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Pharmacovigilance Market Overview
In the near future, the global pharmacovigilance market size is expected to register a substantial growth, which is majorly attributed to the rising incidence of toxicity and adverse drug reaction, surging concern regarding drug safety, and high patient compliance for drug usage. Apart from this, the government and non-government organizations are increasingly focusing on drug safety and efficacy, which is further projected to drive the industry in the coming years.
Pharmacovigilance refers to the process of preventing and monitoring adverse drug reactions. As per the World Health Organization (WHO), about 5% of the people admitted in hospitals are hospitalized because of adverse drug reactions, and 6–10% of these people suffer from serious adverse drug reaction, in developed countries. This is further driving the pharmacovigilance market growth.
The different pharmacovigilance methods are targeted spontaneous reporting, electronic health record monitoring, spontaneous reporting, intensified adverse drug reaction reporting, and cohort event monitoring. Out of these, the spontaneous reporting method held the largest pharmacovigilance market share in the past, due to its extensive utilization in the detecting serious, new, and rare adverse drug reactions, which, in turn, is attributed to its efficiency and cost effectiveness. In addition to this, the reports that were generated through this method were used widely by regulatory authorities and pharmaceuticals industries.
There are five phases of clinical trials in the pharmacovigilance industry, namely preclinical research, phase I, phase II, phase III, and phase IV. The phase IV division led the pharmacovigilance market in the past, as it is a significant stage of clinical trials where the adverse drug reactions which were unsuspected can be detected. Ascribed to this, the data that is collected during this stage is if utmost importance. The phase III division is predicted to witness considerable growth in the coming years, because this phase provides information about possible drug interactions and the safety and effectiveness of the drugs.
The pharmacovigilance services are provided through contract outsourcing and in-house services. between these two, the contract outsourcing category led the pharmacovigilance market in the past and is further expected to witness faster growth in the coming years. This is because outsourcing helps in increasing the efficiency and cost-effectiveness by relieving the manufacturing companies of the pressure.
Geographically, North America held the largest share of the pharmacovigilance market in the past due to high regulatory compliance for pharmacovigilance and rising incidence of adverse drug reactions. In addition to this, a large number of biotechnology and pharmaceutical companies are present in the region, which is further driving the growth of the market. The Asia-Pacific region is projected to witness the fastest growth rate in the coming years, primarily due to the large number of companies which are outsourcing pharmacovigilance services in the region. Furthermore, the rising funding for clinical trials is resulting in the growth of the regional market.
Pharmacovigilance Market Dynamics
The surging prevalence of chronic diseases is a key driving factor of the pharmacovigilance market. The treatment of various chronic diseases, such as cardiovascular diseases, diabetes, and autoimmune diseases, requires taking a combinations of drugs which can result in adverse drug reactions. Pharmacovigilance services are utilized for dealing with this issue. As per the statistic published in 2014 in the Journal of American Medical Association, one of the leading causes of mortality in the U.S. were adverse drug reactions, which further lead to over 100,000 deaths every year.
Apart from this, the rising production of new drugs and presence of strict government regulatory framework are also driving the growth of the pharmacovigilance market. For example, the United States Food and Drug Administration and the European Medicines agency form regulatory guidelines for different phases of clinical trials. Moreover, the increasing government initiatives and rising focus of nonprofit organizations on spreading awareness regarding pharmacovigilance are also contributing to the growth of the market.
Pharmacovigilance Market Competitive Landscape
The global pharmacovigilance market is competitive, and the major players in the domain are increasingly engaging in collaborations and partnerships and developing new products to strengthen their position. For example, Aris Global launched LifeSphere Safety, a new pharmacovigilance and safety platform suite, in May 2017. Some other key players in the market are Cognizant Technology Solutions, Sanofi, Accenture, F. Hoffmann-La Roche Ltd., Wipro Limited, Clinquest Group B.V., ICON plc, PAREXEL International Corporation, Pfizer Inc., iGATE Corporation, Novartis AG, GlaxoSmithKline, and Bristol-Myers Squibb Company.