According to a new
market report published by Transparency Market Research
“Pharmacovigilance Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast, 2014 - 2020”, the global
pharmacovigilance market was valued at USD 2,426.6 million in 2013
and is expected to expand at a CAGR of 14.2% from 2014 to 2020 to
reach USD 6,104.1 million in 2020.
Browse the full
Pharmacovigilance Market Report at
http://www.transparencymarketresearch.com/pharmacovigilance-market.html
Growing pressure on
the pharmaceutical industry to detect early signals of drug disasters
and interactions, rising concerns regarding public safety issues and
stringent regulatory inspections have fueled the growth of the global
pharmacovigilance market. A number of high profile drug withdrawals
in the past few years have prompted various biopharmaceutical
companies to follow the guidelines of Good Pharmacovigilance Practice
(GPvP) in order to maintain their reputation and position in the
global market. Various factors such as early detection of suspected
as well as unsuspected adverse drug reactions (ADRs), prevention of
unnecessary hospitalization of patients and increasing number of
clinical trials are expected to drive the growth of the global
pharmacovigilance market from 2014 to 2020.
pharmacovigilance-market
The phase IV
clinical trial or post marketing surveillance segment accounted for
the largest share (over 60%) of the pharmacovigilance market in 2013,
as this stage involves active and systematic collection, analysis and
interpretation of data pertaining to the marketed drug. Continuous
assessment of benefits and hazards associated with drugs in order to
reduce health risks is also expected to drive the growth of the
segment. However, the phase III clinical trial segment is anticipated
to grow at the highest CAGR from 2014 to 2020. Requirement of risk
assessment studies during the crucial stages of clinical drug
development, assessment of medication errors and development of
comparative safety data are the major factors attributed to the high
growth of the phase III clinical trial segment.
Among the various
methods conducted for pharmacovigilance, spontaneous reporting method
held the largest share in 2013 and is expected to witness steady
growth during the forecast period. Factors contributing to the growth
of this segment are facilitation of detection of previously unknown
effects of a drug by providing information from real life clinical
events and relatively inexpensive nature of the reporting method.
Moreover, spontaneous reporting method generates safety signals
effectively by detecting new and rare ADRs.
Based on the nature
of services, pharmacovigilance activities are performed either
in-house or are outsourced to contract outsourcing service providers.
The contract outsourcing segment dominated the market, accounting for
a share of over 50% of the pharmacovigilance market in 2013. The
segment is also estimated to grow at a higher CAGR, as contract
outsourcing is deemed a cost-efficient solution that uses the
expertise available with the contract research organizations (CROs).
Moreover, pharmaceutical companies opt for outsourcing
pharmacovigilance services to various CROs in order to reduce the
workload and provide more development opportunities to their
employees. This is likely to propel the growth of the contract
outsourcing service segment during the forecast period from 2014 to
2020.
In terms of regional
market analysis, North America accounted for the largest share (over
35%) of the global pharmacovigilance market in 2013 due to increasing
clinical research activities and presence of large-scale research
units in the region. Additionally, rise in mortality due to adverse
drug reactions is propelling the growth of the pharmacovigilance
market in North America, especially in the U.S. According to the U.S.
FDA, over two million serious ADRs and approximately 350,000 adverse
drug reactions occur in nursing homes in the U.S. each year; these
could be prevented if proper drug safety measures are followed. On
the other hand, Asia Pacific, including countries such as Japan,
South Korea, Malaysia, Thailand, India and China, is witnessing rapid
growth and is anticipated to expand at a CAGR of over 13% during the
forecast period due to large skilled workforce and constant challenge
to harmonize pharmacovigilance system in developing economies.
Furthermore, increasing government initiatives to spread awareness
about the safety and efficacy of drugs would trigger the growth of
the pharmacovigilance market in Asia Pacific.
Browse the full
Press Release Report :
http://www.transparencymarketresearch.com/pressrelease/global-pharmacovigilance-market.htm
The global
pharmacovigilance market is highly fragmented. The impressive growth
of the pharmacovigilance market is likely to attract various BPOs and
CROs to the market. Major players operating in the pharmacovigilance
market are Covance, Inc., PAREXEL International Corporation,
Quintiles Transnational Holdings, Inc., F. Hoffmann-La Roche Ltd.,
Cognizant Technology Solutions, Accenture plc, Pharmaceutical Product
Development, LLC, (PPD), GlaxoSmithKline plc, Novartis International
AG, and Wipro Limited.
The global
pharmacovigilance market has been segmented as follows:
Pharmacovigilance
Market, by Phases of Drug Development
Preclinical Studies
Phase I
Phase II
Phase III
Phase IV or Post
Marketing Surveillance
Pharmacovigilance
Market, by Types of Methods
Spontaneous
Reporting
Intensified ADR
Reporting
Targeted Spontaneous
Reporting
Cohort Event
Monitoring
EHR Mining
Pharmacovigilance
Market, by Type of Service
In-house
Contract Outsourcing
Pharmacovigilance
Market, by Geography
North America
Europe
Asia Pacific
Rest of the World
(RoW)
Request a Brochure
of this Report:
http://www.transparencymarketresearch.com/sample/sample.php?flag=s&rep_id=1729
About Us
Transparency Market
Research is a global market intelligence company, providing global
business information reports and services. Our exclusive blend of
quantitative forecasting and trends analysis provides forward-looking
insight for thousands of decision makers. Our experienced team of
Analysts, Researchers, and Consultants, use proprietary data sources
and various tools and techniques to gather, and analyze information.
Our data repository
is continuously updated and revised by a team of research experts, so
that it always reflects the latest trends and information. With a
broad research and analysis capability, Transparency Market Research
employs rigorous primary and secondary research techniques in
developing distinctive data sets and research material for business
reports.
