Pharmacovigilance Market Size Worth $7.83 Billion By 2025 | CAGR: 13.9%
Published Date : 12 / 06 / 17 | Report Format: PDF
The global pharmacovigilance market is expected to grow at growth rate of 13.9% to reach USD 7.83 billion by 2025.
Drug recalls or adverse reactions are getting significant attention of government and non-government organizations due to constant increase in such incidences. For instance, adverse events reported to the U.S. Food and Drug Administration (FDA) has increased by 4-5% of rate during the year 2003-2011. During the same time frame, death outcomes due to ADRs has increased by 16-17% of rate as per the U.S. FDA data. Increasing incidence of adverse drug reactions with respect to the therapeutics will spur the demand for pharmacovigilance study, leading to drive market growth. The challenges faced by pharmaceutical and biopharmaceutical companies have forced them to take proactive approach towards side effects of drugs rather than implementing traditionally reactive approach. Due to this, significant attention has increased on PV studies among these companies as adverse event can negatively impact the revenue of commercialized drug. Additionally, access of digital sources in these developed or developing countries have further boosted the implementation of pharmacovigilance to check safety and efficacy data of drugs.
On other side, the pharmaceutical industry is subjected to implement stringent regulatory regime. This is expected to continue more stringent and evolve rapidly. Thus, stringent regulatory structure is projected to hamper the market growth to some extent. Also, lack of data integration coupled with lack of standardization restrain the market growth to great extent. Furthermore, there are different global, regional and country specific regulations for pharmacovigilance which will impact negatively for the growth of market revenue.
The market is segmented in terms of clinical phases into pre-clinical, phase I, phase II, phase III, and post-clinical. As of 2016, phase I, II and III collectively accounted for around 25% share of the global market. While, post-clinical clinical phase is accounted for the largest revenue, captured more than 70% share of the global market. Post clinical phase is considered to be the most important phase of drug development. Under this phase, true safety profile of a drug candidate is characterized by continuing safety surveillance.The drug is evaluated under non-interventional and observational trial in a naturalistic setting which complements the safety and efficacy parameters. As per service offering, the market is bifurcated as contract outsourcing services and In- House services. Contract outsourcing services segment is projected to grow with the highest CAGR of 15.3% during the forecast period. Rising demand for contract clinical trials among multinational pharmaceutical or biotechnology companies is expected to boost the market revenue of this segment.
Regional growth is driven by the emerging economies of Asia Pacific and Latin America while traditional markets like North America and Europe hold significant revenue share of the global market.Companies such as Accenture, Cognizant, Laboratory Corporation of America Holdings, Wipro Ltd., United BioSource Corporation, Foresight Group International AG, iMED Global and others are operating in this market.
KEY BENEFITS OF THE REPORT:
- Understanding of the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the competitive landscape of this market
- In-depth analysis of the key factors are propelling the growth of the global market
- Detailed analysis of the geographic region that will witness the strongest growth
- Granular analysis of the current market scenario and the expected market grow
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY CLINICAL PHASE
- Pre clinical
- Phase I
- Phase II
- Phase III
- Post clinical
MARKET, BY SERVICE OFFERING
- In House
MARKET, BY REGION
- North America
- Asia Pacific
- Rest of the World
MARKET, BY COUNTRY
- Further Breakdown of The North America Market
- Further Breakdown of The Europe Market
- Rest of Europe
- Further Breakdown of The APAC Market
- Rest of APAC
- Further Breakdown of The Rest of the World Market
- Middle East and Africa
- Latin America
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