Pharmacovigilance Market size to exceed USD 8.9bn by 2025
Published Date: December 19, 2019 Authors: Sumant Ugalmugle, Rupali Swain
Pharmacovigilance Market size is set to exceed USD 8.9 billion by 2025; according to a new research report by Global Market Insights, Inc.
Pharmacovigilance industry size is mainly attributable to growing prevalence of chronic diseases couple with increasing drug consumption and rise in number of adverse drug reactions (ADRs). Such factors impose a significant burden on healthcare system by extending patient morbidity under chronic conditions, thus, escalating the need for pharmacovigilance services over the forecast period.
Surge in number of ADRs to drive the pharmacovigilance industry growth
Growing pharmacovigilance (PV) activities carried out by pharmaceuticals or drug manufacturing companies for drug safety testing processes will drive the pharmacovigilance market growth during the forecast period. Focus of companies on outsourcing these processes from third-parties enable companies to concentrate on their prime objectives thus, limiting the cost associated with establishing in-house pharmacovigilance system. Growing inclination of drug manufacturers towards outsourcing PV activities will accelerate market progress in the foreseeable future.
Increasing incidence of adverse drug reactions across the globe will augment the industry trends. Adverse drug reactions (ADR) is a known threat in the pharmaceutical industry as well as among the patient population. Negligence towards safety and efficacy issues due to rapidly increasing discoveries and competition among pharmaceutical companies will foster market size. Growing hazards due to adverse drug reactions will further accelerate the favor market growth. However, high risk associated with data security may hamper the global market expansion to certain extent.
Preclinical studies focus on evaluation of drug toxicity and pharmacological effects through laboratory animal testing
The clinical trial phases consist of preclinical studies, phase I, phase II, phase III and phase IV. Preclinical studies segment was valued at more than USD 67 million in 2018 and is expected to exhibit considerable market share during the forecast timeframe. Preclinical study is conducted prior to clinical trials for detection of drug safety and effectiveness. The development process for drugs, biologicals and medical devices includes preclinical studies to proceed further for clinical trials. Preclinical trial is the foremost step, that is mandatory to assess newly developed products. Hence, the segment is poised to witness remarkable market size over the forecast period.
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 (Preclinical, Phase I, Phase II, Phase III, Phase IV), By Service Provider (In-house, Contract Outsourcing), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Spain, Italy, France, Japan, China, India, Australia, Argentina, Brazil, Mexico, South Africa, UAE, Saudi Arabia, Qatar, Israel), Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Increasing trend of outsourcing pharmacovigilance services to boost the business revenue
Based on service providers, pharmacovigilance market is divided into in-house and contract outsourcing. Contract outsourcing segment is estimated to experience around 11.6% CAGR during the forecast timeframe. Demand for contract pharmacovigilance outsourcing has increased significantly over the past few years. Majority of pharmaceutical companies outsource clinical trials with an aim to focus their efforts on in-house operations. Moreover, contract research organizations provide benefits such as reduction in cost, better drug safety and clinical trial monitoring, compliance with regulatory bodies, on-time reporting and higher quality results will propel the pharmacovigilance business growth.
North America pharmacovigilance industry size is set to proceed swiftly due to increasing concerns related to drug safety
North America pharmacovigilance market outlook is estimated to witness more than 10.5% CAGR over the forecast timeframe. Surge in novel drug development and rising demand for advanced chronic disease treatments will further favor regional market progress. Favorable government regulations pertaining to post marketing surveillance coupled with growing concerns regarding drug safety in North America will favor market growth. Focus of various government funded organizations in North America on encouraging pharmacovigilance will spur the regional market size.
Emphasis of market players on offering various pharmacovigilance services will drive the industry growth
Few of the eminent industry players operating in pharmacovigilance market include Accenture, Boehringer Ingelheim, Bristol-Myers Squibb, Clinquest Group, Cognizant Technology Solutions Corporation, Ecron Acunova, F. Hoffmann-La Roche, GlaxoSmithKline, HCL Technologies, IQVIA, IBM Corporation, ICON and Infosys. These market players focus on acquisitions, mergers and development of new solutions to sustain market competition and gain more revenue. For instance, in May 2017, Foresight Group launched Foresight PV Intake (PVI) v2.2 to strengthen its PV foresight intake portfolio as well as strengthen company’s market position.
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