Pharmacovigilance Market Size will achieve 10.6% CAGR up to 2025
As per a research report by Global Market Insights, Inc., global pharmacovigilance market size is estimated to surpass $8.9 billion by 2025.
With the growing consumption of drugs and rising concerns regarding adverse effects of drugs across the world, the global pharmacovigilance market size is projected to witness a lucrative rate of growth over the forthcoming time period. Factors such as growing accessibility to drugs, increasing number of chronic diseases and rising per capita healthcare expenditure in several countries across the world will further impact the industry growth.
As per reports presented by the CDC (Centers for Disease Control and Prevention), in 2017, approximately 28,000 deaths occurred owing to synthetic opioids consumption in the United States. Rising inclination toward drug personalization to foster global pharmacovigilance market outlook between 2019-2025
Meanwhile, use of personalized medicines has also increased profoundly, especially in developed nations. Additionally, the adoption of gene therapy for treating various types of cancer and other chronic diseases, has further led to demand for personalized medicines over the forthcoming years.
Advancements in precision as well as personalized medicine are further anticipated to offer solutions to individuals by taking into consideration their reactions to medicine and composition of genes. Innovations as well as growing acceptance of personalized medicine will likely surge the need for pharmacovigilance practices further.
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The clinical trial phases segment is bifurcated into phase IV, phase III, phase II, phase I, and preclinical studies. The phase IV segment accounted a revenue share of over 70% in 2018. Pharmacovigilance market is crucial for safety surveillance after the drug has been released in the market.
Pharmacovigilance detects and further reports harmful effects along with adverse drug reactions (ADRs), which may result in restricted use in certain patients or even discontinuation of drugs. Hence, increasing number of pharmaceutical companies focused towards new drug development will lay a positive impact in the market.
With respect to service providers, the segment is divided into contract outsourcing and in-house. Among these, in 2018, the in-house services segment accounted for a revenue share of 45%, it is likely to grow significantly over the projected time frame. The preference for these services is likely to increase due to concerns regarding confidentiality and data safety.
Furthermore, segmental growth can also be fueled by companies having developed infrastructure as well as skilled staff.
On the geographical front, the Europe pharmacovigilance market is expected to witnessed a CAGR of 9.5% during the forecast timeline. Practices such as harmonization and centralization of pharmacovigilance will further prove to be effective for the observation of safety signals in the region.
Moreover, since 2012, rules imposed in the EU, have led to increased involvement of patients and professionals in the PRAC (Pharmacovigilance and Risk Assessment Committee). Furthermore, advancements in personalized medicines are further set to offer numerous opportunities for the growth of regional market.
All in all, the above-mentioned determinants are likely to offer a diverse array of growth opportunities for global pharmacovigilance market players. The competitive landscape of global pharmacovigilance market includes companies like IQVIA, F. Hoffmann-La Roche Ltd, ICON, Cognizant, Clinquest Group, Infosys Ltd, Ecron Acunova Ltd, HCL Technologies, Boehringer Ingelheim, GlaxoSmithKline, Bristol-Myers Squibb, Accenture and IBM Corporation among others.
Moreover, implementation of strategies such as new product launch, acquisitions and mergers is quite active among the companies in the market space as they work to sustain their respective positions.
