The global pharmacovigilance(PV) market is expected to reach USD 10.27 billion by 2025,
according to a new report by Grand View Research, Inc. The market is expected
to witness growth at 13.1% CAGR owing to Increasing incidence of ADR is key
driver for the growth of pharmacovigilance market. As of 2015, the U.S. FDA
received approximately 253,017 serious adverse events and 44,693 deaths
associated with adverse drug reactions (ADRs). This shows the potential demand
for implementing safety and pharmacovigilance services over the forecast
period
According to World Health Organization’s
(WHO) report on pharmaceuticals consumption, medicines to treat chronic
diseases accounted for a larger proportion of the total volume of drug
consumption in non-hospital set ups. Owing to this, 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
novel therapeutics development via extensive clinical trials, which is further
expected to serve this market with lucrative opportunities.
Major pharmaceutical companies are involved
in extensive R&D initiatives for development of innovative therapeutic
molecules. This has resulted in increased rate of drug development.
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 PV services during the forecast
period.
Moreover, leading pharma companies in
developed countries are focusing toward the outsourcing PV service in an
attempt to reduce cost and minimize operational expenses. This is anticipated
to serve as opportunity for contact research organizations in developing
regions to gain more revenue share.
The companies are undertaking strategic
initiatives such as collaboration with the PV service providers to get access
to medical information and manage PV workflows. For instance, In April 2017,
Accenture entered in a collaborative agreement with BioCelebrate to develop a
platform for aggregating and analyzing clinical information for improvement in
drug developing efficiency, thus enhancing its R&D capabilities. These
factors are anticipated to fuel the market growth.
Full research report on pharmacovigilance (PV)
market analysis:
http://www.grandviewresearch.com/industry-analysis/pharmacovigilance-industry
http://www.grandviewresearch.com/industry-analysis/pharmacovigilance-industry
Further Key Findings From the Study Suggest:
·
Phase IV held a dominant share owing to the
extensive post marketing surveillance of pharmaceuticals and increasing number
of ADR incidences in the market
·
Phase III is anticipated to grow with
lucrative CAGR owing to increasing focus of pharmaceutical manufacturers on
therapeutic development and safety monitoring
·
Contract outsourcing held a significant
share of the PV market based on service provider owing to the increasing shift
of pharmaceutical companies towards outsourcing of PV services with a view to reduce
operational cost
·
Based on the type of service, spontaneous
reporting held the largest share owing to its wide application in
pharmacovigilance and associated benefits such as easy simulation of data sets
for better drug comparison
·
Research organizations segment is
anticipated to exhibit lucrative growth over forecast period owing to
increasing R&D for the development of novel biologics and medical devices
·
The Asia Pacific market for
pharmacovigilance is anticipated to show lucrative CAGR in the coming years
·
The industry participants are focusing
towards increasing R&D activities for the development of better
pharmacovigilance services.
View
more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/healthcare-it
Grand View Research has segmented the pharmacovigilance market on the
basis of the clinical trial phase, service provider, type of methods, end use,
and region:
Pharmacovigilance Clinical Trial Phase Outlook
(Revenue, USD Million, 2014 - 2025)
·
Pre-clinical
·
Phase I
·
Phase II
·
Phase III
·
Phase IV
Pharmacovigilance Service Provider Outlook
(Revenue, USD Million, 2014 - 2025)
·
In-house
·
Contract Outsourcing
Pharmacovigilance Type of Methods Outlook
(Revenue, USD Million, 2014 - 2025)
·
Spontaneous Reporting
·
Intensified ADR Reporting
·
Targeted Spontaneous Reporting
·
Cohort Event Monitoring
·
EHR Mining
Pharmacovigilance End Use Outlook (Revenue,
USD Million, 2014 - 2025)
·
Hospitals
·
Research Organizations
·
Industrial
Pharmacovigilance Regional Outlook
(Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
Japan
o
China
o
India
·
Latin America
o
Brazil
o
Mexico
·
MEA
o
South Africa
View Press Release of this research
report by Grand View Research: https://www.grandviewresearch.com/press-release/global-pharmacovigilance-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
