Pharmacovigilance Market set to explode in the coming years| Top Players: LabCorp, PAREXEL, Cognizant, TCS, Wipro

Global Pharmacovigilance Market 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.

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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.

Regional Analysis:

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.

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.

India market will grow at a rapid pace exceeding USD 520 million by 2024. Strict regulations for reporting adverse drug reactions coupled with rising demand for pharmacovigilance outsourcing across the nation will foster the market growth. Lower labour cost as well as attractive market place for conducting clinical trials will positively impact the global market size.

Phase IV pharmacovigilance segment accounted for the largest segmental share of 75.2% in 2017. Pharmacovigilance is vital as safety surveillance after the drug is sold to patients. It detects and reports any ADRs and harmful effects that may result into discontinuation of drugs or may be limited for use. Phase IV pharmacovigilance may negatively affect company’s financial and business performance. Thus, increasing number of pharmaceutical companies along with rising number of medicines will positively impact market growth, thereby boosting segmental share.

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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Few of the prominent market players operating in the global pharmacovigilance industry are Accenture, TCS, Cognizant, IQVIA (Quintiles IMS) and PAREXEL. Companies are implementing strategies such as introduction of new product/service along with strategic alliances to achieve significant industry foothold. For instance, in June 2015, QuintilesIMS launched Infosario One Mobile App, a mobile based application that enables access to important clinical trial information. The newly launched application provides instant access to start-up, recruitment and compliance information as well as updates on data queries.

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