PUNE, India, Nov. 26, 2020 (GLOBE NEWSWIRE) --
The Global Pharmacovigilance Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The pharmacovigilance market size was estimated to be US$ 4.2 billion and is expected to reach US$ 18.7 billion by 2030 at a CAGR of 14.6% through 2030. Pharmacovigilance can be defined as a pharmacological science related to prevention, collection, monitoring, detection, and assessment of adverse effects associated with any pharmaceutical products. This is commonly known as drug safety. The aim of Pharmacovigilance is to improve patient care and patient safety related to the use of medicines and to sustain public health programs by providing trustworthy, composed information for the effective evaluation of the risk-benefit portfolio of medicines. Each drug has some favorable as well as undesirable or unpleasant effects. Pharmacovigilance principally focuses on drug toxicity and adverse drug reactions (ADR).
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During clinical trials in hospitals, pharmacies, and other healthcare sectors, some unwanted incidents are reported. Such events are covered under pharmacovigilance market. Pharmacovigilance market growth will be stimulated during the forecast period owing to increased requirement for acknowledgment and implementation of outsourcing services by healthcare companies. The primary goals of pharmacovigilance are to contribute to the assessment of advantage, damage, efficacy, and risk of medicines and encourage their reliable, logical, more effective and affordable use. Apart from that it also aims to promote awareness, education, and clinical training of pharmacovigilance and its effective communication to the public.
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Increased Drug Consumption combined with Escalating Incidence of Diseases such as Hypertension, Diabetes, and Cardiac Disorders
Some of the major factors driving the market growth include growing occurrences of adverse drug reactions, increasing drug consumption, rising drug development rates, growing drug toxicity and rising trend of outsourcing pharmacovigilance services. Sedentary lifestyle, lack of physical activities, varying lifestyle patterns, and poor dietary habits leads to an escalating incidence of diseases such as hypertension, diabetes, and cardiac disorders. This results in significant upsurge in drug consumption which in turn implies to the high demand for drug monitoring and further promotes the growth of the pharmacovigilance market. With rising drug consumption, the need for the regular monitoring of drugs has also increased, ultimately boosting the growth of pharmacovigilance market. In addition, new drug development demands standardization to stimulate the overall pharmacovigilance market.
Pharmaceutical Companies are expected to hold the Highest Market Share in the End User Segment
Based on end-user, the pharmaceutical companies segment is anticipated to account for largest market share in 2019. The segment is expected to maintain its dominance over the forecast period. Moreover, the biotechnology segment is projected to witness tremendous growth during the period of research study. The role of pharmaceutical companies is to invest in the research and development of new compounds, introduction of new drugs in order to improve the patients’ health and quality of life, strictly conduct clinical trials, product development activities, and conduct relations with patients and with healthcare professionals in harmony with ethical and legal principles.
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Major pharmaceutical companies have highly experienced employees in pharmacovigilance within their research and development departments. This development has been propelled by the increased recognition of the pivotal role of pharmacovigilance, research, and marketing of a wide range of medicinal products and more rigorous and comprehensive regulatory conditions. Such developments that are taking place across the pharmaceutical companies are helping the pharmacovigilance market to grow significantly.
North America dominates the market and is expected to continue the dominance through Forecast Period
North America dominates the market for pharmacovigilance and is expected to continue its monopoly for a few more years as well. Owing to the ever-changing high costs of in-house pharmacovigilance activities, the pharmacovigilance system in the United States is progressing from playing a passive to a proactive role in the healthcare system. One out of three drugs in the United States may have safety issues, according to a 2017 publication in the Journal of American Medical Association. Therefore, there is a need to modify the existing protocols for quick communication between healthcare providers and the FDA. Furthermore, companies are expected to focus on extensive research activities for product innovations which is likely to poise a positive impact on the regional growth. Hence, United States is anticipated to hold a large market share in North America and is expected to record a significant growth rate over the forecast period.
The pharmacovigilance market is moderately competitive. It consists of several major companies. In terms of market share, a few of the major companies currently dominate the market and hold significant market share in the pharmacovigilance market.
Some of the major companies involved in global pharmacovigilance market include Accenture, ArisGlobal, BioClinica Inc., Capgemini, Cognizant, FMD K&L, IBM Corporation, ICON plc., IQVIA, ITClinical, Laboratory Corporation of America Holdings, Linical Accelovance, PAREXEL International Corporation, TAKE Solutions Ltd., United BioSource Corporation, and Wipro Ltd.
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