SEATTLE, June 08, 2021, (MEDGADGET) — Pharmacovigilance is a branch of medical science which deals with the study of the safety and efficacy of a medical device or drug. It involves the collection, detection, assessment, and prevention of side effects associated with the medical product or drug. The purpose of pharmacovigilance is to determine the side effects and adverse effects of a drug. Moreover, pharmacovigilance comprises drug discovery and development, preclinical research, clinical research, and post-marketing surveillance. Therefore, it tracks every phase of a drug cycle from preclinical development to post-market surveillance. The rising prevalence of adverse drug reaction and implementation of safety regulations by government regulatory bodies is projected to fuel market growth of the pharmacovigilance over the forecast period.
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Rising prevalence of adverse drug reactions is projected to propel the pharmacovigilance market growth over the forecast period
Increasing prevalence of adverse reactions caused by drugs has compelled the pharmaceutical and biotechnological companies to adopt practices of pharmacovigilance, which is further, expected to fuel the growth of the market for pharmacovigilance in the near future.
Government regulatory bodies such as the U.S. Food and Drug Administration (U.S.-FDA) and European Medicines Evaluation Agency (EMEA) have formulated safety rules and regulations to ensure the manufacture of safe drugs and evaluation of its after-effects on patients which has to be followed by pharmaceutical and biotechnological companies, in turn, fueling demand for pharmacovigilance. Furthermore, rising R&D in the drug sector is also projected to propel the growth of the pharmacovigilance market.
Global Pharmacovigilance Market Taxonomy
Based on a clinical trial, the global pharmacovigilance market is segmented into:
- Preclinical Studies
- Phase I
- Phase II
- Phase III
- Phase IV or Post Marketing Surveillance
Based on types of reporting, the global pharmacovigilance market is segmented into:
- Spontaneous Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Intensified ADR Reporting
- EHR Mining
Based on the service provider, the global pharmacovigilance market is segmented into:
- Contract Outsourcing
Based on end-user, the global pharmacovigilance market is segmented into:
- Medical Device
Tailored Information as per niche requirement:
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Europe is projected to hold a dominant position in the global pharmacovigilance market, owing to the advent of new legislation in the European Union
Europe is expected to hold a dominant position in the global pharmacovigilance market, over the forecast period and this can be attributed to the introduction of new legislation in the European Union in 2012, which ensures good vigilance practices for pharmaceutical companies and medicines regulators. According to National Center for Biotechnology Information, in 2016, Europe accounted for the high incidence of adverse drug reactions, around 5% of all hospital admissions were due to drug reactions, which caused around 197,000 deaths in the EU. Increasing prevalence of adverse drug reactions and the introduction of new legislation has influenced the adoption of pharmacovigilance among companies, in turn, fueling the market growth in the region. At the same time, North America is projected to hold the second-largest market in pharmacovigilance owing to the rising development of new drugs and increasing research and development activities of the pharmaceutical and biotechnology industry in the U.S.
Key Players in the Pharmacovigilance Market
PharmaLex, a development consulting and affairs group has collaborated with Volv to boost its pharmacovigilance business. Key players operating in the global pharmacovigilance market include Accenture, Cognizant, PAREXEL International Corporation, IBM Corporation, Clinquest Group B.V., Wipro Ltd, Oracle Corporation, Foresight Group International AG, TAKE Solutions Ltd, and United BioSource Corporation.
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Table of Content
Global Pharmacovigilance Market Research Report
Section 1: Global Pharmacovigilance Industry Overview
Section 2: Global Economic Impact on Pharmacovigilance Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Pharmacovigilance Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Pharmacovigilance Market Forecast
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