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Increasing number of National pharmacovigilance centers across the globe along with rising patient awareness regarding adverse drug events will stimulate global pharmacovigilance market growth. However, lack of skilled professionals and risk associated with data security and web-based drug sales will hamper business expansion.
The phase IV clinical trial market size was valued more than USD 2 billion in 2015 and is expected to grow at over 10% by 2024. Phase IV studies ensure that restrictions could be imposed on a drug being sold depending on its safety performance.
Contract outsourcing market size was valued over USD 1 billion in 2015, poised to grow at 12.2% from 2016 to 2024 and surpass USD 4 billion by 2024. Contract outsourcing reduces overall economic losses linked with drug approval delays and trial failures. It is widely opted by companies to avoid huge investments and delegate such activities to specialized firms in this area.
U.S. pharmacovigilance market size was valued at more than USD 1 billion in 2015, with expectations to grow at 10.7% over the forecast period, owing to favorable governmental regulations, huge clinical trial volume and presence of large scale research companies. Additionally, growing patient concerns related to the drug safety and rising adverse drug events related mortality rates will positively impact pharmacovigilance market share.
Spain pharmacovigilance market size was valued over USD 230 million in 2015 and should witness 10.2% CAGR from 2016 to 2024, to surpass USD 550 million by 2024. Rising demand for new drug development, growing geriatric population and increasing outsourcing by pharmaceutical companies should fuel regional industry growth. India pharmacovigilance market growth was more than 14% from 2016 to 2024, and expected to reach USD 668 million by 2024. The strong and robust growth is attributed to increasing number of clinical trials conducted across Asian countries, owing to low cost trial advantage over developed countries.
Key industry players such as Quintiles offer literature monitoring, safety aggregate reporting, benefit risk management, analytics and signal detection services. Synowledge offer signal detection services, which help clinical experts determine medical significance with the use of hi-tech visualization techniques.
Many industry participants are focusing on outsourcing pharmacovigilance services as a feasible cost reduction avenue. Outsourcing helps achieve better pharmacovigilance through regulatory compliance, better quality, enhanced productivity and improved strategic outcomes.
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Key insights from the report include:
- Europe pharmacovigilance market size was over USD 790 million in 2015 growing at anticipated close to 10% CAGR. Germany, UK, Spain together contributed for over 70% of regional pharmacovigilance market share in 2015.
- Brazil pharmacovigilance market share was more than 60% of regional revenue for 2015, with target slated to exceed USD 300 million by 2024. South Africa pharmacovigilance market size was more than USD 37 million and anticipated for over 5% growth.
- Phase III clinical trial market size was more than USD 450 million in 2015, with expectations to grow over 10% CAGR, due to increasing requirement for drug safety monitoring and evaluation.
- Contract outsourcing held more than 50% of pharmacovigilance market share with target market size of over USD 1.7 billion in 2015. Increasing outsourcing trend adopted by pharmaceutical companies will serve as a high impact driver for the business growth.
- Global pharmacovigilance market will be driven by collaboration between pharmaceutical companies and contract research organizations (CROs). The key industry participants include Accenture, Quintiles, Cognizant Technology Solutions, Boehringer Ingelheim, Covance, PAREXEL International Corporation, Bristol-Myers Squibb, Janssen Research & Development, Synowlwedge, United BioSource Corporation and ICON.
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