The global pharmacovigilance market size is expected to reach USD 11.78 billion by 2026 and it is projected to expand at a CAGR of 13.3% during the forecast period 2019 to 2026.
Increasing incidence of Adverse Drug Reactions (ADR) is the key growth driver. The U.S. Food and Drug Administration (FDA) received approximately 253,017 serious adverse events and 44,693 deaths associated with ADRs in 2015. This shows the potential demand for implementing safety and Pharmacovigilance (PV) services.
Increasing acceptance and adoption of outsourcing services by healthcare companies will stimulate pharmacovigilance (PV) market growth in forthcoming years. Outsourcing eliminates the risk of business overhead costs as well as deployment of a pharmacovigilance resources. Outsourcing strategy increases the cost-effectiveness and efficiency by relieving resource pressure on firms. Positively shifting trends in PV outsourcing owing to increasing benefits will accelerate pharmacovigilance business growth in the coming years.
Rising number of adverse drug reactions (ADRs) will contribute to significant increase in the market size over the forecast period. According to National Centre for Biotechnology Information (NCBI), number of fatalities due to ADRs increased more than two-fold in 2014. This further led to increase in hospitalizations. Similarly, according to data by Clinics, 2018, there was 10.3% increase in ADR rate in Brazil per medication introduced during hospitalization. Such escalating number of ADRs that require continuous pharmacovigilance will render lucrative growth opportunity for pharmacovigilance market to facilitate effective surveillance of ADRs.
Accelerating demand for personalized medicines will impel momentous industry growth in the foreseeable future. Innovations in personalized medicine will offer growth potential to the market in ways to develop and quantitate risks and benefits of personalized medicines. Increasing advancement in targeted drugs such as new product development will further propel demand for pharmacovigilance services in the coming years.
Dearth of skilled healthcare professionals needed to analyse data and implement solutions can restrict market growth. Moreover, increased risk for data security that can be misused by the pharmacovigilance personnel can hamper business growth over the coming years.
Further key findings from the study suggest:
The top players in this market are Clinquest Group B.V., Accenture, Plc, Cognizant Technology Solutions, iMED Global Corporation, Covance, Inc. ICON, Plc, inVentiv Health, Inc., Pharmaceutical Product Development LLC, Parexel International Corporation, PRA Health Sciences, Inc., F. Hoffmann-La Roche Ltd., Quintiles Transnational Holdings Inc, Sanofi , Wipro Limited, and Synowledge LLC, among others.
Pharmacovigilance Clinical Trial Phase Outlook (Revenue, USD Million, 2015 - 2026)
Pharmacovigilance Service Provider Outlook (Revenue, USD Million, 2015 - 2026)
Pharmacovigilance Type of Methods Outlook (Revenue, USD Million, 2015 - 2026)
Pharmacovigilance End Use Outlook (Revenue, USD Million, 2015 - 2026)
Pharmacovigilance Regional Outlook (Revenue, USD Million, 2015 - 2026)
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