Pharmacovigilance Market Size By Clinical Trial Phase (Preclinical, Phase I, Phase II, Phase III, Phase IV), By Service Provider (In-house, Contract outsourcing) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Spain, Italy, France, China, Japan, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Qatar, Israel), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: March 2018 | 160 Pages | Report ID: GMI853 Report Format: PDF
Pharmacovigilance Market size was valued over USD 3.2 billion in 2016 and is expected to witness more than 10% CAGR from 2017 to 2024.
India Pharmacovigilance Market, By Clinical Trial Phase, 2012 - 2024
Growing trend of outsourcing pharmacovigilance services will drive pharmacovigilance market growth over the forecast timeframe. Pharmacovigilance services costs significantly lower in developing region compared to developed nations. As a result, outsourcing to companies such as TCS, Wipro and Cognizant in developing regions saves significant cost for the manufacturers of pharmaceuticals. Furthermore, outsourcing allows manufacturers to focus on their primary objectives while experts taking care of pharmacovigilance services.
Drug consumption has significantly increased over past few years due to elevated awareness levels and rising per capita healthcare expenditure. Moreover, accessibility to healthcare services has also increased. Growing drug consumption will increase need of pharmacovigilance services rendering positive impact on industry growth.
Pharmacovigilance sector requires skilled professionals for providing services effectively and efficiently. However, from past few years the industry is witnessing shortage of skilled labour and the trend is expected to continue over the forecast period. Dearth of availability of skilled personnel will restrain the industry growth to some extent over foreseeable future.
Pharmacovigilance Market, By Clinical Trial Phase
Phase IV clinical trials involves post marketing surveillance of drugs to identify associated adverse drug reactions. The Phase IV clinical trials are mandatory and various restrictions can be imposed on the drugs depending upon the outcome of studies. Nowadays, companies are actively involved in monitoring and safety assessment of drugs. The increasing awareness pertaining to the importance of phase IV clinical trials will boost the segment growth over the forecast timeframe.
Phase I clinical trials segment is projected to grow at a robust CAGR over the forecast period. Phase I clinical trial gives information pertaining to the metabolic activities as well as side effects associated with the drugs at initial stage. The primary objective at this stage is to determine safety of the drug under clinical trials.
Pharmacovigilance Market, By Service Provider
Contract outsourcing service provider segment dominated the industry in 2016 and the trend is anticipated to continue over the coming years. Contract research organization provides specialized service and enable better monitoring as well as reporting of drug effects at significantly lower cost. As result, manufacturers are increasingly outsourcing pharmacovigilance related work to industry players in developing region.
However, to maintain data confidentiality and data security some companies still choose in-house pharmacovigilance option. This will render positive influence on in house segment growth.
Pharmacovigilance Market, By Region
U.S. market dominated North America regional market in 2016 due to favourable government regulations pertaining to post marketing surveillance coupled with increasing concerns related to drug safety. Adverse drug reactions accounted for significant number of deaths in U.S. This has stimulated demand for better drug monitoring and reporting services and the scenario is likely to remain so over forthcoming years. Elevated demand for these services will propel the industry growth in U.S.
Germany market accounted for over USD 200 million in 2016 and is expected to witness robust growth in coming years. Germany currently holds largest share of European pharmacovigilance market. Favourable government regulations are forecasted to favour industry growth in Germany.
Pharmaceutical industry in China is growing at rapid pace. The rapidly growing pharmaceutical sector will certainly result in increased need of drug monitoring services. Moreover, growing government initiatives for improving adverse drug reaction monitoring and reporting will favour the industry growth in China. However, low levels of awareness pertaining to the importance of reporting of adverse drug reactions is a major restrain for industry growth.
Competitive Market Share
Some of the major players in the market are Accenture, Boehringer Ingelheim, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions Corporation, Ecron Acunova, F. Hoffmann-La Roche, Foresight Group International, GlaxoSmithKline, HCL Technologies, IBM Corporation, ICON, iGATE Corporation (Capgemini), Infosys, InVentiv Health Clinical, Ipca Laboratories, IQVIA (QuintilesIMS), ITclinical, Janssen Research & Development, Laboratory Corporation of America Holdings, Novartis AG, Oracle Corporation, Parexel International Corporation, Pfizer, Sanofi Aventis, TCS, Telerx (C3i Solutions), and Wipro. Increased R&D activities focused at developing innovative platforms is a major strategy adopted by these players to capture higher market share.
Pharmacovigilance Industry Background
Increase in adoption rate of outsourcing services in Asia Pacific, growing consumption of drugs in developed regions, and rise in adverse drug reactions (ADR) and drug toxicity will drive the global pharmacovigilance industry. Increasing acceptance of personalized medicine in developed regions coupled with effective global harmonization practices will further accelerate industry growth over the forecast period. Increasing number of clinical trials coupled with presence of industry players that offers pharmacovigilance services at low cost will favour industry growth in Asia Pacific region.
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