January 13, 2020
According to the latest research 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, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, the global pharmacovigilance market is presumed to amass a market valuation of US $8.9 billion by the year 2025.
Rising prevalence of chronic diseases and easy accessibility of drugs are intensifying the consumption of drugs, which in turn is fueling the growth of pharmacovigilance market. Availability of personalized and targeted drugs has raised the concerns regarding their adverse effects. Strict government directives pertaining to the safety of drugs is compelling the pharmaceutical companies to adopt effective surveillance for adverse drug reactions, thereby boosting the demand for pharmacovigilance services.
Moreover, increasing adoption of gene therapy for cancer treatment, in tandem with rising preference for personalized drugs will augment the market outlook. Gene therapy involves study of genetic composition and prescribing personalized drugs accordingly. Advancements in the field of personalized medicine, along with development of new drugs are boosting the expansion of pharmacovigilance industry.
Speaking of the clinical trial phases, phase IV pharmacovigilance market segment held over 70% revenue share in 2018, owing to increasing number of pharmaceutical companies developing and releasing new drugs. The service analyzes and records the ADRs (adverse drug reactions) of newly released drugs and ensures discontinuation of harmful drugs.
In terms of the service providers, contract outsourcing segment is anticipated to register decent growth during 2019-2025, on account of benefits like high quality, enhanced productivity, regulatory compliance, effective monitoring, and lower operational costs.
Elaborating further on the service provider terrain, in-house segment held 45% revenue share in 2018 and is projected to grow significantly over the forecast period. Rising concerns regarding the confidentiality and safety of data, coupled with the presence of organizations with skilled workforce and developed infrastructure will further advance segmental growth.
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Considering the regional outlook, Europe pharmacovigilance market will grow with a CAGR of 9.5% through 2025, cites the report. Surging adoption of centralized and synchronized pharmacovigilance services for effective detection of drugs safety will favor the Europe market. Other propelling factors include development of many personalized drugs, along with high involvement of patients and healthcare professionals in the PRAC (pharmacovigilance & risk assessment committee) across the region.
Prominent companies functioning in the pharmacovigilance market include Infosys Ltd., ICON, IBM Corporation, HCL Technologies, IQVIA, F. Hoffmann-La Roche Ltd., Ecron Acunova Ltd., Cognizant, GlaxoSmithKline, Bristol-Myers Squibb, Boehringer Ingelheim, Clinquest Group, and Accenture.
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