ID: MRFR/HC/6979-HCR | February 2021 | Region: Global | 111 pages
Pharmacovigilance Market is expected to cross USD 10,881.03 Million by 2025 at a CAGR of 14.1%.
The increasing prevalence of chronic conditions is expected to drive the growth of the global pharmacovigilance market. Cancer is the second-leading cause of death worldwide and accounted for nearly 9.6 million deaths in 2018, which increased from 8.9 million deaths in 2016. Out of all the cancers, lung cancer, stomach cancer, colorectal cancer, liver cancer, and breast cancer have the highest mortality rate.
The most common causes of cancer death across the world are cancers of lung, stomach, colorectal, liver, and breast. Considering The increasing year 1995, out of 52 million fatalities, more than 17 million deaths were due to infectious diseases. Moreover, in the year 2016, three contagious diseases were ranked in the top ten causes of death worldwide, which were lower respiratory infections (3.0 million deaths), diarrheal diseases (1.4 million deaths), and tuberculosis (1.3 million deaths).
Pharmacovigilance is a relatively new discipline in the pharmaceutical industry. It supports the safe and appropriate use of drugs by identifying risk factors for the development of adverse drug reactions (ADRs), promoting the detection of previously unknown ADRs and their interactions with known ADRs. The increasing incidence of lifestyle diseases, such as hypertension, cardiac disorders, and others, is strongly motivating market players to introduce new efficient drugs in the market.
An increasing number of fatalities due to ADRs is actively facilitating the growth of the pharmacovigilance market. In 2018, 5% of hospital admissions in Europe were due to ADRs, and they account for the fifth most common cause of death in a hospital setting.
Increasing adoption of outsourcing services
Growing technological advancements: On May 16, 2019, Accenture launched INTIENT to improve the continuity and flow of data across life sciences enterprises, supporting the delivery of ground-breaking treatments for patients.
Growing prevalence of chronic conditions
Rising expenditure on oncology medicine and research: Cancer research is receiving attention across the globe. There is a continuous demand for cancer drugs, thus becoming the need of the hour and research activities are in full swing in the US and Europe. According to the IMS Institute for Healthcare Informatics, the global spending on oncology medicines was USD 107 billion in 2015 and is expected to rise to nearly 150 billion by 2020.
High spending by the pharmaceutical industry
Growing drug consumption and drug development rates
Rising cases of adverse drug reactions (ADRs) and medication errors
Patent expiration of branded drugs and an increasing number of new drug developments
By Clinical Trial Phase
Phase IV: Phase IV dominated the pharmacovigilance market as adverse drug reactions are majorly detected in this phase
Phase III: This phase is expected to witness the fastest growth
Phase II: This phase majorly aims to find out if the new treatment works well enough to be tested in a more extensive phase 3 trial
Phase I: This phase aims to find the best dose of a new drug with the fewest side effects. The drug is tested in a small group of 15 to 30 patients
Pre-clinical: In these trials, a minimal dose of medicine is administered to about 10 to 15 people
By Service Provider
In-house: Major benefits offered by in-house manufacturing is having control over the complete process. It has the potential to quickly advance between design, engineering, product development, and production
Contract Outsourcing: Contract outsourcing dominated the global pharmacovigilance market and expected to witness the fastest growth. Contract manufacturing serves multiple customers and thus can acquire raw materials at reduced costs, benefiting from the economies of scale. For instance, China is a prime example of gains made from the economy of scale in active pharmaceutical ingredient manufacturing. A long contract manufacturing relationship between the contract manufacturer and the client company ensures the contract manufacturer has a steady flow of business.
Spontaneous Reporting: Held the largest market share in 2018. Spontaneous reporting is a passive approach to pharmacovigilance as it entirely relies on the motivation of individuals to report suspected ADRs to a local or national pharmacovigilance center.
Cohort Event Monitoring: This is the fastest-growing segment. It is used to monitor adverse events in patients who receive a particular medication or treatment regimen and to assess causality
Intensified ADR Reporting: The main objective of intensified ADR reporting is to enhance ADR reporting of specific medicines in the early post-marketing phase
Targeted Spontaneous Reporting: The targeted spontaneous reporting is done to estimate the incidence of a known ADR to a specific drug among a particular group
EHR Mining: This method of pharmacovigilance uses existing records to enhance pharmacovigilance
Hospitals: This segment holds the largest share owing to the increase in the number of hospital admissions due to ADRs
Research Organizations: It is the fastest-growing segment as increasing research funding to the research organization to develop effective drugs is expected to support the growth of the market during the assessment period
Pharmaceutical Companies: With an increasing demand for effective treatment, pharmaceutical companies are coming up with new products which is expected to boost the pharmacovigilance market
Americas: The largest regional market. The presence of major market players is strongly expanding the US pharmacovigilance market. ArisGlobal is one of the leading players that offers innovative pharmacovigilance software and a drug safety platform to transcend all traditional safety data management and reporting processes.
Europe: Europe has some of the best healthcare services in the world. Rising healthcare expenditure is one of the key drivers in the Europe pharmacovigilance market. The European Commission (EC) reported that in 2017, the total government expenditure in the European Union (EU) accounted for 45.8% of the gross domestic product (GDP), and government expenditure on health as a proportion of GDP was 7.0%.
Asia-Pacific: The fastest-growing regional market for pharmacovigilance, Asia-Pacific, has the world’s largest population and fast-developing healthcare industry. In addition, Asian countries such as China and India continue to draw a significant amount of outsourcing work from developed countries owing to factors such as large-scale manufacturing capacities, low labor costs, low raw material costs, and low manufacturing cost. These factors are projected to drive the growth of the pharmacovigilance market in the region.
Middle East & Africa: The Middle East & Africa has been primarily bifurcated into two regions—the Middle East and Africa. The presence of favorable government initiatives and recent healthcare reforms and developing healthcare infrastructure in the Middle East is expected to augment the market growth over the forecast period.
|Market Size||USD 10,881.03 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Clinical Trial Phase, Service Provider, Type and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Accenture (Ireland), ArisGlobal (US), BioClinica (US), Capgemini (France), Clinquest Group BV (Netherlands), Cognizant (US), IBM Corporation (US), ICON plc. (Ireland), IMEDGlobal (US), ITClinical (Portugal), Laboratory Corporation of America Holdings (US), PAREXEL International Corporation (US), TAKE Solutions Ltd (India), United BioSource Corporation (US), Wipro Ltd (India)|
|Key Market Opportunities||increasing number of fatalities due to ADRs is actively facilitating the growth|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The valuation of the global Pharmacovigilance market is estimated to reach USD 10,881.03 MN by 2025.
The global Pharmacovigilance market is projected to grow at approximately 14.1% CAGR during the forecast period (2019-2025).
Rising expenditure on oncology medicine and research.
North America holds the largest share in the global Pharmacovigilance market, followed by Europe and the Asia Pacific, respectively.
ArisGlobal (US), Accenture (Ireland), BioClinica (US), Clinquest Group BV (Netherlands), Capgemini (France), Cognizant (US), ICON plc. (Ireland), IBM Corporation (US), IMEDGlobal (US), Laboratory Corporation of America Holdings (US), ITClinical (Portugal), PAREXEL International Corporation (US), United BioSource Corporation (US), TAKE Solutions Ltd (India), and Wipro Ltd (India), are some of the major players operating in the Pharmacovigilance market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.