DUBLIN--(BUSINESS WIRE)--The "Pharmacovigilance Market Size, Share & Trends Analysis Report by Service Provider (In-house, Contract Outsourcing), by Product Life Cycle, by Type, by Process Flow, by Therapeutic Area, by End Use, and Segment Forecasts, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
The global pharmacovigilance market size is expected to reach USD 14.95 billion by 2028. It is expected to expand at a CAGR of 11.5% from 2021 to 2028.
The increasing incidence of Adverse Drug Reactions (ADR) is the key growth factor. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.
According to the World Health Organization's (WHO) report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in non-hospital setups. Hence, there has been a significant rise in the number of medicines made available to healthcare consumers. The rising demand for drugs has significantly heightened the need for the development of novel therapeutics via extensive clinical trials, which is expected to serve this market with lucrative opportunities.
Moreover, leading pharma companies in developed countries are focusing on outsourcing PV services to reduce costs and minimize operational expenses. This is anticipated to serve as an opportunity for contact research organizations in developing regions to gain more revenue share. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.
Industry participants are focusing on increasing R&D activities to develop better pharmacovigilance services. Companies are also adopting strategies including new product launches and mergers & acquisitions to gain a competitive advantage. Moreover, they are undertaking collaborations with the PV service providers to gain access to medical information and manage PV workflows.
Pharmacovigilance Market Report Highlights
- By product life cycle, phase IV held a dominant share of 75.61% in 2020 owing to the extensive post-marketing surveillance of pharmaceuticals and an increasing number of ADR incidences in the market.
- In terms of service provider, contract outsourcing held a significant share of 59.24% as of 2020 owing to the shift in the focus of pharmaceutical companies to outsourcing services to reduce operational cost.
- Based on type, spontaneous reporting held the largest revenue share in 2020 due to its wide application in pharmacovigilance and benefits such as easy simulation of data sets for better drug comparison.
- On the basis of end-use, the biotechnology companies segment is anticipated to exhibit a lucrative CAGR of 12.6% over the forecast period owing to the increasing R&D for the development of novel biologics.
- Asia Pacific is anticipated to exhibit a lucrative CAGR of 13.2% in the forthcoming years. This is attributed to the availability of low-cost labor and the rising number of outsourcing companies in this region.
Report Highlights
Market Lineage Outlook
- Parent market analysis
- Ancillary market Analysis
- Penetration & Growth Prospect Mapping
Pharmacovigilance Market Dynamics
Market driver analysis
- Growing drug consumption and drug development rates
- Increasing incidence of ADR and drug toxicity
- Increasing trend of outsourcing pharmacovigilance services
- Increasing externalization of clinical trial studies by large pharmaceutical and biopharmaceutical companies
- Increasing regulatory Burden on Manufacturers
- Introduction of technologically advanced software services
- Constantly rising investment in R&D by healthcare companies
- Partnerships and collaborations between market players
Market restraint analysis
- Shortage of skilled labor
- Expensive technology for small and mid-sized player
- Lack of recognition
- Scarcity of integration standards
Industry Challenges
Pharmacovigilance Market Analysis Tools: Porters
SWOT Analysis, by Factor (Political & Legal, Economic, and Technological)
Value Chain Analysis
- Pre-clinical
- Clinical
- PMA
Mapping of Life Cycle Against Service Offering And Their Demand
Regulatory Framework
Pharmacovigilance: Organization Structure Introduction
Pricing Models
- Drug Safety Budget Allocation By Activities
- By Development phase
- By Therapeutic area
- Pricing Level
- Case processing
- ADR Reporting
- Medical writing
- Drug safety management
Technology Timeline Overview
- Changing Technology & Adoption
- Social Media
- Literature screening
- Automation and AI
- Big data analytics in PV
Key Topics Covered:
Chapter 1 Research Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Pharmacovigilance Market Variables, Trends & Scope
Chapter 4 COVID-19 Impact Analysis
Chapter 5 Pharmacovigilance Market: Service Provider Estimates & Trend Analysis
Chapter 6 Pharmacovigilance Market: Type Estimates & Trend Analysis
Chapter 7 Pharmacovigilance Market: Product Life Cycle Estimates & Trend Analysis
Chapter 8 Pharmacovigilance Market: Process Flow Estimates & Trend Analysis
Chapter 9 Pharmacovigilance Market: Therapeutic Area Estimates & Trend Analysis
Chapter 10 Pharmacovigilance Market: End-use Estimates & Trend Analysis
Chapter 11 Pharmacovigilance Market: Regional Estimates & Trend Analysis by Segments
Chapter 12 Competitive Outlook
Chapter 13 Company Profiles
- Accenture
- Clinquest Group B.V. (Linical Americas)
- IQVIA
- Cognizant
- Laboratory Corporation of America Holdings
- IBM Corporation
- ArisGlobal
- ICON Plc.
- Capgemini
- ITClinical
- TAKE Solutions
- PAREXEL International Corporation
- BioClinica, Inc.
- Wipro Limited
- UNITED BIOSOURCE CORPORATION
- FMD K&L
For more information about this report visit https://www.researchandmarkets.com/r/r1zxfk
