Global pharmacovigilance market is expected to reach USD 5.51 billion by
2020, according to a new study by Grand View Research, Inc. Increasing
incidence rates of adverse drug reaction and the introduction of stringent drug
safety regulations are some key drivers of this market. ADR is responsible for
approximately 5% of the hospitalization in developed countries annually, and
this is expected to boost usage rates over the next six years.
Pharmacovigilance has witnessed a significant rise in usage rates in the recent
times owing to growing global geriatric population triggering a growth in
demand for new drug development. Additionally, health regulatory authorities
such as the U.S. FDA and EMEA (European Medicines Agency) are now emphasizin on electronic submission of data which is also expected to drive the
pharmacovigilance market.
Contract outsourcing pharmacovigilance market is expected to grow at a lucrative rate of over 13.1% during the forecast period. Service flexibility and cost effectiveness associated with outsourcing are some key factors accounting for the segment’s lucrative growth.
In depth research report on pharmacovigilance market
Further key findings from the study suggest:
·
Pharmacovigilance services found the largest application
in phase 4/IV clinical trial studies in 2013. Greater applicability and
relevance are some factors accounting for the segment’s market position.
·
Contract outsourcing was the most revenue generating
service provider segment in 2013. Minimization of upfront investments and
reduction in fixed overhead costs are some factors expected to drive segment
growth.
·
North America was the largest regional market, accounting
for over 40.0% of the revenue in 2013. Presence of stringent healthcare
regulations implemented by the U.S. FDA and high market penetration rates of
electronic medical records are some factors responsible for its large
share.
·
Asia Pacific is identified as the most lucrative market.
Presence of a large pool of skilled labor and favorable business environments
are some factors expected to drive regional market growth. Rapidly improving
healthcare infrastructure in the emerging economies of India and China is also
expected to provide new growth opportunities to the market participants.
·
Key players of this market include Quintiles Transnational
Corporation, PAREXEL International, Clinquest Group BV, Pharmaceutical Product
Development, Accenture Plc., Boehringer Ingelheim GmbH and Cognizant Technology
Solutions
·
Providing customized end to end PV solutions &
services and entering into strategic agreements are some key strategies adopted
by these market players.
For the purpose of this study, Grand View Research has segmented the pharmacovigilance
market on the basis of clinical trial phase, type of service provider and
region:
Global Pharmacovigilance
Clinical Trial Phase Outlook (Revenue, USD Million, 2012 - 2020)
·
Pre Clinical
·
Phase 0
·
Phase 1/I
·
Phase 2/II
·
Phase 3/III
·
Phase 4/IV
Global Pharmacovigilance
Service Provider Outlook (Revenue, USD Million, 2012 - 2020)
·
In- House
·
Contract Outsourcing
Pharmacovigilance Regional
Outlook (Revenue, USD Million, 2012 - 2020)
·
North America
·
Europe
·
Asia Pacific
·
RoW
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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