Pharmacovigilance Market Comprehensive Review of its Applications, Demand, Growth Opportunities and Future Prospects

Pharmacovigilance is the process of monitoring and preventing adverse drug reactions. According to the WHO, pharmacovigilance can be defined as the science and activities concerned with the detection, assessment, understanding and prevention of adverse reactions to medicine. Pharmacovigilance determines drug safety and efficacy and improves patient care and public health by preventing adverse drug reactions.

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On the basis of different phases of clinical trial, the global pharmacovigilance market is categorized as preclinical research, phase I clinical trial, phase II clinical trial, phase III clinical trial, and phase IV clinical trial. The phase IV clinical trial segment leads the global pharmacovigilance market.

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The major drivers in the global pharmacovigilance market are increasing incidences of adverse drug reactions and toxicity, increasing patient compliance for drug usage, and increasing concern for drug safety and efficacy. In addition, increasing involvement of government and non-government organization to determine drug safety and efficacy is propelling the growth of the global pharmacovigilance market.

Geographically, North America leads the global pharmacovigilance market due to high incidences of adverse drug reactions and high regulatory compliance for pharmacovigilance. In addition, presence of a large number of pharmaceutical and biotechnology companies is fueling the growth of the North American pharmacovigilance market.

Asia-Pacific is the fastest growing region in the global pharmacovigilance market due to increasing concern for drug safety and efficacy, increasing incidences of adverse drug reactions and toxicity, and increasing number of pharmaceuticals and biotechnology companies. Moreover, the pharmacovigilance market is growing rapidly due high growth of generic drugs market in emerging economies, such as India and China.

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Some of the major players operating in the global pharmacovigilance market are Sanofi, Cognizant Technology Solutions, Accenture, Wipro Limited, F. Hoffmann-La Roche Ltd., ICON plc, Clinquest Group B.V., Pfizer Inc., PAREXEL International Corporation, Novartis AG, iGATE Corporation, GlaxoSmithKline, and Bristol-Myers Squibb Company.

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