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Pharmacovigilance Market 2020 growth factors, latest trend and regional analysis of leading players by 2025

Author : Ronak Bora | Published Date : 2020-09-08 

Pharmacovigilance Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

With growing consumption of drugs and rising concerns regarding adverse effects of drugs across the world, the global pharmacovigilance market size is projected to witness a lucrative rate of growth over the forthcoming time period. Factors such as growing accessibility to drugs, increasing number of chronic diseases and rising per capita healthcare expenditure in several countries across the world will further impact the industry growth.

As per reports presented by the CDC (Centers for Disease Control and Prevention), in 2017, approximately 28,000 deaths occurred owing to synthetic opioids consumption in the United States.

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Meanwhile, use of personalized medicines has also increased profoundly, especially in developed nations. Additionally, the adoption of gene therapy for treating various types of cancer and other chronic diseases, has further led to demand for personalized medicines over the forthcoming years.

Advancements in precision as well as personalized medicine are further anticipated to offer solutions to individuals by taking into consideration their reactions to medicine and composition of genes. Innovations as well as growing acceptance of personalized medicine will likely surge the need for pharmacovigilance practices further.

As per a research report by GMI, global pharmacovigilance market is estimated to surpass $8.9 billion by 2025.

Mounting adoption of gene therapy for the treatment of cancers and other chronic diseases will boost the global pharmacovigilance industry share over the estimated timeframe.

With the number of deadly diseases on the rise, key players are consistently advancing the development of precision and personalized medicines by considering the genetic composition and reactions to the medicines. For example, a Touro College of Pharmacy student and her mentor are working together to explore the potential of precision medicine, specifically pharmacogenomics, to repurpose existing medications used for other diseases, to treat patients diagnosed with the COVID-19 disease. By leveraging thorough DNA analysis of various patient populations, the Touro Pharmacy team is aiming towards using personalized medicine to better examine the potential role of older drugs in fighting against the ongoing COVID-19 pandemic.

In terms of segmentation by clinical trial phase, the Phase IV segment recorded more than 70% market share in 2018.

Pharmacovigilance is highly crucial for safety surveillance after the release of drugs in the market, as it detects and monitors the adverse effects of pharmaceutical products. Rapidly increasing prominence of pharmaceutical companies that are focusing on the development of new drugs will further augment business growth.

With regards to service provider,  the global pharmacovigilance market is categorized into contract outsourcing and in-house segments. Of these, the in-house segment held a revenue share of over 45% in 2018, and is expected to further expand over the forecast spell.

High prevalence of this segment can be attributed to rising data safety and confidentiality risks and rapid infrastructural advancements. However, lack of expertise and cost-effective solutions in underdeveloped and developing economies is likely to impede segmental growth.

On the other hand, myriad benefits displayed by the contract outsourcing segment, such as high-quality service, reduced operational costs, enhanced productivity, and efficient monitoring of drugs, will also make significant contributions to overall pharmacovigilance market dynamics.

On the regional front, the Europe pharmacovigilance market is poised to record a CAGR of nearly 9.5% through 2025, due to high centralization & harmonization of pharmacovigilance practices for the detection of safety signals in the region.

Following the imposition of new regulations for pharmacovigilance in the EU since mid-2012, increased involvement of patients and healthcare professionals in the PRAC (Pharmacovigilance and Risk Assessment Committee) has been observed. Additionally, the evolution of PM (personalized medicine) will further amplify regional market expansion.

The global pharmacovigilance market comprises of companies such as Infosys Ltd, ICON, IBM Corporation, HCL Technologies, IQVIA, F. Hoffmann-La Roche Ltd, Ecron Acunova Ltd, Cognizant, GlaxoSmithKline, Bristol-Myers Squibb, and Accenture, among others. These industry players are adopting several organic & inorganic growth strategies, such as M&A and product launches, to capitalize on market opportunities.

For instance, Pfizer unveiled a pharmaceutical solution ‘Reportum’ developed by MyMeds&Me in the United States in May 2015. This solution has been deployed across several safety call centers of Pfizer in the region, to collect data related to adverse events of the drugs. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/pharmacovigilance-market

Partial Chapter of the Table of Content 

Chapter 4. Pharmacovigilance Market, By Clinical Trial Phase

4.1. Key segment trends

4.2. Preclinical

4.2.1. Market size, by region, 2014 - 2025 (USD Million)

4.3. Phase I

4.3.1. Market size, by region, 2014 - 2025 (USD Million)

4.4. Phase II

4.4.1. Market size, by region, 2014 - 2025 (USD Million)

4.5. Phase III

4.5.1. Market size, by region, 2014 - 2025 (USD Million)

4.6. Phase IV

4.6.1. Market size, by region, 2014 - 2025 (USD Million)

Chapter 5. Pharmacovigilance Market, By Service Provider

5.1. Key segment trend

5.2. In-house

5.2.1. Market size, by region, 2014 - 2025 (USD Million)

5.3. Contract resourcing

5.3.1. Market size, by region, 2014 - 2025 (USD Million)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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