Global Pharmacovigilance Market: 5 pivotal trends stimulating the industry growth curve
Future Market Insights (FMI) delivers key insights on the global pharmacovigilance market in its upcoming outlook titled “Pharmacovigilance Market: Global Industry Analysis and Opportunity Assessment, 2021 – 2031”. As per FMI’s analysis, the market is expected to register double-digit growth, experiencing an impressive CAGR throughout the forecast period. Historically, the market posted credible gains, surpassing US$ 6 billion in 2020, expanding at a CAGR of over 14%. Growth prospects were further heightened during the COVID-19 pandemic, as the scramble for new treatment approaches is prompting pharmaceutical companies to initiate clinical trials for the same..
The market is segmented based on phase of drug development, type of reporting methods and type of service providers.
Based on phase of drug development, the market has been segmented into preclinical studies, phase I clinical trial, phase II clinical trial, phase III clinical trial and phase IV clinical trial or post-marketing surveillance.
Based on type of reporting methods, the market has been segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining.
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On the basis of service providers, the market has been segmented into in-house and contract outsourcing. As the number of chemical entities has been growing in the global pharmaceuticals market, pharmacovigilance is increasingly become a mandate for drug manufacturers. Considering the change in regulations, phase III and phase IV studies are being increasingly conducted to monitor the long-term safety outcomes of pharmaceuticals and biological products. Implementation of active pharmacovigilance activities assists in the execution of long-term plans, such as in bringing improvement in patient outcome and minimisation of health care associated costs, particularly related to Adverse Drug Reactions (ADRs), and in the prevention of drug hazards.
To provide deeper insights into the pharmacovigilance market, the report has also been segmented by phase of drug development, type of reporting method and type of service provider.
By phase of drug development, the clinical trial phase III segment is projected to expand at a CAGR of 15.5% in the global pharmacovigilance market by phase of drug development by 2020 end in terms of value. Evaluation of real-time effectiveness of the drug and availability of a facility to conduct trials in state-of-the-art settings, thus complementing the outcomes of premarketing randomised control trials, are the prime benefits availed from pharmacovigilance in phase IV trials. It has also been reported that approximately 57% of the global pharmaceutical companies outsource post marketing operations to CROs in order to avoid the high operational cost associated with technological infrastructure and hiring skilled staff.
The primary barriers in the market include high risk associated with securing data in case of pharmacovigilance outsourcing and lack of availability of skilled workforce specialising in drug monitoring.
The primary trend in the pharmacovigilance market is an increase in dependence on third party services. Other trends include harnessing shorter turnaround times for faster market capitalisation and requirement of highly skilled personnel for monitoring side effects.
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Some of the key players identified in the global pharmacovigilance market report include: Accenture plc, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc., F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc (GSK), ICON plc, iGATE Corporation, iMEDGlobal Corporation, inVentiv Health, Inc., Novartis International AG, PAREXEL International Corporation, Pfizer, Inc., Pharmaceutical Product Development, LLC. (PPD), PRA Health Sciences, Inc., Quintiles Transnational Holdings, Inc., Sanofi S.A., Synowledge LLC and Wipro Limited. These companies specialise in pharmacovigilance services, and focus on market consolidation initiatives and analyses of their specific strengths, weaknesses, opportunities and threats to strengthen their position in the market.
The report has been concluded with strategic recommendations for players already present in the market and new players planning to enter the market, which could help them in the near future.
This report assesses factors driving growth of each segment of the market and presents analysis and key insights on the potential of the pharmacovigilance market as per region-specific trends. North America accounted for majority of the pharmacovigilance market revenue in 2014. However, incidences of increasing consumption of drugs and rise in cases of adverse drug reactions are expected to drive growth of the market in Asia Pacific and Latin American regions.