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$8.0 billion by 2024: Major factors shaping the Pharmacovigilance Market

Author : Rahul Sankrityayan | Published Date : 2019-03-18 

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 business growth.

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Accelerating demand for personalized medicines will impel momentous industry growth in the foreseeable future. Innovations in personalized medicine will offer growth potential to the market in ways to develop and quantitate risks and benefits of personalized medicines. Increasing advancement in targeted drugs such as new product development will further propel demand for pharmacovigilance services in the coming years. Dearth of skilled healthcare professionals needed to analyse data and implement solutions   can restrict market growth. Moreover, increased risk for data security that can be misused by the pharmacovigilance personnel can hamper business growth over the coming years.

A concise insight into the regulatory landscape of pharmacovigilance market:

The Pharmacovigilance Risk Assessment Committee of European Medicines Agency has recently recommended new measures to avoid valproate exposure of babies during pregnancy. Reportedly, the committee has mandated that the packaging of all valproate medicines should include a visual warning about the associated risk in pregnancy. For pharmacovigilance market players, this is a vital pointer to be taken into consideration.

In what can be touted as an attempt to proliferate regional pharmacovigilance market, the Indian Pharmacopoeia Commission recently announced its plan of organizing a series of workshops at Ahmedabad and Mumbai. As per experts’ opinion, with this sensitization of regional pharmacovigilance industry stakeholders, regulators would be prompted to implement stringent regulatory norms on pharmacovigilance.

FDA was authorized to oversee the amendments related to pharmaceutical domain, by virtue of which pharmacovigilance market also comes under the jurisdiction of FDA. The entity imposes post-marketing controls on medicinal products to monitor manufacturing facilities after approval has been granted. Allegedly, the objective is to confirm ongoing compliance with both previously approved requirements, legislation and notifications.

U.S. market accounted for 86.9% share of North American market in 2017. Sophisticated healthcare infrastructure coupled with stringent pharmacovigilance guidelines will augment regional growth over the projected period. U.S. FDA mandates the pharmaceutical companies to conduct post-marketing surveillance and report ADRs within stipulated time-frames. In addition, increasing funding for clinical trials will favor U.S. pharmacovigilance industry growth.
 
India market will grow at a rapid pace exceeding USD 520 million by 2024. Strict regulations for reporting adverse drug reactions coupled with rising demand for pharmacovigilance outsourcing across the nation will foster the market growth. Lower labour cost as well as attractive market place for conducting clinical trials will positively impact the global market size.

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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. For instance, In September 2016, PAREXEL International Corporation entered into definitive agreement to acquire ExecuPharm. The strategy aimed at enhancing company’s existing functional services such as clinical monitoring, pharmacovigilance, data management and other functions allowing clients to fulfill its outsourcing needs.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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