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Pharmacovigilance Market Key Players – Accenture, Boehringer Ingelheim, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions Corporation, Ecron Acunova Ltd., F. Hoffmann-La Roche Ltd., Foresight Group International AG, GlaxoSmithKl

11-01-2018 11:49 AM CET | Health & Medicine

Press release from: Global Market Insights, Inc.

Pharmacovigilance Market

Pharmacovigilance Market

Pharmacovigilance Market size is set to exceed USD 8.0 billion by 2024; according to a new research report by Global Market Insights.

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-house pharmacovigilance segment was valued approximately 1.8 billion in 2017 and will witness considerable growth in the coming years. Increased demand for data security and safety along with presence of companies with skilled staff and developed infrastructure for pharmacovigilance services will favor in-house pharmacovigilance market growth. However, high operational associated with in-house services spurs demand for contract outsourcing services.

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Germany pharmacovigilance market accounted for 23.2% market share of European pharmacovigilance market in 2017 and is expected to show considerable growth over the coming years. Favorable public and private initiatives conducted in the country such as German Pharmacovigilance Day will propel Germany pharmacovigilance market growth. Such events help in bringing together safety professionals from the healthcare and pharmaceutical domain such as medical devices and biopharmaceutical companies, academic research centers and regulatory authorities. Furthermore, development of good pharmacovigilance practices (GVP) modules and guidelines by the European Medicines Agency will drive Europe pharmacovigilance market growth.

India pharmacovigilance market will grow at robust 12.0% CAGR from 2018 to 2024 due to presence of pharmacovigilance centers in the country focused on drug safety management. It is most preferred country for conducting clinical trials owing to cost-effectiveness and presence of large BPOs offering pharmacovigilance services.

Some of the key industry players operating in global pharmacovigilance market are IQVIA (QuintilesIMS), LabCorp, PAREXEL, Cognizant, TCS, Wipro, InVentiv Health Clinical and Accenture. The industry players resort to growth strategies such as merger and acquisitions to strengthen their market share and expand their service offerings. For instance, In September 2016, PAREXEL International Corporation entered into definitive agreement to acquire ExecuPharm. The strategy aimed at enhancing company’s existing functional services such as clinical monitoring, pharmacovigilance, data management and other functions allowing clients to fulfill its outsourcing needs.

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

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

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