Pharmacovigilance is defined as the science and activities involved in detecting, assessing, evaluating and preventing adverse reactions and related problems of medicinal products. Identifying safety issues related to medicinal products in the primitive phases of clinical trial development process is important for reducing the risks and costs involved in bringing a new drug or device into the market. At present, pharmacovigilance is accepted as a continuous process of evaluation that involves steps to improve the safe usage of medicines. A leading U.S.-based market research firm, Transparency Market Research, analyses the global market for pharmacovigilance services and predicts a compounded annual growth rate (CAGR) of 12.9% for the period 2013 to 2019.
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According to this research, the overall pharmacovigilance market is expected to grow at an attractive CAGR during the forecast period 2013 to 2019. The global pharmacovigilance market can be segmented by clinical trial phase, by methods and by type of service providers. Further, clinical trial phases can be sub-segmented into preclinical studies, phase I trial, phase II trial, phase III trial and phase IV (post marketing surveillance). Among these, phase IV trial accounts for the largest share of the overall clinical trial phases. Similarly, based on the type of methods pharmacovigilance market can be further segmented into spontaneous reporting, targeted reporting, cohort event monitoring, electronic health record(EHR) monitoring, and intensified adverse drug reaction(ADR) reporting. Among these methods, spontaneous reporting accounts for the largest share of the overall pharmacovigilance methods.
Finally, based on type of service providers, pharmacovigilance market is categorized into in-house and contract outsourcing, of which contract outsourcing accounts for the largest share of the overall pharmacovigilance service providers. It is estimated that the global pharmacovigilance market will grow significantly owing to rise in drug toxicity cases, innovation of advanced technologies to alleviate risk and rise in drug consumption. However, varied and stringent regulatory approval processes along with lack of skilled labor are likely to impede the growth of the global pharmacovigilance market.
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Geographically, North America accounts for largest market share of the overall pharmacovigilance market owing to large number of pharmaceutical companies; high quality services offered; innovation of novel technologies and presence of large number of outsourcing service providers. However, Asia-Pacific region is considered to be the most attractive market for global pharmacovigilance market and is expected to grow at a noteworthy CAGR during the forecast period.
This growth is due to the stringent government regulations for drug approvals, high enrollment rate, and increase in awareness about drug safety across a large population base. However, Europe and Rest of the World(RoW) regions are expected to exhibit a relatively lower growth rate as compared to the Asia-Pacific region during the forecast period.The major players providing pharmacovigilance services include iGATE Corporation, PRA International Inc., Synowledge LLC, OptumInsight Inc., iMedGlobal, TCS, Covance Inc., Cognizant Technology Solutions, PAREXEL International Corp. and Quintiles.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.