Pharmacovigilance market was dominated by North America until recently, when Asia Pacific is looked upon to be fastest growing pharmacovigilance market with developing economies including India and China offering lucrative growth opportunities.
Selbyville, United states - July 18, 2018 /MarketersMedia/ —
Thriving on the virtue of its remarkable potential to ensure drug safety, pharmacovigilance market has been witnessing extraordinary transit when it comes to the remuneration portfolio. The monitoring procedure, though being utilized since decades, has recently come into the limelight with rapidly multiplying complexities in the pharmaceutical domain. This business sphere has in fact gained momentum with a strict regulatory framework gaining precedence in the drug approval and drug testing activities. Having accrued substantial popularity for simplifying the drug testing process in conjunction with maximizing drug portfolio, pharmacovigilance market share is expected to nothing but proliferate in the ensuing years. Leading pharmacovigilance industry companies are seen drawing immense proceeds from the data outsourcing trend and the advent of big data analytics.
Recently, for instance Aris Global has unveiled the first integrated platform of pharmacovigilance services and cloud technology. This plugs in one of the most crucial pharmacovigilance compliance gaps of the global pharmaceutical industry with proven golden blueprint from more than 40 organizations and regulatory bodies spanning over 160 countries. Speaking of the regional landscape, India pharmaceutical market is also actively looking into the incorporation of big data analytics. These efforts are being undertaken to better structure the data base management and outsource PV services to industry biggies including Cognizant Technology Solutions Corporation, Bristol-Myers Squibb, ICON, Accenture, and Quintiles among others. Exemplifying the highest service standards in drug testing, approval, and commercialization, pharmacovigilance industry players are indeed expected to augment the revenue graph in the years to come.
MarketStudyReport.com adds report on Pharmacovigilance Market Size By Clinical Trial Phase, Service Provider, Region (U.S., Canada, UK, Germany, Spain, Italy, France, China, Japan, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Qatar, Israel) and more with forecasts to 2024.
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According to this research, the pharmacovigilance market will reach USD 8.1 billion by 2024 with increasing drug consumption and rise in number of adverse drug reactions propelling this growth over the forecast timeframe.
Increasing trend of outsourcing pharmacovigilance practices to the third-party entities in Asia Pacific region will accelerate industry growth. These specialized firms operating in Asia Pacific offer pharmacovigilance services at significant low cost compared to counterparts. As the manufacturers are increasingly concentrating their efforts on core activities such as development of novel therapies and production the trend of outsourcing pharmacovigilance related activities will grow in forthcoming years.
Phase IV clinical trials segment accounted for largest revenue share in 2016 and is likely to remain so over forecast timeframe. Phase IV involves monitoring of adverse effects after the market approval. The regulatory authorities such as U.S. FDA have mandated the phase IV trials. Rising concerns for the safety associated with marketed drug will support the phase IV segment growth.
Although some manufacturers prefer in-house pharmacovigilance to ensure data security, confidentiality and eliminates the risk of data breach. However, getting enough skilled professionals and financial resources required for the in-house operation is an onerous task. As a result, large number of manufacturers are preferring outsourcing of pharmacovigilance practices to third party organizations.
North America dominated global pharmacovigilance market in 2016 with U.S. accounted for largest revenue share. Increasing death rates associated with adverse drug reactions coupled with favorable regulatory scenario will support the industry growth over foreseeable future. However, Asia Pacific is looked upon to be fastest growing pharmacovigilance market with developing economies including India and China offering lucrative growth opportunities. Owing to above factors North America is likely to lose some revenue share to Asia Pacific region over the forecast period.
Some of the industry players operating in market are Wipro, Telerx (C3i Solutions), TCS, Sanofi Aventis, Oracle Corporation, Parexel International Corporation, Pfizer, Sanofi Aventis, Novartis AG, Laboratory Corporation of America Holdings, Janssen Research & Development, ITclinical, IQVIA (QuintilesIMS), Ipca Laboratories, InVentiv Health Clinical, Infosys, IBM Corporation, ICON, iGATE Corporation (Capgemini), HCL Technologies, GlaxoSmithKline, Foresight Group International, F. Hoffmann-La Roche, Ecron Acunova, Cognizant Technology Solutions Corporation, Clinquest Group B.V., Bristol-Myers Squibb, Boehringer Ingelheim, and Accenture.
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Major chapters from Table of Contents of this pharmacovigilance market report include:
Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Pharmacovigilance Industry Insights
Chapter 4. Pharmacovigilance Market, By Clinical Trial Phase
Chapter 5. Pharmacovigilance Market, By Service Provider
Chapter 6. Pharmacovigilance Market, By Region
Chapter 7. Company Profiles
Complete report titled Pharmacovigilance Market Size By Clinical Trial Phase (Preclinical, Phase I, Phase II, Phase III, Phase IV), By Service Provider (In-house, Contract outsourcing) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Spain, Italy, France, China, Japan, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Qatar, Israel), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024 of 160 pages is now available at https://www.marketstudyreport.com/reports/pharmacovigilance-market
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