Pharmacovigilance Market Industry Analysis:
A new report titled, ‘Global Pharmacovigilance Market’ has been added to the vast depository of Garner Insights. The market research report consists of an extensive primary research, as well as an in-depth analysis of the qualitative and quantitative aspects by various industry specialists and professionals, to gain a deeper insight of the market and the overall landscape.
The pharmacovigilance market is estimated to represent a global market of USD 7,832 million by 2025 with growth rate of 13.9%. As per the World Health Organization (WHO), pharmacovigilance is defined as the science relating to the detections, understanding, assessment and prevention of adverse drug effects or any other related problems. Adverse drug reactions is the major problems related to the drug molecules. Increasing incidence of adverse drug events will spur the market growth. According to the Institute of Medicine (IOM), more than 1.5 million preventable adverse drug incidences occur within the healthcare industry every year which costs more than USD 4 billion annually. U.S. Food and Drug Administration also stated that approximately 253,017 serious adverse drug reactions and 44,693 deaths associated with ADRs in the first quarter of 2015. Thus, federal agencies such as the Centers for Disease Control and Prevention (CDC), the Agency for Healthcare Research and Quality (AHRQ), the Drug Enforcement Agency (DEA), the Centers for Medicare and Medicaid Services (CMS), and others are constantly monitoring the safety and efficacy of commercialized therapeutics. This will stimulate the demand for pharmacovigilance studies across the globe hence drives the market growth. However, strict regulatory guidelines hampers the market growth to some extent.
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The market is categorized in terms of clinical phases into pre-clinical, phase I, phase II, phase III, and post-clinical. As of 2016, post-clinical clinical phase is accounted for the largest revenue, captured more than 70% share of the global market. Post clinical phase is considered to be the most important phase of drug development. Under this phase, true safety profile of a drug candidate is characterized by continuing safety surveillance.The drug is evaluated under non-interventional and observational trial in a naturalistic setting which complements the safety and efficacy parameters. As per service offering, the market is bifurcated as contract outsourcing services and In- House services. Contract outsourcing services segment is projected to grow with the highest CAGR of 15.3% during the forecast period. Rising demand for contract clinical trials among multinational pharmaceutical or biotechnology companies is expected to boost the market revenue of this segment.
Regionally, developed regions of North America and Europe recorded the largest revenue. Enhanced pharmacovigilance activities in developed regions through effective implementation of information systems and services augment the overall market growth. Developing regions such as Asia Pacific and Latin America is emerged as the most potential market for pharmacovigilance studies. Also, counties like Middle East and Africa rapidly expanding their presence in this market. As per the WHO data, there were only five African counties had establishment of good pharmacovigilance capacity as of 2000 which is now reach to more than 34 in 2010. Also, the organization also stated that there is increase in opportunity to promote pharmacovigilance in African countries. This would in turn surge in demand for pharmacovigilance hence drives the market growth.
Companies such as Accenture, Cognizant, Laboratory Corporation of America Holdings, Wipro Ltd., United BioSource Corporation, Foresight Group International AG, iMED Global and others are operating in this market.
The market size and forecast for each segment has been provided for the period 2014 to 2025, considering 2015 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2016 to 2025 for every reported segment.
The years considered for the study are:
Historical Year – 2014 & 2015
Base Year – 2015
Estimated Year – 2016
Projected Year – 2025
Traders, Distributors, And Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
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The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY CLINICAL PHASE
MARKET, BY SERVICE OFFERING
MARKET, BY REGION
Rest of the World
MARKET, BY COUNTRY
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