Pharmacovigilance Industry - Popular Trends & Technological advancements to Watch Out for Near Future 2024

The report is a comprehensive exploration of global Pharmacovigilance market offering growth rates, size of the industry, competitive landscape information, factors to the contributing growth of the global Pharmacovigilance market and more.
Pharmacovigilance Market is estimated to surpass USD 8.1 billion by 2024; according to a new research report. Information received from patients and healthcare providers via pharmacovigilance agreements (PVAs), as well as other sources such as the medical literature, plays a critical role in providing the data necessary for pharmacovigilance to take place. In fact, in order to market or to test a pharmaceutical product in most countries, adverse event data received by the license holder (usually a pharmaceutical company) must be submitted to the local drug regulatory authority.

Increasing drug consumption and rise in number of adverse drug reactions will propel the pharmacovigilance industry growth over the forecast timeframe. Pharmaceutical products need continuous monitoring, even after its approval, to track and avoid the repercussions of adverse drug reactions that it may cause. Pharmacovigilance software and services are designed to address this increasing need of monitoring by enabling effective management of pharmacovigilance data and monitoring of adverse drug reactions.

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Increasing trend of outsourcing pharmacovigilance practices to the third-party entities in Asia Pacific region will accelerate industry growth. These specialized firms operating in Asia Pacific offer pharmacovigilance services at significant low cost compared to counterparts. As the manufacturers are increasingly concentrating their efforts on core activities such as development of novel therapies and production the trend of outsourcing pharmacovigilance related activities will grow in forthcoming years.

However, dearth of skilled personnel and data security concerns will hinder pharmacovigilance market growth over forecast period.

Phase IV clinical trials segment accounted for largest revenue share in 2016 and is likely to remain so over forecast timeframe. Phase IV involves monitoring of adverse effects after the market approval. The regulatory authorities such as U.S. FDA have mandated the phase IV trials. Rising concerns for the safety associated with marketed drug will support the phase IV segment growth.

Although some manufacturers prefer in-house pharmacovigilance to ensure data security, confidentiality and eliminates the risk of data breach. However, getting enough skilled professionals and financial resources required for the in-house operation is an onerous task. As a result, large number of manufacturers are preferring outsourcing of pharmacovigilance practices to third party organizations.

North America dominated global pharmacovigilance market in 2016 with U.S. accounted for largest revenue share. Increasing death rates associated with adverse drug reactions coupled with favorable regulatory scenario will support the industry growth over foreseeable future. However, Asia Pacific is looked upon to be fastest growing pharmacovigilance market with developing economies including India and China offering lucrative growth opportunities. Owing to above factors North America is likely to lose some revenue share to Asia Pacific region over the forecast period.

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Some of the industry players operating in market are Wipro, Telerx (C3i Solutions), TCS, Sanofi Aventis, Oracle Corporation, Parexel International Corporation, Pfizer, Sanofi Aventis, Novartis AG, Laboratory Corporation of America Holdings, Janssen Research & Development, ITclinical, IQVIA (QuintilesIMS), Ipca Laboratories, InVentiv Health Clinical, Infosys, IBM Corporation, ICON, iGATE Corporation (Capgemini), HCL Technologies, GlaxoSmithKline, Foresight Group International, F. Hoffmann-La Roche, Ecron Acunova, Cognizant Technology Solutions Corporation, Clinquest Group B.V., Bristol-Myers Squibb, Boehringer Ingelheim, and Accenture.

Major industry players are focusing on development of new and innovative pharmacovigilance platforms. The players are also emphasizing on collaborations and partnerships to enhance their existing product portfolio and increase geographical reach presence.

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Report Content

Chapter 1.   Methodology

 1.1. Methodology

 1.2. Market definitions

 1.3. Forecast parameters

 1.4. Data Sources

 1.4.1.  Secondary

 1.4.2.  Primary

 Chapter 2.  Executive Summary

 2.1. Pharmacovigilance industry 360 degree synopsis, 2012 - 2024

 2.1.1.  Business trends

 2.1.2.  Clinical trial phase trends

 2.1.3.  Service provider trends

 2.1.4.  Regional trends

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