SAN FRANCISCO, March 24, 2020 /PRNewswire/ -- The global pharmacovigilance market size is expected to reach USD 13.11 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.2% during the forecast period. Increasing incidence of Adverse Drug Reactions (ADR) is the key growth driver. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year, are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.
Key suggestions from the report:
Phase IV held a dominant market share in 2019 owing to the extensive post-marketing surveillance of pharmaceuticals and increasing ADR incidences
In the service provider segment, contract outsourcing held a significant market share of around 57% in 2019, owing to the shift in focus of pharmaceutical companies toward outsourcing services to reduce operational cost
Based on type, spontaneous reporting held the largest revenue share in 2019, due to wide application of the product in pharmacovigilance along with benefits such as easy simulation of data sets for better drug comparison
Research organizations segment is anticipated to exhibit lucrative CAGR of 13.3% over the forecast period owing to increasing R&D for the development of novel biologics and medical devices
Asia Pacific pharmacovigilance market is anticipated to showcase lucrative CAGR in the forthcoming years, attributed to the availability of low-cost labor and rising number of outsourcing companies in this region
Market participants are focusing on increasing R&D activities to develop better pharmacovigilance services. Moreover, they are adopting strategies such as new product launch, collaborations, and mergers and acquisitions to gain competitive advantage
Moreover, leading pharma companies in developed countries are focusing on outsourcing PV services to reduce cost and to minimize operational expenses. This is anticipated to serve as an opportunity for contact research organizations in developing regions to gain more revenue share. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.
The companies operating in the pharmacovigilance market are undertaking strategic initiatives, such as collaborations with the PV service providers to gain access to medical information and to manage PV workflows. For instance, in September 2019, Accenture collaborated with Bayer to implement the company's INTIENT Clinical platform to simplify and speed its drug development processes, thereby widening business. The company collaborated with BioCelebrate in 2017 to develop a platform for aggregating and analyzing clinical information for improved drug developing efficiency, thus enhancing its R&D capabilities. Such initiatives help companies maintain their market position.
Grand View Research has segmented the global pharmacovigilance market on the basis of the clinical trial phase, service provider, type, end use, and region:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.