Pharmacovigilance Market Detailed Survey Focusing on Eminent Players | Oracle Corporation, Pfizer, Telerx, Boehringer Ingelheim, Bristol-Myers Squibb, Clinquest Group, Cognizant Technology, Ecron Acunova, GlaxoSmithKline, IBM, ICON plc

Pharmacovigilance market was estimated at USD 3.9 billion in 2017 and is projected to witness growth of around 10.7% CAGR from 2018 to 2024; according to a new research report by Global Market Insights.

In the face of the growing complexity in pharmaceutical domain, pharmacovigilance (PV) market stands to garner much popularity over the ensuing years, on virtue of its incredible potential to ensure drug safety. The procedure though being utilized fundamentally since many years, recent years’ stringency in safety documentation for drug approvals have somehow aided pharmacovigilance industry to establish its stance as an individual niche vertical now. The determinant behind it can be the ongoing chain of unfortunate events with regards to adverse drug reactions. This, in consequence, has made drug safety as one of the top issues for healthcare regulators.

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Safety concerns have necessitated the requirement of more granular drug information and data transparency, a factor that vividly exhibits the growth scope of pharmacovigilance market. Pharmaceutical giants have been scrupulously planning to deploy advanced PV capabilities in order to provide a resource-intensive, transaction focused, and less reactionary drugs. Many companies are also shifting their focus to alternate delivery models, in a bid to increase efficiency and capacity. This range varies from internal redesigning to full-scale PV outsourcing. Not to mention a strict regulatory framework speaks volume and has much to contribute in the overall pharmacovigilance market share.

A concise insight into the regulatory landscape of pharmacovigilance market:

• The Pharmacovigilance Risk Assessment Committee of European Medicines Agency has recently recommended new measures to avoid valproate exposure of babies during pregnancy. Reportedly, the committee has mandated that the packaging of all valproate medicines should include a visual warning about the associated risk in pregnancy. For pharmacovigilance market players, this is a vital pointer to be taken into consideration.

• In what can be touted as an attempt to proliferate regional pharmacovigilance market, the Indian Pharmacopoeia Commission recently announced its plan of organizing a series of workshops at Ahmedabad and Mumbai. As per experts’ opinion, with this sensitization of regional pharmacovigilance industry stakeholders, regulators would be prompted to implement stringent regulatory norms on pharmacovigilance.

• S. FDA was authorized to oversee the amendments related to pharmaceutical domain, by virtue of which pharmacovigilance market also comes under the jurisdiction of FDA. The entity imposes post-marketing controls on medicinal products to monitor manufacturing facilities after approval has been granted. Allegedly, the objective is to confirm ongoing compliance with both previously approved requirements, legislation and notifications.

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It is thoroughly coherent that manufacturers partaking in pharmaceutical industry would have to meticulously follow the norms implemented by these regulatory bodies. Addressing pharmaceutical requirements would undeniably increase third party reliance on pharmacovigilance, which by extension would drive pharmacovigilance industry share. In fact, PV outsourcing providers are helping organizations to address the increasing volume of complex regulatory requirements. Add to it, with the support of pharmacovigilance, these players are also incorporating scalability in their product portfolio, against the backdrop of aggressive cost targets.  Given the parade of innovations in PV outsourcing that has already started coming on board, what remains to be seen how this third-party reliance brings forth more opportunities for pharmacovigilance market. However, the profitability seems humongous affirmed by an estimation by Global Market Insights, Inc., claiming the business space to register double-digit growth rate of 10% over 2017-2024.

Report Content

Chapter 1.  Methodology
1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1.  Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2.  Primary

Chapter 2.  Executive Summary
2.1. Pharmacovigilance industry 3600 synopsis, 2013 – 2024 (USD Million)
2.1.1.  Business trends
2.1.2.  Clinical trial phase trends
2.1.3.  Service provider trends
2.1.4.  Regional trends

Chapter 3.  Pharmacovigilance Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces
3.3.1.  Growth drivers
3.3.1.1.    Increase in adoption rate of outsourcing services in Asia Pacific
3.3.1.2.    Increasing consumption of drugs in developed regions
3.3.1.3.    Rise in adverse drug reactions (ADR) and drug toxicity
3.3.1.4.    Increasing acceptance of personalized medicine in developed regions  
3.3.1.5.    Effective global harmonization practices
3.3.2.  Industry pitfalls and challenges
3.3.2.1.    Dearth of skilled personnel
3.3.2.2.    High risk associated with data security
3.4. Growth potential analysis
3.4.1.  By clinical trial phase
3.4.2.  By service provider
3.5. New business models
3.6. Porter’s analysis
3.7. Regulatory landscape
3.8. Pharmacovigilance reporting system
3.9. Competitive landscape
3.9.1.  Company market share analysis, 2017
3.9.2.  Strategy dashboard
3.10. Pharmacovigilance service landscape
3.11. PESTEL analysis

Chapter 4.  Pharmacovigilance Market, By Clinical Trial Phase
4.1. Key segment trends
4.2. Preclinical
4.2.1.  Market size, by region, 2013-2024 (USD Million)
4.3. Phase I
4.3.1.  Market size, by region, 2013-2024 (USD Million)
4.4. Phase II
4.4.1.  Market size, by region, 2013-2024 (USD Million)
4.5. Phase III
4.5.1.  Market size, by region, 2013-2024 (USD Million)
4.6. Phase IV
4.6.1.  Market size, by region, 2013-2024 (USD Million)

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

This release was published on openPR.