Artificial Intelligence
Pharmacovigilance Market Worth $8.9 Billion by 2025, Says Global Market Insights, Inc.
Global Pharmacovigilance market is projected to surpass USD 8.9 billion by 2025, according to a new research report by Global Market Insights, Inc. The increasing drug consumption and growing concerns regarding adverse drug effects across the globe will drive market growth over the analysis timeframe.
Growing prevalence of chronic diseases, increasing accessibility to drugs and rising per capita healthcare expenditure in various countries across the globe will serve to be major impact rendering factors for the pharmacovigilance industry growth. The consumption of drugs is increasing day by day, wherein, a large proportion of prescription drugs is abused. According to the Centers for Disease Control and Prevention, in 2017, over 28,000 deaths occurred due to consumption of synthetic opioids in the U.S. Increasing drug consumption and concerns regarding adverse drug reactions will surge the demand for pharmacovigilance activities in the coming years.
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Moreover, adoption of personalized medicines is growing considerably, especially in the developed nations. Growing adoption of gene therapy in the treatment of different types of cancer and other chronic diseases, will surge the demand for personalized medicines over the forecast period. Advances in personalized and precision medicine are anticipated to offer highly specific solutions to individuals by considering their genetic composition and its reactions to medicine. Innovations in personalized medicine and its growing acceptance will escalate the need for pharmacovigilance practices.
Some major findings of the pharmacovigilance market report include:
- Growing adoption of personalized medicines and increasing demand for targeted drugs will drive the demand for pharmacovigilance services
- Need of pharmacovigilance for effective surveillance of adverse drug reactions will render several growth opportunities
- Contract outsourcing segment to witness significant growth owing to reduced operational costs, efficient monitoring through regulatory compliance, enhanced productivity and higher quality provided by outsourcing companies
- Industry players operating in the pharmacovigilance market such as Cognizant, TCS, Accenture, IQVIA and ICON among others, adopt various organic and inorganic growth strategies to capitalize on market opportunities
The clinical trial phases segment is divided into preclinical studies, phase I, phase II, phase III and phase IV. Phase IV pharmacovigilance segment held significant revenue share of more than 70% in 2018. Pharmacovigilance is vital for safety surveillance after the drug is released in the market. It detects and reports any adverse drug reactions (ADRs) & harmful effects that may result into discontinuation of drugs or may be limited for use in certain patients. Thus, increasing number of pharmaceutical companies focusing on new drug development will positively impact the business growth.
Browse key industry insights spread across 165 pages with 71 market data tables & 9 figures & charts from the report, “Pharmacovigilance Market Size By Clinical Trial Phase, Service Provider, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pharmacovigilance-market
The service providers segment is bifurcated into in-house and contract outsourcing. In-house services segment held around 45% revenue share in 2018 and is estimated to grow considerably over the forecast timeframe. Concerns regarding data safety and confidentiality will increase the preference towards in-house pharmacovigilance services. Moreover, presence of companies with skilled staff and developed infrastructure will further favor segmental growth. However, less cost-effectivity and dearth of expertise can be a potential challenge that may impede segmental growth in certain developing and underdeveloped countries.
Europe pharmacovigilance market is projected to experience over 9.5% CAGR during the analysis period. High centralization and harmonization of pharmacovigilance practices will lead to more effective detection of safety signals in the Europe. New regulations for pharmacovigilance imposed in the European Union (EU) since July 2012, has led to increased involvement of healthcare professionals and patients in the Pharmacovigilance and Risk Assessment Committee (PRAC). Moreover, evolution in personalized medicines will offer ample opportunities for the regional market growth.
Some of the notable industry players operating in the pharmacovigilance market include Accenture, Clinquest Group, Boehringer Ingelheim, Bristol-Myers Squibb, GlaxoSmithKline, Cognizant, Ecron Acunova Ltd, F. Hoffmann-La Roche Ltd, IQVIA, HCL Technologies, IBM Corporation, ICON and Infosys Ltd. These industry players resort to acquisitions, mergers and new product launch to sustain market positions. For instance, in May 2015, Pfizer introduced Reportum, a pharmacovigilance solution developed by MyMeds&Me, in the U.S. market. Reportum is deployed across all Pfizer safety call centers in the U.S. and helps in collection of data related to adverse events.
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Pharmacovigilance Outsourcing Market Forecasts 2024: Post-marketing services segment dominated the pharmacovigilance outsourcing industry with USD 2.1 billion revenue in 2017 and is estimated to show significant growth over the analysis timeline. Segmental growth is attributable to the increasing number of ADRs associated with the newly developed drugs. Prominent industry players operating in the global market are Accenture, Bioclinica, , Clintec, Cognizant, Covance, Ergomed, Genpact, IBM Corporation, ICON, iGATE Corporation, iMED Global Corporation, Infosys, IQVIA, MarksMan Healthcare, Medpace Holdings, Novartis, Oracle Corporation, Parexel, PRA Health Sciences, SIRO Clinpharm, Symogen, Syneos Health, Tata Consultancy Services (TCS) and Tech Mahindra.
https://www.gminsights.com/industry-analysis/pharmacovigilance-outsourcing-market
SOURCE Global Market Insights, Inc.