacovigilance market
According
to TechSci Research report, “United States 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 market is expected to undergo robust growth during the
forecast period owing to the increasing number of new drug developments, which
are creating the need for pharmacovigilance. The changing lifestyle patterns
among the population has led to lack of proper diets and prevalence of various
chronic diseases including cancer and diabetes. This has escalated the
consumption of pharmaceutical drugs in the country. With growing consumption of
drugs, there is a growing requirement for new drugs testing. Hence, the need
for regular monitoring of drugs due to cases of drug reactions is also
propelling the demand for pharmacovigilance services. This is also acting as a
major factor for the growth of pharmaceutical drugs in the United States.
Additionally, rising cases of Adverse Drug Reaction
(ADR) is a major concern and is creating the demand for pharmacovigilance
services in the country. Apart from that, patent expiration of branded drugs
and increasing number of new drug developments are some other key factors
supporting the growth of this market. Moreover, numerous consumer health
protection acts provided by the United States government are also benefiting
the pharmacovigilance market. With entry of new pharmaceutical companies and
harmonization practices, the United States pharmacovigilance market is poised
to undergo significant growth until 2025.
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The United
States pharmacovigilance market is segmented based on clinical trial phase,
method, service provider, end-user and region. Based on method, the market is
segmented into spontaneous reporting, intensified ADR reporting, targeted
spontaneous reporting, cohort event monitoring and EHR mining. Among them, the
spontaneous reporting method is anticipated to undergo fastest growth during
the forecast period as it finds wide application in recognition of serious and
rare ADRs.
Based
on clinical trial phase, the United States pharmacovigilance market is
categorized into pre-clinical, phase 1, phase 2, phase 3, and phase 4. Here,
the phase 4 segment is expected to undergo highest CAGR in United States as
this phase is able to detect unsuspected adverse drug reactions.
Major players operating in the United
States pharmacovigilance market include F. Hoffmann-La Roche & Co.,
Laboratory Corporation of America Holdings, IBM Corporation, United BioSource
Corporation, BioClinica Inc, Novatis Corporation, ArisGlobal LLC, Cognizant ,
Accenture, Capgemini US LLC, iGATE Corporation and iMEDGlobal Corporation. The
companies are involved in extensive research & development activities to
develop innovative therapeutic molecules. They are also adopting strategic
growth activities like partnerships and mergers to increase their market share.
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“Rising
mortality rate due to adverse drug reactions is a serious concern in the United
States. This has also raised the concern over safety and efficacy of drugs. Therefore,
there is an increasing demand for pharmacovigilance services in the country. Hence,
companies are required to focus on remodeling the pattern of their services in
an attempt to satisfy the growing demand for drug safety,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“United States 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 United States 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 United States pharmacovigilance market.
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