Increasing rate of adverse drug reaction coupled with rising drug consumption globally is anticipated to propel the market growth for pharmacovigilance market. It is basically pharmacological science which helps in collecting, assessing, detecting, monitoring and preventing drug reaction after consumption of pharmaceutical drugs. Increasing number of absolute and chronic diseases, rise in the level of drug toxicity, and growing geriatric population base all over the world are the main drivers of this market. Introduction of new technologies for pharmacies and huge investment in research and development are anticipated to fuel the market for pharmacovigilance market. Strong government rules and regulation regarding drug production & safety intensify the growth of this market.
Rising outsourcing and offshoring of pharmaceutical products is expected to have significant opportunity in the developing countries. Globalization has shown positive effects in pharmaceutical industries due to firms are now able to produce the same drug which are comparatively of lower costs.
Clinical Trial Insight
The global pharmacovigilance market is classified into clinical trial phases, type of methods and type of service provider. Clinical trial segment is further divided into phase I, phase II, phase III and phase IV. Phase IV has witnessed maximum usage rate in 2013. Phase IV passes through three hurdles before getting any acceptance from regulatory authorities and clear all critical stages like quality inspection, effectiveness testing and safe for the prescribed purpose. The data collected in post phase III has huge acceptance due to its immense effectiveness and minimum ADR. After phase IV, the phase III market is the largest market share holder owing to its highest drugs safety clearance compared to phase I and phase II.
Method Type Insight
By type of methods pharmacovigilance market is divided into target reporting, spontaneous reporting, cohort event monitoring, EHR monitoring and intensified ADR reporting. The electronic health recording market is anticipated to witness significant growth over the forecast period. Owing to increase in digitalization and automation in healthcare this market is likely to show tremendous growth in coming six years. Apart from this, EHR devices also helps to build a strong communication channel between patient and doctors due to increase in sharing more effective date electronically.
Service Type Insight
On the basis of service type, market is again bifurcated into contract outsourcing and in house manufacturing. Contractual outsourcing was the market leader in 2013. Globalization of economies has given a platform to developed countries to produce goods and services at much cheaper rate by outsourcing or offshoring it to developing nations whose value of currencies are lower. Outsourcing also helps to minimize the risk of production failure or stock out situation. Over the next six years, market for pharmacovigilance is anticipated to grow at highest rate. Furthermore, outsourcing also helps to minimize fixed cost of the company, resource flexibility, reduction in upfront investment and mitigation of risk. It renders services in SOP, PV audit, process design and other customized services.
In global pharmacovigilance market, North America was the market leader in 2013. Introduction in drug safety norms by US FDA and other responsible authorities complemented with huge investment in research and development is expected to maintain its growth rate over 2020. Asia pacific region is anticipated to record highest growth rate over the forecast period owing to increasing awareness ADR and availability of cheap labors. This market possess signification opportunity for prosperity in pharmacovigilance market.
Synowlwedge LLC, Accenture Plc., Cognizant Technology Solutions Corporation, and Covance Inc.,United BioSource Corporation, Bristol-Myers Squibb, PAREXEL International Corporation, Janssen Research & Development, LLC,Boehringer Ingelheim GmbH, Quintiles Transnational Corporation,Pharmaceutical Product Development, Inc., and ICON, Plc. are the major market players of pharmacoviligance market. Firms are adopting business development strategies like mergers, acquisition, geographical expansion and new product development to survive in the market.
Research Support Specialist, USA