Grand View Research, Inc. - Market Research And Consulting.According to report published by Grand View Research, An increase in the prevalence of chronic diseases such as oncological diseases, diabetes, and cardiovascular and respiratory disorders has led to an increase in drug consumption worldwide.Thereby demand for new drug development via extensive clinical trials has increased.
Pharmacovigilance Market Growth & Trends
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. The 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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Pharmacovigilance Market Report Highlights
Phase IV held a dominant market share at 75.56% in 2019 owing to the extensive post-marketing surveillance of pharmaceuticals and an increasing number of ADR incidences in the market
In the service provider segment, contract outsourcing held a significant market share of around 57% as of 2019, owing to the shift in focus of pharmaceutical companies to outsourcing services to reduce operational cost
Based on types, spontaneous reporting held the largest revenue share due to its wide application in pharmacovigilance and benefits such as easy simulation of data sets for better drug comparison
The biotechnology segment is anticipated to exhibit a lucrative CAGR of 13.9% over the forecast period owing to increasing R&D for the development of novel biologics
Asia Pacific is anticipated to showcase a lucrative CAGR of 14.9% in the forthcoming years. This is attributing to the availability of low-cost labor and the rising number of outsourcing companies in this region
Industry participants are focusing on increasing R&D activities to develop better pharmacovigilance services. Moreover, companies are adopting strategies including new product launch, collaborations, and mergers & acquisitions to gain a competitive advantage
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Pharmacovigilance Market Segmentation
Grand View Research has segmented the global pharmacovigilance market based on the product life cycle, service provider, type, process flow, therapeutic area, end-use, and region:
Pharmacovigilance Product Life Cycle 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 Process Flow Outlook (Revenue, USD Million, 2016 - 2027)
Case Data Management
Case Logging
Case Data Analysis
Medical Reviewing & Reporting
Signal Detection
Adverse Event Logging
Adverse Event Analysis
Adverse Event Review & Reporting
Risk Management System
Risk Evaluation System
Risk Mitigation System
Pharmacovigilance Therapeutic Area Outlook (Revenue, USD Million, 2016 - 2027)
Oncology
Neurology
Cardiology
Respiratory Systems
Others
Pharmacovigilance End-use Outlook (Revenue, USD Million, 2016 - 2027)
Pharmaceuticals
Biotechnology Companies
Medical Device Manufacturers
Others
Pharmacovigilance Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
The U.S.
Canada
Europe
The U.K.
Germany
France
Italy
Spain
Russia
Asia Pacific
Japan
China
India
Latin America
Brazil
Mexico
MEA
South Africa
Kingdom of Saudi Arabia
List of Key Players of Pharmacovigilance Market
Accenture
Clinquest Group B.V. (Linical Americas)
IQVIA
Cognizant
Laboratory Corporation of America Holdings
IBM Corporation
ArisGlobal
ICON Plc.
Capgemini
ITClinical
TAKE Solutions
PAREXEL International Corporation
BioClinica, Inc.
Wipro Limited
UNITED BIOSOURCE CORPORATION
FMD K&L
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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