Pharmacovigilance Market Size, Share & Trends Analysis Report By Product Life Cycle, By Service Provider, By Type, By Therapeutic Area, By Process Flow, By End-use, And Segment Forecasts, 2020 - 2027
New York, Nov. 06, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmacovigilance Market Size, Share & Trends Analysis Report By Product Life Cycle, By Service Provider, By Type, By Therapeutic Area, By Process Flow, By End-use And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05982581/?utm_source=GNW
Pharmacovigilance Market Growth & Trends
The global pharmacovigilance market size is expected to reach USD 13.11 billion by 2027. It is projected to expand at a CAGR of 13.2% during the forecast period. The 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.
According to the World Health Organization’s (WHO) report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in non-hospital setups.Hence, there has been a significant rise in the number of medicines made available to healthcare consumers.
Rising demand for drugs has significantly heightened the need for the development of novel therapeutics via extensive clinical trials, which is expected to serve this market with lucrative opportunities.
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.
Pharmacovigilance Market Report Highlights
• Phase IV held a dominant market share at 75.56% in 2019 owing to the extensive post-marketing surveillance of pharmaceuticals and an increasing number of ADR incidences in the market
• In the service provider segment, contract outsourcing held a significant market share of around 57% as of 2019, owing to the shift in focus of pharmaceutical companies to outsourcing services to reduce operational cost
• Based on types, spontaneous reporting held the largest revenue share due to its wide application in pharmacovigilance and benefits such as easy simulation of data sets for better drug comparison
• The biotechnology segment is anticipated to exhibit a lucrative CAGR of 13.9% over the forecast period owing to increasing R&D for the development of novel biologics
• Asia Pacific is anticipated to showcase a lucrative CAGR of 14.9% in the forthcoming years. This is attributing to the availability of low-cost labor and the rising number of outsourcing companies in this region
• Industry participants are focusing on increasing R&D activities to develop better pharmacovigilance services. Moreover, companies are adopting strategies including new product launch, collaborations, and mergers & acquisitions to gain a competitive advantage
Read the full report: https://www.reportlinker.com/p05982581/?utm_source=GNW
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