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Pharmacovigilance Market By Drug Development (Preclinical Studies, Phase I, Phase II, Phase III, Phase IV Or Post Marketing Surveillance), By Reporting Methods (Spontaneous Reporting, Intensified Adr Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, Ehr Mining), By Services (In-house, Contract Outsourcing) - Growth, Share, Opportunities & Competitive Analysis, 2016 - 2022

Exaggerating regulatory compliance, efficient maintenance of product life cycle, and the growing need for prompt patient reporting have boosted the need for pharmacovigilance. Pharmaceutical companies are increasingly entering into long-term arrangements with CROs and BPOs for performing pharmacovigilance activities initiating from the drug discovery phase to post-market surveillance.

This report studies the global pharmacovigilance market based on clinical trial phases, reporting methods, service methods, and geography. In terms of clinical trial phases, this market is studied for pharmacovigilance in preclinical studies, phase I trial, phase II trial, phase III trial, and phase IV. Spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining is the reporting methods analyzed in this report. Additionally, In-House pharmacovigilance and contract outsourcing are the pharmacovigilance services considered in this study. North America, Europe, Asia-Pacific, the Middle East, North Africa, and Latin America are the regional markets cumulatively making the global pharmacovigilance market. This section also includes a country-level analysis of the national markets that hold major hold in the respective regional markets.

Market estimations and forecasts for 2014 to 2022 are provided in this report for all the mentioned segments along with their respective Compounded Annual Growth Rate (CAGR %) for the period 2016-2022 while considering 2015 as the base year.

Along with the quantitative information sets, this report also provides qualitative market assessment information such as market dynamics: drivers, challenges, and prospects. This report includes competition assessment tools such as attractive investment proposition and fractal map analysis for analyzing the market competition. This study concludes with a company profiles section highlighting key information about the major players operating in the global pharmacovigilance market. In-house pharmacovigilance and contract outsourcing are the two pharmacovigilance services adopted by pharmaceutical companies. The pharmacovigilance process is often outsourced to contract outsourcing companies, and it is anticipated that the same trend will continue through the forecast period.

The contract outsourcing segment takes over half the market share and is anticipated to progress at a faster CAGR than in-house pharmacovigilance. Contract outsourcing is a faster and cost-effective option; the CROs resourced are valued in the market for their core expertise in the respective processes. Furthermore, featured advantages such as reduction in overhead expenditures, focusing on core competencies, and workforce streamlining also have been urging pharmaceutical companies to opt for contract outsourcing. In-house pharmacovigilance systems will remain in practice, majorly opted by large pharmaceutical companies for their high-profile drugs and small players for cost containment purposes. 

Among the mentioned segments, phase IV or post-market reporting took the largest market share in 2015. This stage is characterized by a prompt collection of post-market development, adverse events, and examination and monitoring of associated hazards. Growth in the number of novel drugs being introduced in the market has necessitated the need for post-marled surveillance, thus propelling the phase IV pharmacovigilance segment. In addition, the necessity for risk assessment studies during late-stage drug development, the decision on precise medication, and the establishment of safety data are the prime factors that constitute the rapid market growth of the phase III pharmacovigilance segment.

North America, Europe, Asia Pacific, Middle East, Africa, and Latin America together make for the global pharmacovigilance market.

North America is the largest regional market for pharmacovigilance processes. The dominance of North America is majorly attributed to growth in clinical research activities in the region. The U.S. is the largest country-level market for pharmacovigilance due to many research units and pharmaceutical companies. The regulatory framework demanding strict compliance from pharmaceutical companies in the U.S. is also a contributing factor to the large-scale pharmacovigilance activities in the country. Asia-Pacific countries such as Japan, Korea, Australia, and others are undergoing rapid growth in the pharmacovigilance market; outsourcing clinical activities to south Asia plays a critical role in the Asia-Pacific market.

The detailed classification of the global pharmacovigilance market is as follows:

  • North America (U.S. & Canada)
  • Europe (U.K., Germany, and Rest of Europe)
  • Asia-Pacific (Japan, China, and Rest of Asia-Pacific)
  • The Middle East and Africa
  • Latin America

Frequently Asked Questions

The market for Pharmacovigilance is expected to reach US$ XX Bn by 2022.

The Pharmacovigilance market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2016-2022.

The base year of this report is 2015.

Accenture Plc., Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc. are some of the major players in the global market.

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Published Date:  Apr 2016
Category:  Healthcare
Report ID:   57794
Report Format:   PDF
Pages:   120
Rating:    4.5 (65)
Delivery Time: 24 Hours to 48 Hours   
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