Industry Outlook and Trend Analysis
The Pharmacovigilance (PV) Market was worth USD 2.78 billion in 2014 and is expected to reach approximately USD 8.46 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 13.14% during the forecast period. Expanding rate of Adverse Drug Reactions (ADRs) is anticipated to quicken the interest for pharmacovigilance services over the conjecture time frame. Developing prevalence of chronic diseases is another significant benefactor for the PV development. Treatment of these chronic diseases require uptake of blend of medications bringing about ADR. To curtail this issue, PV administrations are used. Also, presence of charitable association for spreading the awareness associated with PV, for example, International Society of Pharmacovigilance (ISoP) is anticipated to encourage the selection of PV amid the conjecture time frame as it is concentrating on upgrading safe and appropriate use of medications at worldwide level. Increasing government activities relating to adoption of PV administrations is foreseen to impel the business development in the following years.
Clinical Trial Phase Outlook and Trend Analysis
The Phase IV (Post marketing) clinical trial section ruled the market in 2016. PV arrangements function as an extra security measure for the drug undergoing clinical trials. Stage IV is fundamental phase of whole clinical trials as unsuspected unfavourable medication responses can be recognized in this stage. Consequently, the information gathered and surveyed amid this stage is anticipated to be of the most elevated significance. The Phase III section is foreseen to witness lucrative development.
Service Provider Outlook and Trend Analysis
Contract outsourcing held the prevailing share in 2016 and is anticipated to witness quickest developing fragment in the following years. It is because of the advantages related with outsourcing such as resource flexibility, risk mitigation, reduction in fixed cost, and reduction of upfront investments. Contract outsourcing associations give arrangements, for example, process plan Standard Operating Procedure (SOP), PV audits, and other customized services.
Type Outlook and Trend Analysis
Spontaneous reporting captured the biggest share of the pharmacovigilance market in 2016, attributable to wide usage in location of new, genuine and uncommon ADRs and serves as a proficient and economical technique. Wide use of surveillance reports created through this technique by pharmaceutical organizations and regulatory authorities is likewise in charge of capitalizing the share of the overall industry of spontaneous reporting. Cohort event monitoring (CEM) is anticipated to be the quickest developing fragment inferable from its expanding application in discovery of extensive variety of unfavourable clinical events.
End User outlook and Trend Analysis
In 2016, hospitals represented the biggest revenue share of the pharmacovigilance market based on end use. Hospitals serves columnist associations, which report the ADRs, happened amid a specific time period, to administrative experts keeping in mind the end goal to find out the requirement for post marketing surveillance. Rising frequency of ADRs and medication errors are anticipated to drive the hospital section development over the gauge time frame.
Regional Outlook and Trend Analysis
North America captured the biggest revenue share in 2016, attributable to presence of key pharmaceutical and medicinal devices players in this area, adding to the general income in this area. Rising level of drug abuse and related unfavourable drug reactions is a main source of death and morbidity. The previously mentioned components are high development rendering factors for the pharmacovigilance market in North America. Asia Pacific is anticipated to develop at lucrative rate, owing to accessibility of expansive number of outsourcing associations.
The leading players in the market are BioClinica, LabCorp, Capgemini, Clinquest Group B.V, iMEDGlobal, ITClinical, Cognizant, ArisGlobal LLC, ICON plc, IBM and Accenture. This industry is witnessing a tremendous boost due to patent expiration of branded drugs and rising number of new drug developments. This has encouraged several local and international pharmacovigilance service providers in the market.
The Pharmacovigilance (PV) Market is segmented as follows-
By Clinical Trial Phase:
By Service Provider:
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
By End User:
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?