Press release
Global Pharmacovigilance Market: Industry Size, Share, Trends, Forecasts
Intensifying regulatory expectations, tougher inspection system, and instant need for patient reporting boost the adoption rate of pharmacovigilance among pharmaceutical companies. Rise in the prevalence of acute and chronic diseases has consequently led to an increase in the incidences of drug consumption, thus leading to growth in the number of adverse drug events and drug toxicity cases. Furthermore, safety regulations, risk of high-profile safety issues, large volume of post-market events to be reviewed along with negative media coverage have bound the pharmaceutical players to take support of various outsourcing services for drug monitoring.
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Two major outsourcing providers preferred by pharmaceutical manufacturers for pharmacovigilance services are namely, traditional CROs (e.g. Covance, Inc., Quintiles Transnational, INC Research, etc.) and BPOs (e.g. Capgemini, Cognizant, Infosys Ltd., Tata Consultancy Services Limited, etc.). Outsourcing services do not only help in cost saving, but also support process efficiency. Pharmaceutical companies are now entering into long-term partnerships/service agreements with CROs and BPOs to reduce the pharmacovigilance process related expenditure, incurred right from drug discovery to post-marketing approvals. In addition, pharmacovigilance requires skilled resources with excellent language skills and strong knowledge pertaining to case reporting due to which pharmaceutical companies are opting for outsourced pharmacovigilance services in order to reduce the burden of clerical functions as well as capital expenditures.
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This report provides a detailed analysis of the global pharmacovigilance market and assists in understanding various market regulating factors. The market overview section in this report provides analysis of the overall market trends and market dynamics such as market driving factors, restraining factors, and opportunities, which currently administrate the dynamics of the overall pharmacovigilance market. Additionally, the segment also provides and predicts the future circumstances of the market. Market monitoring tools such as Porter’s five forces analysis is also included in this study to provide analysis about the competition in the pharmacovigilance market and market attractiveness in various regions across the world. Competitive analysis tools such as market share analysis and market attractive analysis have also been included in the market overview section of the report to deliver a comprehensive status of the players in the global pharmacovigilance market. The executive summary provided in this report reflects the highlights of the study scope and the overall market in a summarized form. Furthermore, it includes a market snapshot, which provides a glance at the current scenario of the global pharmacovigilance market in terms of current and future market size and growth.
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The global pharmacovigilance market is segmented on the basis of clinical trial phases, type of methods, service providers, and geography. Based on clinical trial phases, the pharmacovigilance market is segmented into preclinical studies, phase I trial, phase II trial, phase III trial, and phase IV trial (post marketing surveillance). Based on the methods, this study segments the market into spontaneous reporting, targeted reporting, cohort event monitoring, Intensified ADR, and Reporting EHR mining. Based on service providers, the global pharmacovigilance market is categorized into in-house and contract outsourcing. The market size estimations for the period from 2012 to 2020 have been provided for each segment in terms of USD million. Compounded annual growth rates (CAGR %) for each segment has been provided for the period between 2014 and 2020, considering 2013 as the base year.
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In terms of regional analysis, the global pharmacovigilance market has been segmented into four key geographies: North America, Europe, Asia Pacific, and Rest of World (RoW). Market revenue estimations for each of these geographies have been provided in the report for the period from 2012 to 2020 in terms of USD million, considering 2013 as the base year for calculations and 2012 as the historical year. The CAGR (%) of each market segment for the forecast period from 2014 to 2020 has also been provided along with market size estimations. This study also provides recommendations for players of the global pharmacovigilance market, which include aspects that may play a decisive role in improving the market share.
The report concludes with in-depth profiles of leading players, which include key information about the major organizations dynamically involved in the global pharmacovigilance market. The report profiles the key market players in terms of company overview, financial overview, product portfolio, business strategies, and recent developments. The key companies profiled in this study are Accenture, Plc, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc. ICON, Plc, iMED Global Corporation, inVentiv Health, Inc., Parexel International Corporation, Pharmaceutical Product Development LLC, PRA Health Sciences, Inc., Quintiles Transnational Holdings Inc, F. Hoffmann-La Roche Ltd., Sanofi , Synowledge LLC, Wipro Limited. Market share analysis of the organizations operating in the pharmacovigilance market would help new entrants to understand key business policies and identify product portfolio of established companies.
The global pharmacovigilance market is segmented as follows:
Pharmacovigilance Market, by Phases of Drug Development
Preclinical Studies
Phase I
Phase II
Phase III
Phase IV or Post Marketing Surveillance
Pharmacovigilance Market, by Type of Methods
Spontaneous Reporting
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
EHR Mining
Pharmacovigilance Market, by Type of Service
In-House
Contract Outsourcing
Pharmacovigilance Market, by Geography
North America
Europe
Asia Pacific
Rest of the World (RoW)
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