Pharmacovigilance is the branch of science that manages safety of drugs after they have been approved for use. It essentially includes dentification, evaluation, monitoring and prevention of adverse reactions associated with the usage of drugs. Pharmacovigilance is a vital part of clinical research and plays a crucial role in avoiding drug related disasters and toxicity. These exercises are worked at worldwide level and contribute towards creating health awareness and safe medication utilization among people. There are many pharmacovigilance centers globally directly implicating the definitive role of this branch of science in developing a better healthcare system.
Pharmacovigilance Market Driving Factors
- The growing prevalence of chronic conditions is expected to drive the growth of the global pharmacovigilance market. For instance, cancer accounted for nearly 9.6 million deaths in 2018, which increased from 8.9 million deaths in 2016. With the increasing prevalence of the disorders, the demand of the drugs for the treatment is increasing
- The increasing frequency of Adverse Drug Reactions (ADR) is the key development driver. ADR forces a significant burden on medicinal healthcare system and is one of the major reasons for morbidity in developed countries. As indicated by the National Center for Biotechnology Information (NCBI), roughly 5% of complete hospitalizations in Europe every year, are because of ADR. Pharmacovigilance administrations does a necessary job in this pre-clinical stage by helping producers in distinguishing adverse impacts related with the drugs.
- The increasing demand for continuous pharmacovigilance for effective surveillance of ADRs will render several growth opportunities for the market expansion.
- prominent pharma companies in developed countries are aiming towards outsourcing PV services to decrease cost and to reduce operating costs. This is expected to serve up as an prospect for contact research organizations in emerging nations to gain more revenue share
- Manufacturers are now aiming on changing their product development processes in an effort to provide to patient needs across the worldwide. These elements are likely to boost the demand for pharmacovigilance services during the estimated timeframe.
Pharmacovigilance Market Challenging Factors
- High risk associated with data security will hamper the growth of the pharmacovigilance market
- Lack of data standardization for adverse event collection is anticipated to affect the market growth
Pharmacovigilance Market Segmental Highlights
The report analyses the global Pharmacovigilance market based clinical trial service provider, type and geography
- Based on the service type provider, the pharmacovigilance market is segmented into in house and contract manufacturing. Increasing acceptance and adoption of outsourcing services by healthcare companies to relive pressure on budget will stimulate contract manufacturing segmental growth during the forthcoming years.
- By type, the pharmacovigilance market is categorised into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining are the types of hormone replacement therapy.
- Pharmacovigilance market by clinical trial is segmented into Pre-Clinical, Phase I, II, III, IV.
- Based on geography, the global pharmacovigilance market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America accounted for the largest market share owing to the presence of key pharmaceutical and medical devices player in this region and increasing investment in novel drug development by major players in this region.
Pharmacovigilance Market Key Players
Key players in the global Pharmacovigilance market include Accenture, Linical Accelovance, Capgemini, ITClinical, FMD K&L, IQVIA, Cognizant, Laboratory Corporation of America Holding, IBM Corporation; ArisGlobal, ICON plc, TAKE Solutions Ltd., Wipro Ltd. , United BioSource Corporation, PAREXEL International Corporation, BioClinica Inc. s and others
Key Development
September 2016: Boehringer Ingelheim announced a long-term collaboration with ViraTherapeutics, a biopharma company developing immunotherapeutic for cancer treatment. This collaboration is intended to develop a novel technology for oncology and to investigate clinical testing of Vesicular Stomatitis Virus Glycoprotein (VSV-GP) in phase I trial.
June 2015: QuintilesIMS launched Infosario One Mobile App, a mobile based application that enables access to important clinical trial information. The application provides instant access to start-up, recruitment and compliance information as well as updates on data queries. This product launches enabled company to garner high market share and sustain market competition.
The report analyses the global pharmacovigilance market based clinical trial service provider, type and geography. Based on the service type provider, the pharmacovigilance market is segmented into in house and contract manufacturing. By type, the pharmacovigilance market is categorised into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining are the types of hormone replacement therapy. Pharmacovigilance market by clinical trial is segmented into Pre-Clinical, Phase I, II, III, IV. Based on geography, the global pharmacovigilance market is segmented into North America, Europe, Asia Pacific and Rest of the World.
Key players in the global Pharmacovigilance market include Accenture, Linical Accelovance, Capgemini, ITClinical, FMD K&L, IQVIA, Cognizant, Laboratory Corporation of America Holding, IBM Corporation; ArisGlobal, ICON plc, TAKE Solutions Ltd., Wipro Ltd. , United BioSource Corporation, PAREXEL International Corporation, BioClinica Inc. and others
Why to buy this report:
- The report offers changing market dynamics in the pharmacovigilance market, presenting historical, current and projected market size in terms of value (USD Million)
- The research study provides an in-depth analysis of the industry value chain focusing on the peer and parent markets of pharmacovigilance market
- It presents a comprehensive assessment of geographical regions exhibiting promising growth, potential and niche segments, and a neutral perspective on the Pharmacovigilance market performance
- The report also offers strategic recommendations in key business segments based on the market estimations and competitive landscape, mapping the key common trends of Pharmacovigilance market
