Pharmacovigilance Market 2018: Exploration on Eminent Players | Accenture, ICON plc, iGATE Corporation (Capgemini), Infosys Ltd., InVentiv Health Clinical, Ipca Laboratories Ltd., IQVIA (QuintilesIMS), ITclinical, Janssen Research & Development, LLC, Labo

Pharmacovigilance market size was valued at USD 3.9 billion in 2017 and is expected to witness growth of around 10.7% CAGR from 2018 to 2024.

Rising rate of adverse drug reactions (ADRs) and drug toxicity leading to increased mortality in developed regions is a major driver for market growth. As per the U.S. Institute of Medicine (IOM), approximately 7,000 people die due to medication errors and ADRs in hospitals and other healthcare settings in the country. This further poses huge cost burden on healthcare systems and fuels demand for pharmacovigilance services.

Rising drug consumption due to increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, neurological disorders, diabetes across the globe will drive demand for pharmacovigilance services.

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Increasing government efforts to bring harmonization in pharmacovigilance practices will positively impact market growth over the coming years. However, lack of adequately skilled and trained healthcare staff coupled with high risk of data security will hamper business growth.

Phase IV clinical trial segment dominated the pharmacovigilance market in 2017 followed by Phase III clinical trial segment that is expected to witness 10.8% CAGR over the coming years. Growing need for monitoring drug safety and evaluating drug efficacy based on risk-benefit ratio will drive phase III clinical trial segmental growth.

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, the stringency in safety documentation for drug approvals brought about recently have somehow aided pharmacovigilance industry to establish its stance as an individual niche vertical. 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.

• 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.

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 how strictly global pharmacovigilance market is monitored, it is rather overt that the U.S. would emerge as a prominent regional contender for this industry. This is solely on account of the fact that the region’s pharma space is stringently controlled by a disciplined regulatory frame of reference. As per estimates, the U.S. accounted for a mammoth 86.9% of North American pharmacovigilance market share in 2017, essentially on account of the highly advanced healthcare infrastructure in conjunction with a spate of stringent pharmacovigilance guidelines. Given that the U.S. FDA requires pharmaceutical companies to mandatorily ensure post-marketing surveillance and then report ADRs within a stipulated duration, it is rather overt that the U.S. pharmacovigilance market would attain commendable gains in the years ahead.
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 10.7% over 2017-2024.

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.
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