Industry Insights
The Global Pharmacovigilance (PV) Market size was estimated at USD 3.40 billion in 2016 and is anticipated to witness a CAGR of 13.1% over the forecast period. Rising occurrence of Adverse Drug Reactions (ADRs) combined with the introduction of strict government policies concerning with drug safety regulations are chief factors anticipated to propel the pharmacovigilance market. ADR amount to an overburden on healthcare systems and is amongst the chief causes of disease in the developed countries.
Nearly 5% of overall hospitalizations annually are owing to ADRs, which is a noteworthy growth-boost in element for PV market. Increasing incidence of chronic diseases combined with growing elderly population base has further escalated the requirement for development of new drug. Additionally, consistent rise in drug production augmented the demand for drug safety regulation before and after commercialization of therapeutics. Increasing complication of drug safety regulations by regulatory bodies such as EMEA (European Medicines Agency) and U.S. FDA is therefore, anticipated to augment the growth over the coming years.
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Clinical Trial Insights
Pharmacovigilance market is analysed and estimated concerning with clinical trial phase in the study, involving preclinical, Phase I, Phase II, Phase III and Phase IV segment. PV plays an auxiliary safety measure for the drug ongoing clinical trials. Phase III clinical trials segment was the second highest growing and was valued at over USD 400 million in 2016.The data gathered and analysed after Phase III trial is anticipated to be having greatest significance. Thereby, Phase IV is accounted for the largest segment and is projected to grow with the growth rate of 13.3% during the forecast period.
Service Provider Insights
Service provider segments analysed in the report involve contract and in-house outsourcing. The contract outsourcing held leading position in the year 2016, accounting for over 52%. Its dominant share is accredited by the advantages related to outsourcing as reduction in fixed cost, reduction of investments, resource versatility and risk alleviation. In House service recorded around 46% share owing to the increasing number of key companies offering such services.
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Type Insights
Spontaneous reporting dominated pharmacovigilance revenue share as of now, due to wide applications in identification of serious ADRs. Rising adoption of reports surveillance obtained through spontaneous reporting method is the key contributing factor for market dominance. Cohort event monitoring is expected to show lucrative growth owing to its growing adoption in identification of various adverse clinical events.
End Use Insights
As of 2016, hospitals held majority of revenue of end-use segment. Hospitals serves reporter organizations, which report the ADRs, occurred during a certain time frame, to regulatory authorities in order to ascertain the need for post marketing surveillance. Increasing cases of ADRs and medication errors are expected to drive the hospital segment growth over the forecast period. Increasing need for the identification of risk factors pertaining to ADRs is further anticipated to boost the growth of this segment
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Regional Insights
North America acted as the largest end- user of the PV market in the year 2016 and is expected to dominate the market during the forecast period. Presence of large number of research laboratories coupled with favorable drug safety approval measures inflicted by the U.S. FDA are anticipated to boost the growth during the future period. Additionally, growing demand for PV services among end users further boost the North America revenue generation. Europe is considered as the second most important region owing to the rise in number of companies or research lab offering pharmacovigilance services.
Furthermore, increasing chronic disease prevalence along with continuous rise in geriatric population support the growth in Europe. Asia Pacific is anticipated to exhibit the highest growth over the coming years. Presence of huge amount of educated and cost-efficient labour force, the availability of conducive business environment and administration of government reforms focussed at enhancing healthcare access are the factors contributing towards fast growth in the region. Statistics indicate that cost concerning clinical trials regulated in the Asia Pacific is nearly 50-70% low-priced than the trials regulated in developed regions such as North America and Europe.
Competitive Insights
Key players of the PV market include Accenture Plc., Boehringer Ingelheim GmbH, Bristol-Myers Squibb, Product Development, Inc., and United BioSource Corporation. Strategic mergers and acquisitions, collaborations with Contract Research Organizations (CRO) andoffering customized services are major sustainability strategies implemented by key players. For instance, Accenture Plc., in a venture to grow its service base concerningPV, introduced accelerated R&D services concentrating on delivery of integrated and streamlined functions aiding in efficient product development and collaborated with Oracle partner network.