Pharmacovigilance Market Foreseen to Witness CAGR of 14.20% During 2016-2026
The global Pharmacovigilance Market is growing cumulatively as it is being driven by increase in awareness in the public health sector coupled with rise in preference for safe medicines. Globally, growing number of national pharmacovigilance centers is playing an imperative role to support the growth of the market in the next few years. Needless to mention, pharmacovigilance is witnessing numerous challenges to develop a better healthcare system. Unavailability of unskilled labor and information about drugs obtained via the web could be two high-impact restraints of the market. However, rigorous pharmacovigilance activities that could be made compulsory are expected to raise demand in the market. Such mandatory activities help to actively manage high-risk medicines.
The global pharmacovigilance market is anticipated to thrive at a handsome CAGR to be worth a US$6.1 billion by the end of 2020. The world pharmacovigilance market could be segmented into preclinical studies, clinical trial phases I, II, III, and IV by phase of drug development. Phase IV a.k.a. post-marketing surveillance has contributed with its larger share in terms of revenue in the previous years. Safety worries relating to marketed products, growing necessity of designing systems to compare safety profiles of homologous medicinal products, and growth in public health awareness campaigns are few of the reasons which aid the growth of the segment.
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Clinical trial phase III is predicted to set to rise at a higher CAGR because of escalating need for monitoring of drug safety. This phase emphasizes on drug safety and efficiency in diverse sub-groups, where the benefit-risk ratio is developed, scrutinized, and updated accordingly. In order to be more accurate on the part of drug safety, biopharmaceutical companies are focusing on creating advanced clinical trial phases.
The world pharmacovigilance market could be divided into contract outsourcing and in-house pharmacovigilance based on type of service provider. An important factor helping with the growth of contract outsourcing could be shift in focus to core business activities from that of non-core by outsourcing pharmacovigilance services. This will lead to decrease in operational and financial costs suffered from delays in product approval.
The world pharmacovigilance market could be segregated based on five types of methods. These are intensified ADR reporting, targeted spontaneous reporting, EHR mining, spontaneous reporting, and cohort event monitoring. In a recent year, in terms of revenue, spontaneous reporting method grew as a larger segment since it is a more accurate technique of discovering new ADRs.
Asia Pacific is expected to gain higher growth during the forecast period. Factors supporting market growth in the region are envisaged to include high demand for strict healthcare regulations and increase in number of clinical trials being set up. Nevertheless, developed regions are projected to significantly contribute to the international pharmacovigilance market. For instance, North America’s cost benefit gained by switching to contract research organization (CRO) outsourcing from expensive in-house activities is projected to help the region to collect a larger share of the market.
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Increased death rates because of adverse drug reactions (ADRs) and rise in patient fears regarding safety of medicinal products have propelled market growth of North America in the recent years. A report by Centers for Disease Control and Prevention (CDC) states that there are around 100,000 deaths caused by ADRs in the U.S. which are counted among the top ten leading causes of death in the country.
The report also provides a regional study of other important markets, viz. Europe and the Middle East and Africa. Besides this, it analyzes the competitive landscape while profiling key players such as Accenture plc, Cognizant Technology, Bristol- Myers Squibb, and Wipro Limited.