Pharmacovigilance Market set to explode in the coming years| Prominent 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.

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. 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 Pharmacovigilance Market growth.

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The pharmaceutical sector is on an inclined growth path with the rising number of global chronic disorders and the subsequent increase in the manufacture of suitable drugs. In 2010, more than 6 billion drugs were disbursed in the United States alone. Manufactured drugs, quite overtly, are clinically tested for adverse effects and fatal reactions, prior to being commercialized and made available to the masses. With public health and safety being prioritized here, the pharma space is naturally fueled by strict norms. By extension, it would be fair to state that stringent government regulations, many of which have been upgraded and revised, subject to clinical trials and drug approvals, will undeniably drive global pharmacovigilance industry trends in the forthcoming years.

Pharmacovigilance services, though nowadays are outsourced on a contractual basis, are offered in-house as well, pertaining to the customized demand by several companies. The request plausibly comes on the heels of the necessity to maintain data confidentiality and security in a high-risk environment. However, contract outsourcing services have emerged as a go-to option for many companies, as contract research organizations are renowned to provide specialized services and ensure accurate monitoring of the effects of the drugs at a much lower cost. In accordance, numerous manufacturers are now outsourcing their pharmacovigilance related work to pivotal companies, specifically in the emerging economies.

Speaking along similar lines, it would be rather overt to state that contract outsourcing has provided a way for nations across the APAC to upsurge the regional pharmacovigilance market. China for instance, has been fast emerging as a crucial revenue contributor for APAC, given the expanding pharma space in the country and the increasing number of favorable government policies related to drug safety. Japan in fact, dominated APAC pharmacovigilance market on account of robust healthcare infrastructure and an excellent adverse drug reaction reporting system.

Currently, even pharmaceutical and biotechnology firms are concentrating on the bottom line range and outsourcing pharmacovigilance services to niche-specific organizations. Outsourcing these services will reduce the financial losses pertaining to testing failures and drug approval delays as well, which is sure to act as a major driving force for pharmacovigilance industry share from contract outsourcing. Indeed, as per analysts, contract outsourcing emerged as the dominant service provider segment in 2016 and is anticipated to continue its dominance in pharmacovigilance industry over 2017-2024.

The United States has been forecast to come up as one of the most remunerative regions for the growth of pharmacovigilance market. Indeed, U.S. led North America pharmacovigilance market in 2016, driven by the highly supportive regulatory framework in the country. The regulations have been duly framed in accordance with the post marketing surveillance as well as the rising concerns related to drug safety.

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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.

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