Pharmacovigilance is a major component of a powerful drug regulation system used for evaluating and monitoring adverse drug reactions (ADRs). Pharmacovigilance activities are a crucial part of clinical research and are increasing at an exponential rate. The global pharmacovigilance market stood at US$2.7 bn in 2014 and is predicted to reach US$6.1 bn in 2020. It is expected to rise at a 14.2% CAGR between 2015 and 2020. The rising health awareness, along with the increasing consciousness on safe utilization of medicines amongst consumers, is a prime factor fuelling the market for pharmacovigilance. Furthermore, the rising count of national pharmacovigilance centers worldwide is also raising public awareness about drug safety, hence boosting the growth of the market for pharmacovigilance. On the other hand, factors such as the high risk to data security and the lack of skilled professionals may impede the growth of the market in forthcoming years.
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Phase IV of Drug Development Held the Largest Market Share in 2013
In terms of phase of drug development, the market is segmented into clinical trial phase I, II, III, and IV or post-marketing surveillance. Amongst these, the segment of phase IV or post-marketing surveillance held the largest share in the market in 2013, on the basis of revenue. The prime reason for the growth of this segment is the increasing public health awareness campaigns on drug safety issues. On the other hand, the segment of clinical trial phase III is predicted to expand at the greatest CAGR owing to the increasing requirement for drug safety evaluation and monitoring in phase III.
Spontaneous Reporting Method to Lead Market through 2020
On the basis of type of method, the pharmacovigilance market is segmented into intensified ADR reporting, spontaneous reporting, cohort event monitoring, targeted spontaneous reporting, and EHR mining. Amongst these, on the basis of revenue, spontaneous reporting method held the largest share in the market in 2013. This is due to the enhanced assessment of automatic signal generation methods introduced within pharmacovigilance. This segment is predicted to maintain its dominance through 2020. In terms of type of service, the market is segmented into contract outsourcing and in-house outsourcing. Amongst these, in 2013, the segment of contract outsourcing service held the largest share in the market and is predicted to expand at the greatest CAGR through 2020.
Asia Pacific Pharmacovigilance Market to Rise at the Highest Growth Rate till 2020
On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, North America held the largest share in the market in 2013 owing to the rising concerns of patients on the efficacy and safety of pharmaceutical products. On the other hand, Asia Pacific is predicted to experience the greatest growth rate owing to the rising demand for strict healthcare regulations within this region and the rising number of clinical trials being conducted in this region.
The prime players dominant in the market are Cognizant Technology Solutions, Bristol-Myers Squibb, Clinquest Group B.V., F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc., iGATE Corporation, Wipro Limited, Synowledge LLC, Pharmaceutical Product Development, LLC, (PPD), Pfizer, Inc., and iMED Global Corporation, among others.