Pharmacovigilance market to witness comprehensive growth by 2025
The global pharmacovigilance market is projected to reach about USD 8.6 billion by 2018, growing at a CAGR of 13% from 2018 to 2025. The major driving factors of pharmacovigilance (PV) are the growing complexity of drug safety regulation by government, increasing incidence of adverse drug reaction, rising mortality rates, and growing concerns about safety and efficacy of drugs.
The major challenges faced by pharmacovigilance are the globalization of drug distribution and the increased exposure of massive populations to large volumes of medicines. The demand for pharmacovigilance services are growing due to the increasing incidence of Adverse Drug Reactions (ADRs), which causes illness, disability, and even death. According to Journal of American Medical Association (JAMA), published report in 2014, ADR was the primary cause for more than 100,000 deaths in the U.S. Pharmacovigilance (PV) services are used for the treatment of these chronic diseases.
North America dominated the pharmacovigilance market due to the strict drug safety norms imposed by the U.S. FDA and other regulatory authorities. Asia-Pacific is projected to have the fastest growth for PV market during forecasted period. This growth is due to the availability of the cost effective labor, constructive business, and growth in adoption rate for pharmacovigilance software by nonprofit organizations, and government institutions in countries like India and China.
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There are many factors available behind the growth of pharmacovigilance (PV) services like the nonprofit organizations such as International Society of Pharmacovigilance (ISoP) are spreading the awareness related to pharmacovigilance (PV) services, the increasing adoption rate of PV services from nonprofit organizations, public sectors and European Medicines Agency (EMA), majorly focusing on proper and safe usages of drugs on global region.
Apart from different pharmacovigilance (PV) service types, the contract outsourcing segment accounted for a major pharmacovigilance (PV) market share in 2017. This is due to the changing and growing focus of pharmaceutical industries towards pharmacovigilance (PV) services as it reduces overall operational cost.
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The European Medicines Agency (EMA) and U.S. FDI has formulated regulatory guidelines for all phases of clinical trials, which helps to report the accurate information related to all phases of clinical trials and this information can be further utilized by the clinical researchers or research professionals for their studies.
Key players in global pharmacovigilance market are ArisGlobal, Ennov Solutions, EXTEDO GmbH, Online Business Applications, Oracle Sarjen Systems, Sparta Systems, and United BioSource