Pharmacovigilance Market to Reach US$5 bn by 2019 with Cases of Drug Toxicity on the Rise

Pharmacovigilance is a broad term of classification for various aspects of drug safety. It is the science of detecting, monitoring, and curing the negative effects of consuming too many drugs, thereby reducing or negating the side effects and immediate drawbacks of pharmaceutical products.

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According to the report, the global pharmacovigilance market is currently being driven by a sharp rise in the number of drug overuse conditions. A growing number of drug toxicity cases are being reported, increasing the demand for pharmacovigilance services.

Additionally, the global pharmacovigilance market is also being fueled by a steadily increasing need from the pharmaceuticals industry to claim negative drug interactions and drug disasters at an earlier stage. This demand, combined with the growing public safety concern over the use of OTC drugs and others has had a visible impact on the global pharmacovigilance market.

The report divides the global pharmacovigilance market on the basis of drug development phase, methods, services, and geography.

On the basis of drug development phases, the global pharmacovigilance market is segmented into Phase I, Phase II, Phase III, and Phase IV/Post Marketing Surveillance. Over 60% of the market was occupied by Phase IV in 2013. Phase IV deal with a systematic and dynamic data collection process, and a marketed drug’s data interpretation. The report, however, expects Phase III to show the fastest growth rate within the given forecast period owing to a greater need for its factors. These include formulation of comparative safety data, study of errors in medication, and drug assessment during development stages.

Spontaneous reporting was the leading method in the global pharmacovigilance market for 2013, and the market analysts believe it will exhibit a steady CAGR for the given forecast period. Its growth rate is attributed to the discovery of drug effects that were previously unknown for existing drugs. This method is also the cheapest one, adding to its preference by medical personnel.

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The key players in the global pharmacovigilance market, as described in the report, include Wipro Limited, Novartis International AG, GlaxoSmithKline Plc., Pharmaceutical Product Development, LLC, (PPD), F. Hoffmann-La Roche Ltd., Accenture Plc., Cognizant Technology Solutions, Covance, Inc., Quintiles Transnational Holdings, Inc., and PAREXEL International Corporation.

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Pharmacovigilance Market Opportunities and Growth Forecast To 2020

Pharmacovigilance Market: Overview

The increasing occurrence of adverse drug reaction (ADR) and the rising policies implemented by governments on drug safety regulations globally will fuel the growth of the global pharmacovigilance market. The market for pharmacovigilance has been growing in leaps and bounds owing to the increasing aging population, raising the introduction of new drugs. Furthermore, health regulatory authorities including EMEA and the U.S. FDA are pressurizing on submission of data through electronic mediums. This will also positively impact the growth of the global pharmacovigilance market.

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This report presents quantitative information sets and elaborates upon the market dynamics such as the future prospects, drivers, and challenges. The competitive analysis tools such as attractive investment proposition have also been employed in order to present an accurate understanding of the overall market. The top regional segment driving the growth of the global pharmacovigilance market also forms a key part of this study.

In the competitive landscape section of the report, the main sustainability strategies implemented by the leading players and their impact on the development of the market have also been presented. The key market regulating factors have also been detailed under this study. Key monitoring tools such as SWOT analysis and Porter’s five forces analysis have also been utilized in order to provide a detailed understanding of the competition present in the overall pharmacovigilance market.

Pharmacovigilance Market: Drivers and Restraints

The increasing awareness amongst individuals on the safe utilization of medical interventions and medicines is amongst the key factors providing impetus to the development of the pharmacovigilance market. In addition, the rising count of national pharmacovigilance centers worldwide is positively impacting the growth of the overall market for pharmacovigilance. These centers are increasing awareness regarding safety of drugs amongst individuals, hence catapulting demand for pharmacovigilance.

On the other hand, the huge risk of data security and increasing perception on benefits or harmful effects of various drugs are amongst the key factors restraining the development of the market. In addition, the trend of web-based sales and drug information and the lack of skilled professionals may negatively impact the growth of the global pharmacovigilance market.

Pharmacovigilance Market: Region-wise Outlook

On the basis of geography, the global pharmacovigilance market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Of these, the North America pharmacovigilance market held a significant share in the past owing to the rising mortality rate in this region because of increasing occurrence rate of ADRS and the growing concern on patients about the efficacy and safety of pharmaceutical products.

However, Asia Pacific is predicted to emerge as the most lucrative region in the market in the coming years. This is due to the rising demand for strict regulations on healthcare in Asia Pacific and the large pool of patients within this region. In addition, the growing need for effective pharmacovigilance services owing to the increasing count of clinical trials taking place in a number of Asia Pacific nations will also boost the development of the overall market.

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Key players Mentioned in the Report are:

The top players in this market are Clinquest Group B.V., Accenture, Plc, Cognizant Technology Solutions, iMED Global Corporation, Covance, Inc. ICON, Plc, inVentiv Health, Inc., Pharmaceutical Product Development LLC, Parexel International Corporation, PRA Health Sciences, Inc., F. Hoffmann-La Roche Ltd., Quintiles Transnational Holdings Inc, Sanofi , Wipro Limited, and Synowledge LLC, among others.

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90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
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Pharmacovigilance - Crucial Component of an Effective Drug Regulation System

Pharmacovigilance Market: Overview

The increasing occurrence of adverse drug reaction (ADR) and the rising policies implemented by governments on drug safety regulations globally will fuel the growth of the global pharmacovigilance market. The market for pharmacovigilance has been growing in leaps and bounds owing to the increasing aging population, raising the introduction of new drugs. Furthermore, health regulatory authorities including EMEA and the U.S. FDA are pressurizing on submission of data through electronic mediums. This will also positively impact the growth of the global pharmacovigilance market.

This report presents quantitative information sets and elaborates upon the market dynamics such as the future prospects, drivers, and challenges. The competitive analysis tools such as attractive investment proposition have also been employed in order to present an accurate understanding of the overall market. The top regional segment driving the growth of the global pharmacovigilance market also forms a key part of this study.

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In the competitive landscape section of the report, the main sustainability strategies implemented by the leading players and their impact on the development of the market have also been presented. The key market regulating factors have also been detailed under this study. Key monitoring tools such as SWOT analysis and Porter’s five forces analysis have also been utilized in order to provide a detailed understanding of the competition present in the overall pharmacovigilance market.

Pharmacovigilance Market: Drivers and Restraints

The increasing awareness amongst individuals on the safe utilization of medical interventions and medicines is amongst the key factors providing impetus to the development of the pharmacovigilance market. In addition, the rising count of national pharmacovigilance centers worldwide is positively impacting the growth of the overall market for pharmacovigilance. These centers are increasing awareness regarding safety of drugs amongst individuals, hence catapulting demand for pharmacovigilance.

On the other hand, the huge risk of data security and increasing perception on benefits or harmful effects of various drugs are amongst the key factors restraining the development of the market. In addition, the trend of web-based sales and drug information and the lack of skilled professionals may negatively impact the growth of the global pharmacovigilance market.

Pharmacovigilance Market: Region-wise Outlook

On the basis of geography, the global pharmacovigilance market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Of these, the North America pharmacovigilance market held a significant share in the past owing to the rising mortality rate in this region because of increasing occurrence rate of ADRS and the growing concern on patients about the efficacy and safety of pharmaceutical products.

Commercial Aspects of Pharmacovigilance Centers: https://goo.gl/uINsCt

However, Asia Pacific is predicted to emerge as the most lucrative region in the market in the coming years. This is due to the rising demand for strict regulations on healthcare in Asia Pacific and the large pool of patients within this region. In addition, the growing need for effective pharmacovigilance services owing to the increasing count of clinical trials taking place in a number of Asia Pacific nations will also boost the development of the overall market.

Key players Mentioned in the Report are:

 The top players in this market are Clinquest Group B.V., Accenture, Plc, Cognizant Technology Solutions, iMED Global Corporation, Covance, Inc. ICON, Plc, inVentiv Health, Inc., Pharmaceutical Product Development LLC, Parexel International Corporation, PRA Health Sciences, Inc., F. Hoffmann-La Roche Ltd., Quintiles Transnational Holdings Inc, Sanofi , Wipro Limited, and Synowledge LLC, among others.