New York, US, July 05, 2021 (GLOBE NEWSWIRE) -- Pharmacovigilance Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Pharmacovigilance Market Information by Clinical Trial Phase, Service Provider, Type, End-User, and Region- Forecast till 2025”, the market is estimated to surpass USD 10,881.03 Million by 2025 expanding at a CAGR of 14.1%.
Market Scope:
Pharmacovigilance software covers drug safety management software solution, which facilitates creation, classification, review, submission, and maintenance of pharmacovigilance data as well as adverse event reports. The PV software is used extensively by pharma as well as biotech firms, business process outsourcing firms (BPOs), contract research organizations (CROs), and various pharmacovigilance service providers.
Market USP exclusively encompassed:
Top Drivers:
Significant increase in chronic diseases, like diabetes, cardiovascular, respiratory, and oncological diseases disorders has fostered the drug consumption across the world. As a result, the need for new drug development through exhaustive clinical trials has also increased. Pharmacovigilance (PV) is a crucial aspect of drug discovery as well as development procedures and the escalation in Adverse Drug Reactions (ADRs) could bolster the market demand in the following years.
The global pharmacovigilance market has emerged quite competitive, which means that players are focused on launching new molecules that elevates the need for better pharmacovigilance, manufacturing operations, streamlined R&D, medical writing, and clinical data management. Companies are increasingly opting for outsourcing, as it is now deemed as a cost curbing tool. Outsourcing boosts internal resource flexibility, timelines, and helps achieve more successful outcomes at reduced costs. Therefore, outsourcing has become the latest trend in the global market for pharmacovigilance and can be responsible for future growth. Moreover, surge in government intervention and efforts to better the management in the pharmacovigilance practices should also benefit the global market.
Market Restraints:
Lack of skilled and experienced healthcare professionals, especially in developing economies and the huge spending on the maintenance of compliance levels can be major growth deterrents in the years to come.
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Pharmacovigilance Market Competitive Outlook
Some of the top contenders in the global pharmacovigilance market are
- Accenture (Ireland)
- ArisGlobal (US)
- BioClinica (US)
- Capgemini (France)
- Clinquest Group BV (Netherlands)
- Cognizant (US)
- IBM Corporation (US)
- ICON plc. (Ireland)
- IMEDGlobal (US)
- ITClinical (Portugal)
- Laboratory Corporation of America Holdings (US)
- PAREXEL International Corporation (US)
- TAKE Solutions Ltd (India)
- United BioSource Corporation (US)
- Wipro Ltd (India)
Major companies are focused on widening their geographical reach and launch newer, more advanced solutions via numerous strategies, such as product launches, collaborations, and partnerships. To cite a reference, in March 2021, MyMeds&Me and Auxita entered a pharmacovigilance-based partnership. With this joint venture, Canadian healthcare providers will now be able to capture adverse events within the Auxita platform following the integration with MyMeds&Me’s Reportum, which is a pharmacovigilance SaaS platform.
COVID 19 Analysis:
The Covid-19 outbreak has posed a number of challenges to the healthcare industry, burdening it with rapidly number of cases. This in turn, has raised the demand for pharmacovigilance, in conjunction with technological innovations and the rapid adoption of highly advanced solutions to address physical limitations of labor as well as capital.
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Market Segmentation:
Pharmacovigilance industry can be considered for clinical trial phase, service provider, type, and end-user.
With respect to clinical trial phase, the global market caters to phase III, phase IV, phase I, phase II, as well as pre-clinical. Phase IV segment is currently heading the pharmacovigilance industry since most of the adverse drug reactions are detected during this phase. On the other hand, the fastest growth will be experienced by the phase III in the next few years.
The pharmacovigilance industry, in terms of service provider, can be divided into contract outsourcing and in-house.
The various types of pharmacovigilance are cohort event monitoring, spontaneous reporting, targeted spontaneous reporting, EHR mining along with intensified ADR reporting. The biggest portion of the global market belongs to the spontaneous reporting segment.
Some of the major end-users in the pharmacovigilance market include pharmaceutical companies, research organizations, hospitals, and others. Hospitals form the largest segment in the global industry, given the escalating number of admissions in hospitals owing to ADRs across the globe.
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Regional Analysis:
Americas has secured the leading spot in the global market, backed extensively by the world-renowned players based in the region. Large-scale healthcare expenditure and the emergence of the healthcare IT sector have also sealed the region’s market position. The booming geriatric populace and the rising cases of chronic diseases especially cancer also add to the market strength in the region. Besides, the American pharmacovigilance market also benefits from the high economic status, and the availability of highly developed medical facilities and infrastructure.
Asia Pacific is set to race ahead at the fastest pace during the forecast period, largely owing to the significant burden of chronic diseases and the rising use of modern technologies. Growing emphasis on expanding businesses by the players in emerging countries can also favour the pharmacovigilance market. Emerging countries like China and India are drawing in large-scale volumes of outsourcing work from several developed nations, given the substantial manufacturing capacity, low raw material and low labor costs, as well as low manufacturing cost.
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