Global Pharmacovigilance Market: Overview
Owing to the use of drugs or any of the pharmaceutical products if there are adverse effects arising then in order to prevent, detect, monitor, and collect it a scientific process is done which is known as pharmacovigilance. With the help of the services that are provided by pharmacovigilance one is able to do activities that are related to drug development that is from its discovery to its commercialization. It also consists of software and tools which help in creating, reviewing, classifying and other data. It plays an important role in the drug regulation system which helps in the evaluation and monitoring of the adverse drug reactions.
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The global pharmacovigilance market is segmented into its clinical trial phase, service provider, and regions. On the basis of the clinical trial phase, the global pharmacovigilance market is segregated into Phase I, II, III, IV, and preclinical. Based on the service provider, the market is categorized into contract outsourcing and in- house. Geographically, the global market is diversified into Asia Pacific, North America, Europe, and Rest of the World.
The major factors that are contributing to the growth of the pharmacovigilance market are stringent regulations by various agencies related to drug approvals, rising incidences of ADR, and the increasing patient awareness regarding the safety of drugs. The other factor that propelled the growth of the market is the strict guidelines for the clinical trials of the new therapies of drug and the strict requirements to keep the electronic medical records. The initiatives that are taken by the renowned regulatory organizations regarding the safe manufacturing of the drugs have pressurized different pharmaceutical and biotechnology companies. The recent trend of outsourcing the pharmacovigilance services to CROs and BPOs have resulted in the drug regulation system to run effectively. The services that are outsourced have enhanced productivity, high regulatory compliance, and better strategic outcomes thus triggering the growth of the pharmacovigilance market. The factors that are restraining the market growth are concerns of patient data safety, lack of expertise, and rise in the web-based sale of drugs.
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The region that dominates the pharmacovigilance market is the North America. The country that contributed the largest market share in the North American region is the US. The factors that contributed to this growth are the increasing death rates owing to the ADR and the high awareness among the patients regarding the efficacy and safety of drugs. There is good market growth in the Asia-Pacific region. The factors that contribute to the market growth of the pharmacovigilance are vast geriatric base, rising number of clinical trials conducted, stringent health care regulations, and intense government initiatives to set up PV centers.
Market Competitive Players
The major market players in the pharmacovigilance market include Boehringer Ingelheim, ICON, Parexel, Synowlwedge, United BioSource, Accenture, Bristol-Myers Squibb, Covance, Quintiles, and Cognizant Technology Solutions Corporation.
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