Pharmacovigilance (PV) Outsourcing Market Size | Latest COVID19 Impact Analysis | Demand, Growth, Trends, Segmentation and Forecasts to 2027
The key growth driver is increased incidence of Adverse Drug Reactions (ADR). The US Food and Drug Administration (FDA) received about 253,017 serious adverse events and 44,693 ADR-related deaths in 2015. It shows the potential need for Security and Pharmacovigilance (PV) programs being introduced. According to the World Health Organization (WHO) study on prescription use, in non-hospital institutions, drugs for treating chronic diseases accounted for a greater proportion of the total amount of drug use. As a result, the number of medicinal products made available to healthcare consumers has risen considerably.
Rising demand for drugs has significantly heightened the need for the development of novel therapeutics via extensive clinical trials, which is expected to serve this market with lucrative opportunities. Pharmacovigilance industry size witnessed remarkable developments owing to rising number of adverse drug reactions, side effects coupled with potential threats to the consumers. Pharmacovigilance was implemented in developed nations earlier in 1970s, including the U.S. and UK, following numerous consumer health protection acts. Increasing number of pharmaceutical companies, as well as global harmonization practices will further assist advancements in the market. Furthermore, emergence of personalized medicines and rising number of ADRs should spur industry size in the foreseeable future.
Major pharmaceutical companies are involved in extensive research and development initiatives aimed at developing innovative therapeutic molecules. This has resulted in increased activities relating to drug development. Manufacturers are now focusing on remodeling their processes of product development in an attempt to cater for patient needs worldwide. Those factors are anticipated during the forecast period to fuel demand for pharmacovigilance services.
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In addition, leading pharmaceutical companies in developed countries focus on outsourcing photovoltaic services in an attempt to cut costs and minimize operating expenses. This is expected to serve as a chance to contact research organizations in developing regions.
Pharmacovigilance in Healthcare Market Revenue & Forecast, (US$ Million), 2015 – 2027
Competitive Landscape
In September 2016, Boehringer Ingelheim announced a long-term collaboration with ViraTherapeutics, a biopharma company developing immunotherapeutic for cancer treatment. This collaboration is intended to develop a novel technology for oncology and to investigate clinical testing of Vesicular Stomatitis Virus Glycoprotein (VSV-GP) in phase I trial.
In June 2015, QuintilesIMS launched Infosario One Mobile App, a mobile based application that enables access to important clinical trial information. The application provides instant access to start-up, recruitment and compliance information as well as updates on data queries. This product launch enabled company to garner high market share and sustain market competition.
Pharmacovigilance in Healthcare Market:
By Clinical Trial Phase: Preclinical, Phase I, Phase II, Phase III, Phase IV
By Service provider: In-house, Contract Outsourcing
By Geography:
North America: (U.S, Canada, Mexico, Rest of North America)
Europe: (France, The UK, Spain, Germany, Italy)
Nordic Countries: (Denmark, Finland, Iceland, Sweden, Norway)
Benelux Union: (Belgium, The Netherlands, Luxembourg, Rest of Europe)
Asia Pacific:(China, Japan, India, New Zealand, Australia, South Korea)
Southeast Asia: (Indonesia, Thailand, Singapore)
Rest of Southeast Asia
Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)
Latin America: (Brazil, Argentina, Rest of Latina America)
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