The global pharmacovigilance market is expected to grow at a CAGR nearly 9.7% during the forecast period (2014 to 2020). This industry was valued at approximately USD 2410 million in 2013. High incidence of adverse drug reaction (ADR) and stringent regulatory norms pertaining to drug safety drive the overall industry. Pharmacovigilance, also known as drug safety involves testing the effects of medical drugs once these have been approved & licensed for use. This is done basically to identify & evaluate adverse reactions that had gone unreported in the past.
It utilizes pharmacological science that helps in the collection, assessment, detection, monitoring, and prevention of drug reactions after pharmaceutical drugs have been consumed. Issues of drug toxicity, rising cases of chronic ailments, and an ever-expanding geriatric population cumulatively impact overall industry demand.
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The worldwide pharmacological market is categorized on the basis of clinical trials, types of methods, service types, and geographies. As per clinical trial phases, the segments are preclinical, phase 0, phases I, II, III, and IV. The usage rate was by far the highest for phase IV in 2013. Before getting the nod from regulatory authorities, phase IV needs to necessarily clear the following vital stages: quality inspection, efficacy test, and safety of use. Data gathered during the post phase III stage is highly reliable & widely accepted. The phase IV trials market holds the largest share, closely followed by the phase III market. As against phase I & II, phase III witnesses maximum drug safety clearances.
Based on types of methods, the global Pharmacovigilance Market is categorized into intensified ADR reporting, cohort event monitoring, target reporting, EHR monitoring, and spontaneous reporting. The EHR monitoring segment may expand robustly during the forecast period. This market is fueled by the growing trend of automation & digitalization in healthcare. EHR devices facilitate effective communications between doctors and patients owing to efficient data sharing capabilities electronically.
House manufacturing and contract outsourcing are two types of services in the pharmacovigilance market. Contractual outsourcing led the industry in 2013. Due to globalization, developed countries can manufacture goods & services at affordable costs because of outsourcing. Outsourcing leads to lower production failures and helps overcome the problem of depleting stocks. It could even lower fixed costs, facilitate effective resource management, mitigate risks, and reduce upfront investments.
Geographically, the global pharmacovigilance industry is divided into Europe, North America, and Asia Pacific. North America dominated the industry in 2013. Implementation of drug safety regulatory norms by FDA and substantial R&D investments are key regional drivers. Asia Pacific could expand robustly during the forecast period because of availability of cheap labor and widespread awareness about ADR. This region offers several lucrative opportunities for further market progress.
Prominent competitors in the worldwide pharmacovigilance market are Janssen Research & Development, United BioSource Corporation, Cognizant Technology Solutions Corporation, Boehringer Ingelheim Gmbh, and Bristol-Myers Squibb. Most companies engage in business ventures, such as mergers and acquisitions in order to gain higher market shares.
The life sciences industry is a rapidly developing one. Advanced automation is gaining much importance in this industry as it is in the others. While most life sciences companies aim at launching products rapidly & cost effectively, they also need to ensure other key aspects. The devices & drugs being produced, besides fulfilling patient needs, must lead to better outcomes in the short & long term. A number of life sciences organizations have adopted automation for modernization of core enterprise systems. These have proved useful in many ways. In pharmacovigilance, it plays a key role in quality measurement, quantitative studies, customer service, data capture, and cognitive learning for medical report analysis, and others.