Pharmacovigilance Market Expected to Reach USD 6.10 Billion Globally in 2020

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.

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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)

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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.

Pharmacovigilance Market: Drive by Pharmaceutical Companies to Mitigate Risk Associated with Drugs to Bolster Growth

According to “Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”, a new research study by U.S.-based market research and intelligence firm Transparency Market Research, the global pharmacovigilance market that was valued at US$2,147.3 million in 2012 is estimated to be worth US$5,008.2 million by the end of 2019, growing at a CAGR of 12.9% during the forecast period from 2013 to 2019.

Browse the full Pharmacovigilance Market Report at http://www.transparencymarketresearch.com/pharmacovigilance-market.html

Stringent government regulations, issues pertaining to public safety, toughened inspection regimes, coupled with the need of patients to report ailments immediately, has propelled growth in the global pharmacovigilance market. The World Health Organization (WHO) defines pharmacovigilance as the science and activities which help detect, monitor, assess, and evaluate chances of any adverse occurrence or drug-related side effect from the consumption of the medicinal products. Pharmacovigilance activities are aimed to promote safer administration of drugs and other medicinal products. This is attained by generating awareness about the importance of timely, relevant, and precise clinical safety information related to medical products.

The global pharmaceutical industry is growing at a rapid pace and this has led to the innovation of a number of medicinal products that promote faster and more accurate treatment to several diseases and disorders. This range of new medicinal products comes along with many benefits, but none of these benefits are free from adverse drug reactions that can result in illness, disability and at times even death. Hence, early discovery of adverse drug reactions during clinical trials, clinical phase IV, or during post-marketing surveillance is very important in mitigating the risk of any unpleasant occurrences.

A majority of pharmaceutical companies nowadays are actively involved in assessing and monitoring drugs which are under clinical trial. In fact, new medicinal products that are marketed are also kept under vigilance by the companies. Apart from drugs, medicinal products such as traditional medicines, vaccines, medical devices, and blood products are also assessed and monitored during the different phases of their production and marketing.

Browse the full Press Release Report: http://www.transparencymarketresearch.com/pressrelease/pharmacovigilance-market.htm

The report has segmented the global pharmacovigilance market based on service providers, clinical trial phases and methods used for reporting drug safety. On the basis of clinical trial phases, the global market for pharmacovigilance can be categorized into pre-clinical studies, phase I, phase II, phase III, phase IV, and post-marketing surveillance. Among these segments, clinical trial phase IV accounted for almost 74.7% of the market share in 2012. The market for clinical trial phase IV in 2012 was valued at US$1,604.8 million.

Geographically, North America dominated the global pharmacovigilance market in 2012, however market trends indicate that Asia Pacific will register the highest rate of growth, a CAGR of 15.2%, during the forecast period from 2013 to 2019. Factors such as growing population, reduction in healthcare cost, and high patient enrollment will bolster demand for pharmacovigilance in the global market.

According to the publication, key players dominating the market includes companies such as Cognizant Technology Solutions, Pharmaceutical Product Development Inc. (PPD), Pfizer Inc., Novartis International AG, Accenture, Plc, Parexel International Corporation, Icon Plc., Quintiles Transnational Corporation, PRA International Inc., Bristol-Myers Squibb, Covance Inc., iGATE Corporation, and Wipro Limited.

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About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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Global Pharmacovigilance Market Will Reach USD 5.0 Billion in 2019 : Transparency Market Research

Transparency Market Research “Pharmacovigilance Market [Clinical Trial Phases (Pre-Clinical Studies, Phase I, Phase II, Phase III, Phase IV or Post-Marketing Surveillance) and Service Providers (In-House and Contract Outsourcing] – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,“ the global pharmacovigilance market was valued at USD 2,147.3 million in 2012 and is estimated to reach a market worth USD 5,008.2 million in 2019 at a CAGR of 12.9% from 2013 to 2019.

Browse Global Pharmacovigilance Market Report with Full TOC at http://www.transparencymarketresearch.com/pharmacovigilance-market.html

Rising regulatory concerns, public safety issues, tough inspection regime coupled with instant need of patient reporting has provided the much needed impetus for the pharmacovigilance market. According to World Health Organization (WHO) the pharmacovigilance is defined as the science and activities involved in the detection, assessment, monitoring and evaluation of adverse events or any drug related problems of the medicinal products. The main objective of pharmacovigilance is the safer administration of medicinal products, which is attained through awareness of precise, timely and relevant clinical safety information of medical products.

The rapid growth of global pharmaceutical industry has resulted in the innovation in the number of medicinal products that can Transparency Market Researchtreat, cure and prevent various disorders. Although, the newly developed products have various benefits, these are allied with number of adverse drug events that can range from mild to severe side effects often resulting in disabilities, illness and death. In order to evade this, early detection of the adverse drug reactions in clinical trials and active clinical phase IV or post-marketing surveillance is imperative to identify these adverse events associate with the products. Nowadays, all the pharmaceutical companies are actively involved in the safety assessment and monitoring of medicinal products which are under clinical trials and also for marketed products. Until recently, the scope of the drug safety reporting was restricted to assessment and monitoring of very small number of medicinal products but now it has been extended to various products such as medical devices, traditional medicines, blood products, vaccines, etc.

The guidelines for the appropriate implementation of drug safety reporting services has been formulated by various national and international regulatory authorities such as the World Health Organization (WHO) and United States Food and Drug Administration (USFDA) are aiding in enhancement of the overall PV activities being conducted by the pharmaceutical companies

The global market for pharmacovigilance services is segmented based on type of clinical trial phases, service providers and methods used in drug safety reporting. Based on type of clinical trial phases, the market is categorized in to preclinical studies, phase I, II, III, IV or post-marketing surveillance services market. Among these, the market for clinical trial phase IV drug safety reporting services market accounts for the largest market share of 74.7% in 2012 and was valued to USD 1,604.8 million in the same year .

This market is expected to lead the pharmacovigilance market till 2019 owing to rise in public safety issues coupled with growing regulatory concerns regarding safety of the marketed products. In addition, the market is segmented based on type of service providers by in-house and contract outsourcing services market. Among these, contract outsourcing pharmacovigilance services market accounts for the largest market share of 50.8% in 2012 and is forecast to grow at a healthy growth rate of 15.5% during the forecast period of 2013 to 2019. The contributing factors behind such an assessment include its high cost involvement, quality concerns, requirement of highly qualified professionals and growing regulatory concerns.

Geographically, the North American region constituted the largest market for global pharmacovigilance market in 2012; however, Asia-Pacific is predicted to foresee the highest growth rate of 15.2% from 2013 to 2019. This growth has been attributed to large population base, low healthcare cost and high enrolment rate of patients. In addition, favorable government support, growing pharmaceutical industry would trigger the growth of this market in Asian-Pacific region.

The leading market players include Accenture, Plc, Bristol-Myers Squibb, Covance, Inc., Cognizant Technology Solutions, Icon, Plc.,iGATE Corporation, Novartis International AG, Parexel International Corporation, PRA International, Inc., Pharmaceutical Product Development, Inc. (PPD), Pfizer, Inc., Quintiles Transnational Corporation and Wipro Limited.

The global pharmacovigilance market is segmented as follows:

Global Pharmacovigilance Market, by Segments

Pharmacovigilance Market
Type of clinical trial phases
Pre-Clinical Studies
Phase I
Phase II
Phase III
Phase IV or Post-marketing Surveillance
Type of service providers
In-House
Contract Outsourcing
Type of methods used in drug safety reporting
Spontaneous reporting
Intensified ADR reporting
Targeted reporting
Cohort event monitoring
EHR monitoring
Global Life Sciences BPO Market, by Geography
North America
Europe
Asia-Pacific
Rest of the World (ROW)

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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.