San Francisco, California, November 20, 2017 – TMR Research has published a new report which is titled, “Global Pharmacovigilance Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025″ According to the report, the global pharmacovigilance market is driven by the increasing awareness among patients regarding the safety of drugs, high incidences of ADR, and stringent regulations regarding drug approvals. Mandatory requirement to keep electronic medical records as well as strict guidelines regarding the clinical trials of new drug therapies are fuelling the growth of the global pharmacovigilance market.
Other factors fueling the growth of this market is the outsourcing of PV services to CROs and BPOs. This in turn has resulted in effective drug regulation system and will fuel the growth opportunities within the pharmacovigilance market. Outsourcing entities offer PV services that have enhanced productivity, high regulatory compliance, and strategic outcomes. This will also help the growth of the pharmacovigilance market.
European medicines agency (EMA) and other global organisations such as the World Health Organisation (WHO) have taken many initiatives and created a pressure on biotechnology and pharmaceutical companies to only manufacture safe drugs. This in turn is estimated to boost the demand for pharmacovigilance. Extensive post market monitoring mechanism which is set by government regulatory agencies focusing on the efficacy and safety of pharmaceutical products post launch in the market will also boost the growth of this market. This has boosted the number of PV activities. Several pharmacovigilance centres, National Agencies, and Healthcare providers across nations such as China, France, Romania, India, and Turkey have given the responsibility to pharmaceutical companies to collect information related to adverse effects of drugs. Governments across countries have opened various centres to expand PV services.
The report also discusses various factors that will hamper the growth of the market. Some of the factors affecting the growth of this market include growing sale of drugs online, increasing concerns about patient data safety, and lack of expertise. All these factors are anticipated to restrict the growth of the market. However, the growing number of clinical trials especially phase 3 and 4 clinical trials will create many growth opportunities for players in the market.
On the basis of geography, the global pharmacovigilance market will be led by North America, with the US being a key contributor on account of the increasing incidences of ADR and heightened awareness among patients regarding the safety and efficacy of drugs. Stringent Healthcare regulations and increasing efforts and initiatives taken by government to setup PV centres will boost the growth of the market in the Asia Pacific region as well. The rising number of clinical trials conducted as well as increasing population of aged population will also act as growth drivers for the pharmacovigilance market in Asia Pacific.
The report discusses the competitive landscape in much detail. According to the report, collaborations of the pharmaceutical and life science companies with contract research organisations (CRO) so as to expand their market presence across various regions, is emerging as a key strategy. Leading players within the market have been studied in the report. They are: United BioSource, Accenture, Quintiles, Cognizant Technology Solutions Corporation, Boehringer Ingelheim, ICON, Covance, Bristol-Myers Squibb, PAREXEL, and Synowlwedge.
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