Tuesday, April 29, 2014
Pharmacovigilance Growth Trends : Global Industry Analysis, Size, Share, Growth,and Forecast, 2013 – 2019
According to the World Health Organization (WHO), pharmacovigilance is defined as a series of actions performed to assess, detect and prevent any possible adverse effects of pharmaceutical products, and minimize the medication risks. It majorly focuses on the assessment of adverse drug reactions, which are lethal responses to drugs that occur at the doses used for treatment of a disease or used in the modification of physiological functioning. Medication issues such as drug overdose and drug abuse are also checked for, as they too may lead to some adverse drug reactions. Pharmacovigilance aims at ensuring optimum patient care and safety with respect to the usage of medications and also provides reliable information about efficient evaluation of the possible hazard and benefit profile of drugs.
The market for pharmacovigilance has a huge demand as all pharmaceutical license holders need to understand and comply with its guidelines. This market can be segmented based on the different technologies including drug safety database systems, signal detection systems and others. Regulatory guidelines for the same are stated by the U.S. FDA, EMA and other regulatory bodies. These regulations and guidelines provide a framework for the companies to follow in order to carry out pharmacovigilance activities.The major factors driving growth of this market are need for efficient drugs, continuous technological upgradations, increased focus on patient care and patient safety, and intensification of safety regulations by various regulatory bodies. These factors boost the uptake of pharmacovigilance systems by pharmaceutical companies. Reluctance of companies towards adoption of new technologies, lack of proper education and training to the resources, and lack of awareness about prevailing pharmacovigilance systems might hamper the growth of the market. Currently, majority of the companies are outsourcing their pharmacovigilance operations for the purpose of cost effectiveness. The scope of these systems can be further enhanced by integrating them with other data sources such as clinical databases and medical records. These advanced and novel approaches further enhance the decision making on safety and efficacy of drugs, and provide relevant and reliable information.
Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global pharmacovigilance market was valued at USD 2,147.3 million in 2012 and is estimated to reach a market worth USD 5,008.2 million in 2019 at a CAGR of 12.9% from 2013 to 2019. A rising tide of regulatory expectations, tougher inspection regime and instant need of patient reporting has provided the much needed impetus for the growth of the pharmacovigilance market. An upsurge in number of acute and chronic diseases has consequently led to a rise in number of drug consumption, which has also elicited a growth in the number of adverse drug events and drug toxicity cases. Moreover, several high-profile safety issues, regulatory warnings, large volume of events to be reviewed along with negative media coverage have compelled the pharmaceutical players to take support of various outsourcing services. There are two major outsourcing services opted by these pharmaceutical players i.e. traditional CROs and BPOs. These outsourcing services not only provide cost savings but also help in bringing process efficiency. Pharmaceutical companies are now forming long term partnership with the CROs and BPOs to share the costs involved in PV process right from drug discovery to post marketing approvals. In addition, PV requires skilled resources with excellent language skills and strong knowledge pertaining to case reporting.
The research report on pharmacovigilance provides detailed analysis of the global market and helps in understanding the driving forces responsible for the growth of this market. The report discusses the market of pharmacovigilance market on the bases of clinical trials phases i.e. Phase I to III and post marketing surveillance (PMS). We have also mapped the trend for preference of the pharmaceutical players for in-house and outsourcing in our chapter by type of service.The global pharmacovigilance market has been segmented based on all the above mentioned parameters and market size estimates and forecasts for the period of 2011 to 2019 have been provided for each of the segments, in term of USD million, considering 2012 as the base year for calculations and 2011 representing as the historical year. The CAGR (%) of each market segment for the forecast period 2013 to 2019 has also been provided along with market size estimations. The report exclusively studies the aforementioned segments with respect to geography. Under geographic section we have covered four regions, namely, North America, Europe, Asia-Pacific and Rest of the World (ROW).
The market overview section gives a detailed qualitative analysis of the factors responsible for driving and restraining the growth of the global pharmacovigilance market. The section also covers opportunities and market attractiveness analysis of the geographical regions.The report concludes with the competitive landscape and company profiles of major market players. These market players have been profiled on the basis of various attributes such as company overview, financial overview, business strategies, product portfolio and recent developments. Some of the major players profiled in this report include PRA International Inc., Covance Inc., Synowledge LLC, OptumInsight Inc., iMedGlobal, TCS, iGATE Corporation, Cognizant Technology Solutions, Quintiles and others.