Increasing adverse drug reactions across the globe will fuel need for pharmacovigilance services escalating pharmacovigilance market growth over forecast timeframe. Adverse drug reactions are among the common causes of death and morbidity within hospital settings. Moreover, as the adverse drug reactions are more prevalent in people aged 65 years and above, aging demographics in developed economies will further stimulate demand for drug monitoring services. Pharmacovigilance Market size is set to exceed USD 8 billion by 2024; according to a new research report by Global Market Insights.
Personalized medicine industry has witnessed rapid growth due to increased usage and acceptance in the field of cancer therapeutics. Pharmaceutical companies are increasingly focusing on development of personalized medicines to cater its increasing demand. Thus, growing need of personalized medicine will propel need for pharmacovigilance services for foreseeable future.
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Regulatory authorities relentless efforts to bring harmonization in pharmacovigilance practices will impact the industry growth. However, dearth of skilled personnel coupled with the risk pertaining to data security will hamper business growth to some extent.
Phase III trial is estimated to grow at highest CAGR from 2017 to 2024 as compared to other clinical trial segments. Phase III clinical trials involves the assessment of drug’s safety, efficacy and risk benefit ratios. This stage is long and expensive due to the size of patient pool involved. There has been continues rise in failure rate at Phase III over the last decade.
Phase IV trial segment dominated pharmacovigilance market and trend is likely to continue in forthcoming years due to rising awareness and favorable regulations pertaining to post marketing surveillance.
In house pharmacovigilance provides enhanced data security and data confidentiality. However, state of art infrastructure and skilled staff required for in house pharmacovigilance is difficult to maintain and comes with the additional operational cost. Moreover, pharmacovigilance diverts focus of manufacturers from their core activities. As a result, manufacturers are increasingly outsourcing pharmacovigilance activities to specialized business players in the developing countries. Moreover, outsourcing further saves cost for manufacturers as the pharmacovigilance service providers in Asia Pacific region costs significantly less.
Browse key industry insights spread across 160 pages with 73 market data tables & 9 figures& charts from the report Pharmacovigilance Market in detail along with the table of contents:
Japan dominated Asia Pacific pharmacovigilance market due to robust adverse drug reaction reporting system and healthcare infrastructure. The population of Japan is aging rapidly. As the risk of adverse drug reaction is significantly higher in aged population, need for adverse drug reaction monitoring and reporting will also increase with the aging population. Large consumption of prescription medicine and increase level of accessibility to healthcare services will further escalate industry growth over forecast period.
India has well established presence of many industry players including TCS, Cognizant and more. The cost of pharmacovigilance services in India is significantly lower compared to cost in developed economies like U.S. UK etc. As a result, the manufacturers are increasingly outsourcing pharmacovigilance activities to these firms in India. This trend is likely to continue over forecast timeframe rendering positive impact on industry growth.
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Some of the key industry players operating in global Pharmacovigilance market are Accenture, Boehringer Ingelheim, Bristol-Myers Squibb, Cognizant Technology Solutions Corporation, F. Hoffmann-La Roche, GlaxoSmithKline, IQVIA (QuintilesIMS), IBM Corporation, Infosys, Janssen Research & Development, Ipca Laboratories, ITclinical, Laboratory Corporation of America Holdings, Novartis AG, Pfizer, Sanofi Aventis, TCS, and Wipro.
Industry players are putting efforts to develop new innovative and technologically advanced platform that improves pharmacovigilance service capabilities. For instance, in October 2017, TCS launched Connected Clinical Trials (CCT), an innovative platform that improves efficiency of clinical supply process.
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Global Market Insights, Inc.
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