Global Pharmacovigilance Market to Reach US$6.1 bn by 2020 owing to Increasing Consumption of Drugs
Intensifying regulatory expectations, tougher inspection system, and instant need for patient reporting boost the adoption rate of pharmacovigilance among pharmaceutical companies.
Pharmacovigilance is a crucial component of an effective drug regulation system and is used for evaluating and monitoring adverse drug reactions. Pharmacovigilance activities are essential for conducting clinical research. Currently, the global network of pharmacovigilance centers is operating effectively to assure appropriate functioning of drug safety procedures.
The large volume of international adverse drug reaction reports collected and stored in a central database assists the national drug regulatory authorities to improve the safety profiles of various drugs. This is expected to help avoid disasters associated with drugs. Growing expectations regarding the safe use of drugs and increasing health awareness among people have propelled the global pharmacovigilance market in the recent past.
The growing number of pharmacovigilance centers worldwide is playing a key role in spreading awareness among people about safe use of drugs. Web-based sales of drugs, unavailability of knowledgeable people, and high data security risk are some of the possible factors expected to restrict the growth of the global pharmacovigilance market in the years to come. However, factors such as strict regulatory expectations, immediate need for patient reporting, and tough drug inspection systems are expected to propel the global pharmacovigilance market in the coming few years.
The global pharmacovigilance market is segmented on the basis of phase of drug development, region, type of method, and type of service. Based on phase of drug development, the global pharmacovigilance market is classified into preclinical studies, phase I, phase II, phase III, and phase IV or post-marketing surveillance.
In 2013, the phase IV or post-marketing surveillance segment held a 60% share in the global pharmacovigilance market and is expected to maintain its dominant position by 2020. Factors such as the need to conduct risk assessment studies at the time of crucial stages of drug development, development of comparative safety data, and the valuation of medication errors are some of the factors expected to help expand the phase III clinical trial segment in the years to come.
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Based on the type of service, the global pharmacovigilance market was dominated by the outsourcing segment, accounting for more than 50% of the total pharmacovigilance market, in 2013. By region, in 2013, North America held the largest share of 35% in the global pharmacovigilance market.
The global pharmacovigilance market is highly competitive and fragmented. The rapid growth of the global pharmacovigilance market is expected to attract many CROs and BPOs from across the world. Some of the leading players in the global pharmacovigilance market are Covance, Inc., Quintiles Transnational Holdings, Inc., Cognizant Technology Solutions, Pharmaceutical Product Development, LLC, (PPD), Novartis International AG, PAREXEL International Corporation, F. Hoffmann-La Roche Ltd., Accenture plc, GlaxoSmithKline plc, and Wipro Limited.
Key Segments of Global Pharmacovigilance Market
Pharmacovigilance Market, by Phases of Drug Development
Pharmacovigilance Market, by Types of Methods
Pharmacovigilance Market, by Type of Service
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