Pharmacovigilance Market Size, Share, Growth, Trend Analysis and Industry Research Reportby Susan Hill Business Consultant
The global pharmacovigilance market size is expected to reach USD 11.64 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.3% during the forecast period. Increasing incidence of Adverse Drug Reactions (ADR) is the key growth driver. The U.S. Food and Drug Administration (FDA) received approximately 253,017 serious adverse events and 44,693 deaths associated with ADRs in 2015. This shows the potential demand for implementing safety and Pharmacovigilance (PV) services.
According to the World Health Organization’s (WHO) report on pharmaceuticals consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in non-hospital set ups. Owing to this, there has been a significant rise in the number of medicines made available to healthcare consumers. 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.
Major pharmaceutical companies are involved in extensive R&D initiatives for development of innovative therapeutic molecules. This has resulted in increased drug development activities. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.
Moreover, leading pharma companies in developed countries are focusing on outsourcing PV service in an attempt to reduce cost and to minimize operational expenses. This is anticipated to serve as an opportunity for contact research organizations in developing regions to gain more revenue share.
The companies operating in the pharmacovigilance market are undertaking strategic initiatives such as collaborations with the PV service providers to gain access to medical information and to manage PV workflows. For instance, In April 2017, Accenture entered in a collaborative agreement with BioCelebrate to develop a platform for aggregating and analyzing clinical information for improved drug developing efficiency, thus enhancing its R&D capabilities. These factors are anticipated to fuel the market growth.
Further key findings from the study suggest:
- Phase IV held a
dominant market share owing to the extensive post marketing surveillance
of pharmaceuticals and increasing number of ADR incidences in the market
- Phase III is
anticipated to witness lucrative CAGR owing to increasing focus of
pharmaceutical manufacturers on therapeutic development and safety
- In service
provider segment, contract outsourcing held a significant market share,
owing to shift in focus of pharmaceutical companies to outsourcing
services to reduce operational cost
- Based on type
of service, spontaneous reporting held the largest market share owing to
its wide application in pharmacovigilance and benefits such as easy
simulation of data sets for better drug comparison
organizations segment is anticipated to exhibit lucrative CAGR over the forecast
period owing to increasing R&D for the development of novel biologics
and medical devices
- Asia Pacific
pharmacovigilance market is anticipated to showcase lucrative CAGR in the
participants are focusing on increasing R&D activities to develop
better pharmacovigilance services.
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Created on Jan 2nd 2020 00:45. Viewed 232 times.