Drug safety implies that the drug benefits outweigh the risks associated with them. During the past decade, there has been an increase in the serious outcomes related to the side effects of the drugs. Serious outcomes imply hospitalization, life-threats, disability, and death among others. 10-20% of patients suffer from serious Adverse Drug Reactions (ADRs) in hospitals and these ADRs may contribute to 5-10% of the hospital costs. Therefore, the monitoring and evaluation of the drug adverse effects becomes crucial for an effective medical practice.
The pharmacovigilance market is expected to reach a market size of $8.23 billion by 2022. Stringent compliance with drug safety regulations and increasing incidents of ADRs are acting as key drivers for the growth of this market. Pharmaceutical organizations are entering into collaborations with CROs and BPOs to perform pharmacovigilance activities during all the clinical trials phases.
Pharmacovigilance in clinical trial Phase III is expected to grow at the highest CAGR during the forecast period because this phase covers large patient population for the medicinal product safety analysis before it becomes available officially.
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Pharmaceutical organizations perform their Pharmacovigilance (PV) activities either in-house or outsource them to outside vendors. Organizations may outsource either some of their specific PV activities or all their drug safety requirements. Pharmacovigilance acquired largest market share of for outsourcing in 2015 and is estimated to grow at a double digit CAGR during the forecast period. The growth of pharmacovigilance outsourcing will be driven by the outreach to a larger domain expertise, enhanced work output and reduced cost.
North America and Europe accounted for the largest and second largest market share respectively of the Pharmacovigilance market in 2015. Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period because of the availability of cost effective Pharmacovigilance workforce. APAC region has the presence of 60% of the world population which is expected to increase clinical trials and act as a key driving factor for the growth of Pharmacovigilance in this region.
Medicinal products have changed the way in which diseases are managed and controlled in the current era of medical technology. Regardless of the benefits, Adverse Drug Reactions (ADRs) continue to increase leading to illness, disability and even death of the patients. Globally, ADRs are one of the leading causes of mortality. Monitoring and evaluation of drug safety becomes vital in order to enhance public health, which requires a pharmacovigilance (PV) system in place. Globalization and free trade explosion have changed the way individuals today access medicinal products. Therefore, effective collaboration is required between pharmaceutical organizations and the key pharmacovigilance players in order to minimize the risks associated with the use of medicines.
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The report titled “Global Pharmacovigilance Market” provides an in-depth analysis of the key development strategies and market trend dynamics which includes drivers, challenges and opportunities prevailing in the pharmacovigilance market. Key regulatory bodies have also been considered in the report because of the compliance requirements with drug safety regulations. Moreover, value chain analysis, consortiums and patents have also been included in the report. Porter’s five forces analysis has also been examined for deeper understanding of the nature of competition prevailing in the market
The pharmacovigilance market estimation and Full Time Equivalent (FTE) pricing analysis for case processing has been built on detailed assumptions. The market has been estimated based on clinical trials, service provider type and geography.
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