Pharmacovigilance Market Analysis
The Global Pharmacovigilance Market size is likely to touch USD 10,881.03 million at a 14.1% CAGR between 2019- 2025, reveals the new Market Research Future (MRFR) report. Pharmacovigilance or drug safety is a pharmacological science associated with collecting, detecting, assessing, monitoring, and preventing adverse effects with pharmaceutical products. EHR mining, targeted spontaneous reporting, intensified ADR reporting, cohort event monitoring, and spontaneous reporting are some of the different types of pharmacovigilance.
Numerous factors are adding to the pharmacovigilance market growth. Such factors, as revealed by the latest MRFR report, include an increase in new drug developments, patent expiration of branded drugs, increasing cases of medication errors & adverse drug reactions, and an increase in drug consumption as well as development rates. Additional factors propelling the pharmacovigilance market growth include high investments by pharmaceutical industries, increasing expenditure on research and oncology, rising incidence of chronic & lifestyle diseases, growing technological advancements, and growing pharmacovigilance market trends of the adoption of outsourcing services.
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On the contrary, the high price of maintaining compliance levels and scarcity of skilled healthcare professionals are factors that may limit the pharmacovigilance market growth over the forecast period.
Pharmacovigilance Market Segmentation
The MRFR’s pharmacovigilance market research report provides an inclusive segmental analysis of the pharmacovigilance market based on end user, type, service provider, and clinical trial phase.
By clinical trial phase, the pharmacovigilance market is segmented into pre-clinical, phase I, phase II, phase III, and phase IV. Of these, the phase IV segment will lead the market over the forecast period due to adverse drug reactions being detected in this phase followed by phase III that is predicted to grow at the fastest pace.
By service provider, the pharmacovigilance market is segmented into contract outsourcing and in-house. Of these, contract outsourcing will dominate the market over the forecast period as contract manufacturing serves several customers, thus acquire raw materials at a low cost.
By type, the pharmacovigilance market is segmented into EHR mining, targeted spontaneous reporting, intensified ADR reporting, cohort event monitoring, and spontaneous reporting. Of these, the spontaneous monitoring segment will have a major share in the market over the forecast period.
By end user, the pharmacovigilance market is segmented into pharmaceutical companies, research organizations, hospitals, and others. Among these, hospitals will command the largest share in the market over the forecast period for the increasing number of admissions in hospitals due to ADRs.
Pharmacovigilance Market Regional Analysis
By region, the global pharmacovigilance market covers the growth opportunities and recent trends across Europe, the Americas, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will spearhead the market over the forecast period for the presence of key market players in the US. Aris Global is a leading player that provides advanced pharmacovigilance software as well as a drug safety platform for reporting processes and transcending all traditional safety data management.
The global pharmacovigilance market in Europe is predicted to hold the second-largest share over the forecast period for the rising healthcare expenditure.
The global pharmacovigilance market in the APAC region is predicted to grow at a fast pace over the forecast period for the fast-developing healthcare industry and the region having the world’s largest population. Besides, China & India will continue drawing a significant amount of outsourcing work, especially from developed countries due to low manufacturing cost, low raw material costs, low labor costs, and large-scale manufacturing capacities.
The pharmacovigilance market in the MEA is predicted to have healthy growth over the forecast period. The presence of developing healthcare infrastructure, recent healthcare reforms, and favorable government initiatives in the Middle East are adding market growth.
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Pharmacovigilance Market Key Players
Eminent players profiled in the global pharmacovigilance market report include Wipro Ltd (India), United BioSource Corporation (US), TAKE Solutions Ltd (India), PAREXEL International Corporation (US), Laboratory Corporation of America Holdings (US), ITClinical (Portugal), IMEDGlobal (US), ICON PLC (Ireland), IBM Corporation (US), Cognizant (US), Conquest Group BV (Netherlands), Capgemini (France), BioClinica (US), ArisGlobal (US), and Accenture (Ireland).
Pharmacovigilance Industry News
Nextrove, LLC, has made an agreement with Advera Health Analytics to offer end-to-end pharmacovigilance software & services.
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