Pharmacovigilance Market to grow US$6.1 Billion by 2020; Fastest Growing Segment in Drug Development & Drug Discovery Market

The global pharmacovigilance market is fragmented due to the presence of numerous established as well as emerging organizations. The top companies operating in the pharmacovigilance market are Cognizant Technology Solutions, Accenture plc, Bristol-Myers Squibb, Covance, Inc., Clinquest Group B.V., ICON plc, F. Hoffmann-La Roche Ltd., inVentiv Health, Inc., GlaxoSmithKline plc, iGATE Corporation, Novartis International AG, Wipro Limited, Quintiles Transnational Holdings, Inc., Synowledge LLC, Pharmaceutical Product Development, LLC, (PPD), Sanofi, PAREXEL International Corporation, Pfizer, Inc., and iMEDGlobal Corporation.

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Geographically, North America accounted for the largest share of the global pharmacovigilance market in 2013. Factors attributed to the growth of the pharmacovigilance market in North America are increasing mortality rate due to ADRs and escalating patient concerns regarding the safety and efficacy of pharmaceutical products. According to the Centers for Disease Control and Prevention (CDC), ADRs account for more than 100,000 deaths annually and are among the top 10 leading causes of death in the U.S. Moreover, cost benefit obtained by shifting high costs of in-house pharmacovigilance activities to CROs is boosting the growth of the market in North America. However, Asia Pacific is anticipated to witness the highest growth during the forecast period. Factors attributed to the high growth are increased demand for stringent health care regulations in Asia, presence of large patient pool and increasing volume of clinical trials being conducted in this region. According to an article published in the National Center for Biotechnology Information in 2014, serious ADRs are witnessed in 6.7% of patients in India. Additionally, demand for effective pharmacovigilance services and drug safety in increasing in the region due to large number of clinical trials and clinical research activities being carried out in various countries in Asia.

Based on methods of performing pharmacovigilance, the market has been categorized into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining. Spontaneous reporting method was the largest segment in terms of revenue in 2013. Factors attributed to the growth of the segment are easy simulation of realistic datasets that provides better drug evaluation and comparison, and better assessment of automatic signal generation methods proposed within pharmacovigilance. The segment is also expected to maintain its lead during the forecast period from 2014 to 2020, as in this method, healthcare professionals are encouraged to report adverse reactions after which preventive measures such as adding warnings to the product labeling or recalling the product are taken. Moreover, spontaneous reporting is the most appropriate method of detecting new ADRs and generates safety signals that require further examination.

Based on types of services, the pharmacovigilance market has been segmented into in-house and contract outsourcing. The contract outsourcing service segment accounted for the largest share in 2013. The segment is estimated to grow at the highest CAGR during the forecast period. The major factor driving the growth of the segment is the increasing need of pharmaceutical companies to shift focus from non-core to core business activities by outsourcing their pharmacovigilance services. Moreover, outsourcing of pharmacovigilance services is aimed at minimizing operational cost and financial loss incurred from product approval delays or recalls, thereby propelling the growth of the contract outsourcing service segment.

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