Market Definition:
The World Health Organization defines Pharmacovigilance (Pharmacovigilance) as -“the science and activities relating to the detection, assessment, understanding and prevention of adverse effects or any other drug-related problem”. The aim of pharmacovigilance is to enhance patient safety as well as care with respect to the use of medicines and to support public health programs by providing balanced and trustworthy information for the effective assessment of the risk-benefit profile of medicines.
There has been a considerable rise in the number of drugs made available to healthcare consumers owing to increased pharmaceuticals consumption for various diseases in non-hospital set ups. The need for novel therapeutics development via extensive clinical trials has heightened and is expected to augment the growth of this market.
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Market Growth and Analysis:
Various crucial pharmaceutical companies have initiated extensive R&D in order to develop innovative therapeutic molecules thereby increasing the rate of drug development. Drug manufacturers are concentrating on remodeling of their product development processes so as to tend to the needs of patients across globe. Furthermore, in order to minimize operational expenses and cut costs, many leading pharmaceutical companies in the developed countries are outsourcing pharmacovigilance service. For instance, Accenture and BioCelebrate entered into a collaborative agreement for developing a platform for analyzing and aggregating clinical information in April, 2017. This information enhances R&D capabilities as it records improvements in drug developing efficiency and ensures significantly lower costs for pharmacovigilance services as companies such as TCS, Wipro and Cognizant in developing region are more affordable. Furthermore, while experts present in the outsourced companies take care of pharmacovigilance services, the manufacturers can focus on their primary objectives. This factor is anticipated to act as an opportunity for contact research organizations in many developing countries and contribute in gaining more revenue share.
Market Segment:
Another factor driving the global pharmacovigilance market is the rise in awareness about drug safety and efficacy around the globe and the considerable demand for adopting safe medicinal practices. The market has gained momentum in developing as well as emerging economies due to the increasing governmental support in opening centers dedicated to pharmacovigilance. Furthermore, the government agencies have set up stringent laws for post-market monitoring mechanisms in order to ensure effective drug regulation system. This is another notable aspect anticipated to catalyze the market growth. However, concerns over safety of patient data due to increased cases of data theft and lack of technologically-advanced infrastructure that can support pharmacovigillance infrastructure are expected to act as key constraints for this market.
The global pharmacovigilance market is segmented on the basis of Preclinical Studies, types of methods,types of services and region. On the basis of preclinical studies, the market is bifurcated into Phase I, Phase II, Phase III and Phase IV or Post Marketing Surveillance. Based on type of method, the market is classified into Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring and EHR Mining. The type of service segment is further divided into In-house and Contract Outsourcing. Geographically, the market is segregated into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Key Players:
Some of the leading companies in the global pharmacovigillance market Covance Inc., Bristol-Myers Squibb, Cognizant Technology Solutions, Pfizer, Inc., Novartis International AG, Accenture Plc, Wipro Limited, GlaxoSmithKline plc, inVentiv Health, Inc., and F. Hoffmann-La Roche Ltd.
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Regional Analysis:
The North American region holds the major share in the global pharmacovogillance market owing to technological advancements in the field of healthcare, increasing mortality rates caused by adverse drug reactions (ADR) and heightened awareness among patients about the safety and efficacy of a drug. The Asia Pacific region is also anticipated to register fast growth in the pharmacovigilance market owing to favorable government initiatives for the betterment of adverse drug reaction monitoring, thereby fueling the uptake.
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