The global pharmacovigilance market size is expected to reach USD 13.11 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.2% during the forecast period. Increasing incidence of Adverse Drug Reactions (ADR) is the key growth driver. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year, are due to ADR.Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.
According
to the World Health Organization's (WHO) report on pharmaceutical consumption,
medicines to treat chronic diseases accounted for a larger proportion of the
total volume of drug consumption in non-hospital setups. Hence, there has been
a significant rise in the number of medicines made available to healthcare
consumers. Rising demand for drugs has significantly heightened the need for
the development of novel therapeutics via extensive clinical trials, which is
expected to serve this market with lucrative opportunities.
Moreover,
leading pharma companies in developed countries are focusing on outsourcing PV
services to reduce cost and to minimize operational expenses. This is
anticipated to serve as an opportunity for contact research organizations in
developing regions to gain more revenue share. Manufacturers are now focusing
on remodeling their product development processes in an attempt to cater to
patient needs across the globe. These factors are anticipated to fuel the
demand for pharmacovigilance services during the forecast period.
The
companies operating in the pharmacovigilance market are undertaking strategic
initiatives, such as collaborations with the PV service providers to gain
access to medical information and to manage PV workflows. For instance, in
September 2019, Accenture collaborated with Bayer to implement the company's
INTIENT Clinical platform to simplify and speed its drug development processes,
thereby widening business. The company collaborated with BioCelebrate in 2017
to develop a platform for aggregating and analyzing clinical information for
improved drug developing efficiency, thus enhancing its R&D capabilities.
Such initiatives help companies maintain their market position.
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Further key
findings from the study suggest:
- Phase IV held a dominant
market share in 2019 owing to the extensive post-marketing surveillance of
pharmaceuticals and increasing ADR incidences
- In the service provider
segment, contract outsourcing held a significant market share of around
57% in 2019, owing to the shift in focus of pharmaceutical companies
toward outsourcing services to reduce operational cost
- Based on type, spontaneous
reporting held the largest revenue share in 2019, due to wide application
of the product in pharmacovigilance along with benefits such as easy
simulation of data sets for better drug comparison
- Research organizations
segment is anticipated to exhibit lucrative CAGR of 13.3% over the
forecast period owing to increasing R&D for the development of novel
biologics and medical devices
- Asia Pacific
pharmacovigilance market is anticipated to showcase lucrative CAGR in the
forthcoming years, attributed to the availability of low-cost labor and
rising number of outsourcing companies in this region
- Market participants are
focusing on increasing R&D activities to develop better
pharmacovigilance services. Moreover, they are adopting strategies such as
new product launch, collaborations, and mergers and acquisitions to gain
competitive advantage
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Grand View Research has segmented
the global pharmacovigilance market on the basis of the clinical trial phase,
service provider, type, end use, and region:
Pharmacovigilance
Clinical Trial Phase Outlook (Revenue, USD Million, 2016 - 2027)
- Pre-clinical
- Phase I
- Phase II
- Phase III
- Phase IV
Pharmacovigilance
Service Provider Outlook (Revenue, USD Million, 2016 - 2027)
- In-house
- Contract Outsourcing
Pharmacovigilance
Type Outlook (Revenue, USD Million, 2016 - 2027)
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous
Reporting
- Cohort Event Monitoring
- EHR Mining
Pharmacovigilance
End-Use Outlook (Revenue, USD Million, 2016 - 2027)
- Hospitals
- Research Organizations
- Industrial
Pharmacovigilance
Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- MEA
- South Africa
- Saudi Arabia
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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