Pharmacovigilance is the science and activities involved in the detection, understanding, assessment and prevention of adverse drug effects or other drug-related problems. Hence pharmacovigilance refers to the process of preventing and monitoring adverse drug reactions. However adverse drug reaction (ADR) is an undesirable and unwanted effect of a medication that occurs during its clinical use. Moreover rising number of Adverse drug reaction is a major concern of the pharmacovigilance field and will contribute to significant increase in the demand for clinical data management services over the forecast period. Thus rising demand for continuous pharmacovigilance for effective surveillance of Adverse drug reaction will render several growth opportunities for the market expansion.
Pharmacovigilance Market: Key Players
The research study includes profiles of leading companies operating in the global pharmacovigilance market. Key players profiled in the report include: Accenture, Boehringer Ingelheim, Bristol-Myers Squibb, Clinquest Group, Cognizant, Ecron Acunova, F. Hoffmann-La Roche, GlaxoSmithKline, HCL Technologies & IBM Corporation.
Drivers for the Global Pharmacovigilance Market:
The surging prevalence of chronic diseases is a key driving factor of the pharmacovigilance market. The treatment of various chronic diseases, such as cardiovascular diseases, diabetes, and autoimmune diseases, requires taking combinations of drugs which can result in adverse drug reactions. Pharmacovigilance services are utilized for dealing with this issue. Apart from this, the rising production of new drugs and presence of strict government regulatory framework are also driving the growth of the pharmacovigilance market. For example, the United States Food and Drug Administration and the European Medicines agency form regulatory guidelines for different phases of clinical trials. Moreover, the increasing government initiatives and rising focus of non-profit organizations on spreading awareness regarding pharmacovigilance are also contributing to the growth of the market.
Opportunities for the Global Pharmacovigilance Market:
Accelerating demand for personalized medicines will foster market expansion in the foreseeable future. Hence innovations in personalized medicine will offer growth potential to the market in ways to develop and quantitate risks and benefits of personalized medicines. In addition to this increasing advancement in targeted drugs such as new clinical trial phase development will further propel demand for pharmacovigilance services in the coming years. However Increasing acceptance and adoption of outsourcing services by healthcare companies will stimulate pharmacovigilance (PV) market growth during the forthcoming years. Moreover positively shifting trends in pharmacovigilance outsourcing owing to increasing benefits will lead to market expansion in the coming years.
Restrains for the Global Pharmacovigilance Market:
The dearth of skilled healthcare professionals needed to analyze data and implement solutions may restrict pharmacovigilance market growth. In addition to this, increased risk of data security that can be misused by pharmacovigilance personnel may hamper market demand over the coming years. However minimal information about drugs on web-based services could hinder the market to attain its full potential. Moreover, a lack of technological advancements in pharmacovigilance processes may also restrict the market growth. Thus all these factors can obstruct the growth of the pharmacovigilance market.
Region Wise, Global Pharmacovigilance Market Analysis:
Report covers the region wise analysis, global pharmacovigilance market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific leads the global pharmacovigilance market share followed by North America & Europe. While the Asia Pacific leads the global pharmacovigilance market due to the availability of low-cost labor and rising number of outsourcing companies in this region. However strict regulations for reporting adverse drug reactions coupled with large number of companies offering pharmacovigilance outsourcing services across the region will foster the market growth. In addition, increasing funding for clinical trials will further spur the regional market outlook over the analysis period.
Global Pharmacovigilance Market: Product analysis
- Phase I
- Phase II
- Phase III
- Phase IV
Global Pharmacovigilance Market: Application analysis
- Contract outsourcing
Global Pharmacovigilance Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East