Press release
Pharmacovigilance Market Forecasted to Reach US$6.1 Bn by 2020
Leading companies are increasingly focusing on expanding pharmacovigilance services. Companies such as Covance Inc., Bristol-Myers Squibb, Cognizant Technology Solutions, and Accenture Plc, are incorporating technological advancements in software, in order to get a firm hold over the market.Some other top players are Pfizer, Inc., Novartis International AG, Accenture Plc, Wipro Limited, GlaxoSmithKline plc, inVentiv Health, Inc., and F. Hoffmann-La Roche Ltd.
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The global pharmacovigilance market is projected to proliferate at a robust CAGR of 14.20% during the period of 2014–2020 to reach a worth of US$6.1 billion by 2020 end. The market stood at US$2.4 billion in 2013.
The various types of methods employed in pharmacovigilance are targeted spontaneous reporting, spontaneous reporting, intensified ADR reporting, cohort event monitoring, and EHR mining. Of these, spontaneous reporting leads the pack presently and will be the most popular method in the years to come as well.
The various regional segments are Asia Pacific, North America, Europe, and the Rest of the World (RoW). North America holds the dominating position and is likely to hold sway throughout the forecast period. The growth of the market is attributed to the notably rising mortality rates due to adverse drug reactions (ADR), coupled with heightened awareness among patients about the effectiveness of pharmaceuticals, thereby fueling the uptake.
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Market Growth to ride on Back of Rising Awareness about Safety and Efficacy of Drugs and underlying Government Regulatory Thrust
The global pharmacovigilance market is driven primarily by the rising awareness about the safety and efficacy of drugs among worldwide population and the substantial demand for adopting safe practices in medicine. The market in developed as well as emerging economies has gathered immense momentum with the rising support of governments in opening pharmacovigilance centers. Furthermore, stringent implementation of post-market monitoring mechanisms set up government agencies for effective drug regulation system is a notable aspect catalyzing the growth of the market.
Lack of Technologically-advanced Infrastructure and Patient Data Safety Concern key Constraints
However, the market is witnessing a potential setback on account of the lack of a technologically-advanced healthcare infrastructure to support pharmacovigilance processes. The substantial risk that data thefts entail in pharmacovigilance processes and methods has also adversely affected the growth of the market.
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Nevertheless, the increased public awareness about the adverse drug reactions (ADR) and their effect on associated mortality is propelling the demand for pharmacovigilance services and software. In this regard, concerted efforts by governmental agencies, healthcare providers, and several pharmacovigilance centers in various countries augurs well for the market.
The growing inclination of pharmaceutical companies to outsource pharmacovigilance services to CROs and the growing role in contract outsourcing services are trends significantly adding to the global revenues.
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