Pharmacovigilance Market size to exceed USD 8 billion by 2024!

As per a recent research report published by Global Market Insights, Inc, the pharmacovigilance market size is expected to exceed USD 8 billion by 2024.

Increasing number of drug-related adverse effects and increasing prevalence of chronic diseases will drive the pharmacovigilance market growth. Growing geriatric population has increased drug consumption for the treatment of chronic ailments such as diabetes, blood pressure, cardiovascular and respiratory disorders.

Rising drug consumption has led to new drug development through clinical trials. Pharmaceutical companies are increasingly collaborating with CROs (Contract Research Organizations) to carry out pharmacovigilance activities. This includes R & D activities, Clinical Trials, Clinical Data Management, Report Writing, etc. Pharma industry has realized multiple benefits of outsourcing pharmacovigilance activities such as better regulatory compliance, improved quality, and reduced cost.

Report Coverage

• The report covers pharmacovigilance market size by Clinical Trial phase starting with pre-clinical, phase 1, phase 2, phase 3 and phase 4
• The report covers market size by service providers such as in-house and contract outsourcing.
• The report covers regional outlook covering countries such as S., Canada, UK, Germany, Spain, Italy, France, China, Japan, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Qata.
• It also covers many other areas such as industry analysis, application potential, price trends, market share & forecasts from 2012-2024.

Report Insights

• European market size is over USD 790 million and expected to grow at a CAGR of 10 % in the next decade. Germany, UK, and Spain together contributed to over 70% of regional market share in 2015.
• Brazil market share was more than 60 % of the regional market in 2015. It is slated to exceed USD 300 million by 2024.
• South Africa market size was more than USD 37 million and expected to grow at over 5 % CAGR.
• Phase III clinical trial market was more than USD 450 million in 2015 and expected to grow over 10 % CAGR due to increasing requirement of drug safety and monitoring.
• Contract outsourcing contributed to nearly 50 % of market share in pharmacovigilance with a total market size of over USD 1.7 billion in 2015. The trend in outsourcing by pharma companies is expected to continue and would be a major driver for market growth.
• Global pharmacovigilance market will be driven by collaboration between pharmaceutical companies and CROs. The key industry players would be, Accenture, Quintiles, Cognizant Technology Solutions, BoehringerIngelheim, Covance, PAREXEL International Corporation, Bristol-Myers Squibb, Janssen Research & Development, Synowledge, United BioSource Corporation, and ICON.

The report also covers following trends.

Product Trends

• Phase IV clinical trial’s market was valued at more than USD 2 billion in 2015. It is expected to grow at 10 % CAGR. Phase IV studies ensure that restrictions can be imposed on the sale of a drug based on its safety performance.
• Contract outsourcing would be a major driver of growth with its market poised to grow at 12.2 % CAGR to surpass USD 4 billion by 2024.

Regional Trends

• US pharmacovigilancemarket is expected to grow at 10.7% CAGR owing to favorable governmental regulations, huge clinical trial volumes and big research companies.
• Spain’s market is expected to grow at 10.2 % CAGR from USD 230 million to over USD 550 million in 2024.
• Indian market is expected to grow at 14% CAGR to USD 668 million in 2014. The growth in the market is attributed to increasing number of clinical trials conducted in Asian countries due to low-cost advantage.

Industry Trends

• Companies such as Quintiles offer literature monitoring, safety aggregate reporting, risk management, data analytics and signal detection services. Synowledge offers signal detection services, which help clinical experts determine medical significance.