|01-16-2019 07:55 PM CET - Health & Medicine||
LabCorp, PAREXEL, Cognizant, TCS, Wipro, InVentiv Health Clinical Profiled in Pharmacovigilance Market
Press release from: Global Market Insights
Global Pharmacovigilance Market set to exceed USD 8.0 billion by 2024; according to a new research report by Global Market Insights.
Accelerating demand for personalized medicines will impel momentous industry growth in the foreseeable future. Innovations in personalized medicine will offer growth potential to the market in ways to develop and quantitate risks and benefits of personalized medicines. Increasing advancement in targeted drugs such as new product development will further propel demand for pharmacovigilance services in the coming years.
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
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.
Preclinical trial pharmacovigilance segment will grow at 10.2% CAGR over the forecast period. Fast growth is attributable to accelerating number of new drug developments by pharma and biotech companies across the globe. Preclinical trial forms the foremost and crucial part of drug assessment and drug development. Thus, increasing demand for targeted therapies owing to rising number of diseases will boost segmental share in upcoming period.
Outsourcing pharmacovigilance segment held largest revenue of USD 2,165.0 million in 2017. Enhanced cost-effectivity and better monitoring of drug safety will drive the outsourcing pharmacovigilance segment share in foreseeable years.
Handling of large data volume coupled with regulatory compliance further attributes to increasing preference for pharmacovigilance outsourcing. For instance, many small pharmaceutical companies outsource some of its drug safety work to a third-party while 82% of medium sized and 45% large size companies outsource pharmacovigilance, that shows shifting customer preference. Above factors will highly impact outsourcing pharmacovigilance market growth.
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U.S. market accounted for 86.9% share of North American market in 2017. Sophisticated healthcare infrastructure coupled with stringent pharmacovigilance guidelines will augment regional growth over the projected period. U.S. FDA mandates the pharmaceutical companies to conduct post-marketing surveillance and report ADRs within stipulated time-frames. In addition, increasing funding for clinical trials will favor U.S. pharmacovigilance industry growth.
Pharmacovigilance Market by Clinical Trial Phase
o Phase I
o Phase II
o Phase III
o Phase IV
Pharmacovigilance Market by Service Provider
o Contract outsourcing
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This release was published on openPR.
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