- The global market for pharmacovigilance is projected to expand at an impressive CAGR of XX% to reach a market value of USD XXX million by 2026.
- Pharmacovigilance receives information from patients, medical literature, healthcare providers via pharmacovigilance agreement (PVA’s) and helps in assessing, monitoring and identifying interactions among drugs and their effects on human.
- It is also extracting unconstrained reports that are submitted to the Nation Surveillance System. A significant goal of pharmacovigilance is to provide safe and effective medicines to every individual, and this mainly focuses on adverse drug reactions (ADR’s) which includes harmful drugs, overdose medicines, misuse of drugs, etc.,
Pharmacovigilance Market Drivers
- Primary drivers for global pharmacovigilance market are increasing incidents of adverse drug reaction, expanding clinical trials, lack of clinical trial, and growth in outsourcing pharmacovigilance services.
- Independent and non-profit organization Vivli Center For Global Clinical Research Data has launched its Vivli platform, a cloud-based, designed to make clinical trial data accessible for researchers worldwide, regardless of the sponsor or study location.
- In September 2018 according to National Centre for Biotechnology Information (NCBI), mortality rate due to adverse drug reaction increased more than two-fold in 2014. In May 2018 according to data by Clinics, there was a 10% increase in ADR rate in Brazil per medication introduced during hospitalization.
Pharmacovigilance Market Restraints
- Technology advancements related to data access made researchers access the patient’s data easily. However, there would dwindle in the data security which needs to be efficient to maintain patients safety.
- So, it has become mandatory to maintain data integrity and further led to the decline of global pharmacovigilance market.
- The Association of the British Pharmaceutical Industry (ABPI), the Pharmaceutical Information & Pharmacovigilance Association (PIPA) and PV legal have collaborated to publish regulatory guidelines to support companies and promote the consistent practice of maintaining data integrity.
- Additionally, lack of global regulatory conforms and lack of data standardization for adverse event collection is also restraining the market growth.
Pharmacovigilance Market Segmentation Analysis
- The preclinical trial is a research stage in which drug safety and feasibility data are collected.
- Phase I test the safety of drugs. Phase II analyze the efficacy of a drug or device. Post Phase III is completed a sponsor thus applies for FDA approval, for marketing of drugs. Phase IV is all about the surveillance trails conducted after the drug has been approved for consumer sale based on few objectives.
- Phase III is expected to dominate the market in 2018 and is expected to increase over the forecast period and is expected to remain dominant over the forecast period, owing to a large number of product approvals which had significant adverse events at post-marketing surveillance, led to adverse drugs reactions complaints.
- For instance, in February 2016, according to US National Institutes of Health, there were 462 medicinal products that have post-marketing withdrawal due to adverse drug reactions.
- Intensified ADR reporting objective is to enhance reporting of scientific medicines in early post-marketing phase.
- Targeted spontaneous reporting objective is to estimate the incidence of a known ADR to a specific medicine in your population. Coherent event monitoring is to gather more on a safety profile of a new chemical entity in early post-marketing phase.
- Electronic health record mining makes sure of existing health records to supplement pharmacovigilance activities.
- Among all these types of reporting, spontaneous reporting occupies the significant share for the year 2018 and is expected to maintain its dominance over the forecast period in global pharmacovigilance market. This reporting are vital elements in the worldwide enterprise of pharmacovigilance and World Health Organization database; it included approximately 7.8 million reports in January 2015.
Pharmacovigilance Market Geographical Share
- North America occupies the prominent share in global pharmacovigilance market due to the rise in the level of drug abuse and growth of adverse drug reactions.
- In September 2018 Parexel merged with Datavant to speed up the process clinical study design and operations through the generation of real-world evidence.
- In January 2018, according to US National Institutes of Health, there were an around 94 adverse drug reactions in 75 patients.
- The incidence of adverse drug reactions was 16.2%, and the frequency varied, according to the medical specialty; it was higher in Internal Medicine (30%).
Pharmacovigilance Market Competitive Trends
- Key players of global pharmacovigilance market are Accenture, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, ICON PLC, Capgemini, United BioSource Corporation, Wipro Ltd, BioClinica, PAREXEL International Corporation, TAKE Solutions Ltd, Foresight Group International AG, and IT Clinical and others. Product launches, partnerships, and expansions are expected to be an important strategy adopted by key players to increase their market share.
- For Instance, in January 2019 Quanticate leading global data-centered clinical research organization (CRO) has launched QVigilance to provide dedicated pharmacovigilance (PV) and risk management services.
- In May 2018 Quanticate a global data-focused clinical research organization (CRO), has expanded into the Mumbai area with the opening of a new office.
- In August 2017 LabCorp, acquired Children, a leading clinical research and development organization, this led to enormous growth in mid-term biopharma segments.
- In June 2017 Accenture was named a leader in IDC MarketScape on Life Science Drug Safety Services.
- In June 2015, QuintilesIMS launched Infosario One Mobile App, a mobile-based application that enables access to crucial clinical trial information.
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Global Pharmacovigilance Market
1. Pharmacovigilance Market – Scope and Methodology
1.1. Research Methodology
1.2. Scope of the market
2. Pharmacovigilance Market – Industry Trends
3. Pharmacovigilance Market Outlook
3.5. Reimbursement policies
3.6. Technological Advancements
3.7. Porter’s Five Forces Analysis
4. Pharmacovigilance Market – Segmentation Analysis
4.1. By Clinical Trial Phase
4.1.2. Phase I
4.1.3. Phase II
4.1.4. Phase III
4.1.5. Phase IV
4.2. By Type
4.2.1. Spontaneous Reporting
4.2.2. Intensified ADR Reporting
4.2.3. Targeted Spontaneous Reporting
4.2.4. Cohort Event Monitoring
4.3. By End User
4.3.2. Pharmaceutical companies
5. Pharmacovigilance Market – Regional, Country-level Analysis
5.1. Geographic Overview
5.2. North America
5.2.1. The U.S.
5.3.2. The U.K.
5.3.6. Rest of Europe
5.4. South America
5.4.3. Rest of South America
5.5. Asia Pacific
5.5.5 South Korea
5.5.6. Rest of Asia Pacific
5.6. Rest of World
6. Pharmacovigilance Market – Competitive Analysis
6.1. Competitive Scenario
6.2. Heat Map Analysis
6.3. Product Benchmarking
7. Pharmacovigilance Market – Company Profiles
7.2. Laboratory Corporation of America Holdings
7.3. IBM Corporation
7.4. ArisGlobal, ICON plc.
7.6. United BioSource Corporation
7.7. Wipro Ltd
7.9. PAREXEL International Corporation
7.10. Foresight Group International AG and IT Clinical
8. Pharmacovigilance Market – Key companies to watch
9. Pharmacovigilance Market – Emerging Companies
10. Pharmacovigilance Market – Appendix
10.2. List of Tables
10.3. Expert Panel Validation
10.5. Contact Us