The global pharmacovigilance market has been responding to a high demand from the healthcare industry, achieving a CAGR of 14.2% between 2014 and 2020. This market was valued at US$2.42 bn in 2012. Owing to its strong growth rate, the market is expected to reach around US$6.1 bn before the end of 2020.Transparency Market Research has released a research report stating these statistics. The report is titled “Pharmacovigilance Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” and is expected to impart the most up-to-date knowledge to a user regarding this market.
Pharmacovigilance is a broad term of classification for various aspects of drug safety. It is the science of detecting, monitoring, and curing the negative effects of consuming too many drugs, thereby reducing or negating the side effects and immediate drawbacks of pharmaceutical products.
According to the report, the global pharmacovigilance market is currently being driven by a sharp rise in the number of drug overuse conditions. A growing number of drug toxicity cases are being reported, increasing the demand for pharmacovigilance services.
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Additionally, the global pharmacovigilance market is also being fueled by a steadily increasing need from the pharmaceuticals industry to claim negative drug interactions and drug disasters at an earlier stage. This demand, combined with the growing public safety concern over the use of OTC drugs and others has had a visible impact on the global pharmacovigilance market.
The report divides the global pharmacovigilance market on the basis of drug development phase, methods, services, and geography.
On the basis of drug development phases, the global pharmacovigilance market is segmented into Phase I, Phase II, Phase III, and Phase IV/Post Marketing Surveillance. Over 60% of the market was occupied by Phase IV in 2013. Phase IV deal with a systematic and dynamic data collection process, and a marketed drug’s data interpretation. The report, however, expects Phase III to show the fastest growth rate within the given forecast period owing to a greater need for its factors. These include formulation of comparative safety data, study of errors in medication, and drug assessment during development stages.
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Spontaneous reporting was the leading method in the global pharmacovigilance market for 2013, and the market analysts believe it will exhibit a steady CAGR for the given forecast period. Its growth rate is attributed to the discovery of drug effects that were previously unknown for existing drugs. This method is also the cheapest one, adding to its preference by medical personnel.
The key players in the global pharmacovigilance market, as described in the report, include Wipro Limited, Novartis International AG, GlaxoSmithKline Plc., Pharmaceutical Product Development, LLC, (PPD), F. Hoffmann-La Roche Ltd., Accenture Plc., Cognizant Technology Solutions, Covance, Inc., Quintiles Transnational Holdings, Inc., and PAREXEL International Corporation.