The Global Pharmacovigilance Market Share is being driven by escalated awareness in the public health sector along with rise in preference for safe medicines. Number of national pharmacovigilance centers is increasing which is playing an imperative role in aiding the market. Besides that, pharmacovigilance is experiencing various challenges to develop improved healthcare system. The factor that restrain the market growth is unavailability of unskilled labor and data about drugs collected via the web.
The global Pharmacovigilance market is expected to develop US$ 24.32 billion by 2032, at a compound annual increase in price (CAGR) of 13.1 % throughout the forecast period.
Based on regional segmentation, North America ranks highest in the global pharmacovigilance market because of high regulatory compliance and incidences of adverse drug reactions for pharmacovigilance. In addition to that, abundant biotechnology and pharmaceutical companies, is propelling regional market growth. Asia-Pacific considered fastest growing region of global pharmacovigilance market as there are higher incidences of adverse drug reactions, rising concern for efficacy and drug safety, and toxicity, and growing number of biotechnology and pharmaceuticals companies. Moreover, the pharmacovigilance market is rapidly growing because of high growth of generic drugs market in emerging economies like India and China.
The global Pharmacovigilance industry is segmented on the basis of methods, clinical trial phase, applications, end-user, region and service providers. Based on different phases of clinical trial, the market has several categories which include phase I clinical trial, phase II clinical trial, phase III clinical trial, and phase IV clinical trial. The leading segment is phase IV clinical trial segment, carrying largest global Pharmacovigilance market share of 75.2% in 2017.
Pharmacovigilance is essential as safety surveillance post drug is sold to patients. It finds and reports ADRs and damaging effects when drugs are discontinued or restricted in use. Phase IV pharmacovigilance may impact badly on business or company’s financial performance. Therefore, growing number of pharmaceutical companies and higher number of medicines favor the market growth. Preclinical trial will have positive growth due to accelerating number of novel drug developments by biotech and pharma companies across the world. Preclinical trial are essential part of drug development and drug assessment. Thus, growing demand for targeted therapies owe to higher number of diseases.
On the basis of pharmacovigilance methods, the global Pharmacovigilance industry is classified as targeted spontaneous reporting, spontaneous reporting, electronic health record mining, intensified adverse drug reaction reporting and cohort event monitoring. In terms of service providers, the global pharmacovigilance market is bifurcated into contract outsourcing pharmacovigilance and in-house pharmacovigilance. Leading segment is contract outsourcing pharmacovigilance and is anticipated to grow at a higher rate in the next couple of years.
Some of the main players operating in the global Pharmacovigilance market include Sanofi, Accenture, Cognizant Technology Solutions, Clinquest Group B.V., Wipro Limited, ICON plc, PAREXEL International Corporation, F. Hoffmann-La Roche Ltd., Novartis AG, iGATE Corporation, Pfizer Inc., Bristol-Myers Squibb Company and GlaxoSmithKline.
Manipulators Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||US$ 24.32 billion|
|Growth Rate||CAGR of 13.1 % during 2021-2032|
|Segment Covered||By Product Life Cycle, ervice Provider, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Accenture; LinicalAccelovance; Cognizant; Laboratory Corporation of America Holdings; IBM Corporation; ArisGlobal; ICON plc.; Capgemini; ITClinical; FMD K&L; IQVIA; TAKE Solutions Ltd.; PAREXEL International Corporation; BioClinica Inc.; Wipro Ltd.; United BioSource Corporation|
Key segments of ‘Global Pharmacovigilance Market’
Based on end-use, the market has been segmented into,
- Medical Device
Based on type of method, the market has been segmented into,
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
- Intensified ADR Reporting
- Spontaneous Reporting
Based on region, the market has been segmented into,
- North America
- Latin America
- Middle East and Africa