Pharmacovigilance – Global Market Forecast Report to 2024 – ResearchAndMarkets.com
April 30, 2019DUBLIN–(BUSINESS WIRE)–The “Pharmacovigilance
Market – Growth, Trends, and Forecast (2019 – 2024)” report has
been added to ResearchAndMarkets.com’s offering.
The key factors propelling this market are increasing drug consumption
and drug development rates, growing incidence rates of adverse drug
reactions and drug toxicity, and increasing trend of outsourcing
pharmacovigilance services.
The increasing incidence of lifestyle diseases, such as diabetes,
hypertension, and cardiac disorders, as a result of sedentary
lifestyles, lack of physical activities, changing lifestyle patterns,
and poor diets lead to increasing consumption of drugs, which, in turn,
indicates the high demand for drug monitoring and further fuels the
growth of the pharmacovigilance market.
With the growing drug consumption, the need for the regular monitoring
of drugs has also augmented, eventually boosting the pharmacovigilance
market. Human infectious diseases are also on rising due to the changing
climate, pervasive poverty, and increasing urbanization, which also
surge drug consumption and drive the drug development process.
Furthermore, new drug developments need to get regulated and stimulate
the overall pharmacovigilance market.
Key Market Trends
Pharmaceutical Companies are Expected to Hold the Highest Market
Share in the End User Segment
In the end user segment of the pharmacovigilance market, pharmaceutical
companies are believed to have the largest market size.
The role of pharmaceutical companies is to invest in the R&D of new
compounds, have the commitment to bring a new drug to market to enhance
the patients’ health and quality of life, strict governance to conduct
clinical trials, product development activities as well as conduct
relations with patients and healthcare professionals in accordance with
ethical and legal principles.
A major pharmaceutical company, such as Astra, has over 100 permanent,
experienced staff in pharmacovigilance within its R&D organization in
Sweden and the United Kingdom, and a similar number in local operating
companies worldwide. This development has been driven by the increased
recognition of the role of pharmacovigilance, the investigation, and
marketing of a wider range of diverse medicinal products and more
stringent and detailed regulatory requirements.
Such developments that are occurring in the pharmaceutical companies are
helping the pharmacovigilance market grow.
North America Dominates the Market and Expected to do Same in the
Forecast Period
North America currently dominates the market for pharmacovigilance and
is expected to continue its stronghold for a few more years. Due to the
shifting of high costs of in-house pharmacovigilance activities to CROs,
the pharmacovigilance system in the United States is moving from a
passive to a proactive role in the healthcare system.
According to a 2017 publication in the Journal of American Medical
Association, one out of three drugs in the United States may have the
safety issues. Therefore, a need for modifying the current protocols for
quick communication between healthcare providers and the FDA needs to be
strengthened. Additionally, as more biosimilars would be available in
the near future, accurately matching the adverse event is highly
important.
With that, the United States has a large market share of 56% in North
America and is expected to register a growth rate of 12.3% over the
forecast period.
Competitive Landscape
The pharmacovigilance market is moderately competitive and consists of
several major players. In terms of market share, a few of the major
players currently dominate the market. Companies like Accenture, IBM
Corporation, Wipro, Cognizant, and Capgemini hold the substantial market
share in the pharmacovigilance market.
Key Topics Covered
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Drug Consumption And Drug Development Rates
4.2.2 Growing incidence rates of ADR and drug toxicity
4.2.3 Increasing trend of outsourcing pharmacovigilance services
4.3 Market Restraints
4.3.1 High risk associated with data security
4.3.2 Lack of global regulatory harmonization and lack of data
standardization for adverse event collection
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Clinical Trial Phase
5.1.1 Preclinical
5.1.2 Phase I
5.1.3 Phase II
5.1.4 Phase III
5.1.5 Phase IV
5.2 Service Provider
5.2.1 In house
5.2.2 Contract Outsourcing
5.3 Type of Reporting
5.3.1 Spontaneous Reporting
5.3.2 Intensified ADR Reporting
5.3.3 Targeted Spontaneous Reporting
5.3.4 Cohort Event Monitoring
5.3.5 EHR Mining
5.4 End User
5.4.1 Hospitals
5.4.2 Pharmaceutical Companies
5.4.3 Other End Users
5.5 Geography
5.5.1 North America
5.5.1.1 US
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 UK
5.5.2.3 France
5.5.2.4 Italy
5.5.2.5 Spain
5.5.2.6 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 South Korea
5.5.3.6 Rest of Asia-Pacific
5.5.4 Middle East & Africa
5.5.4.1 GCC
5.5.4.2 South Africa
5.5.4.3 Rest of Middle East & Africa
5.5.5 South America
5.5.5.1 Brazil
5.5.5.2 Argentina
5.5.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Accenture
6.1.2 Cognizant
6.1.3 Laboratory Corporation of America Holdings
6.1.4 IBM Corporation
6.1.5 ArisGlobal
6.1.6 Foresight Group International AG
6.1.7 ICON PLC
6.1.8 Capgemini
6.1.9 United BioSource Corporation
6.1.10 Wipro Ltd.
6.1.11 BioClinica
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/iix8v0
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Related
Topics: Drug
Discovery