Pharmacovigilance (PV) Market - By Type of Reporting ( Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining), Service Provider (In house, Contract Outsourcing), Clinical Trial Phase ( Preclinical, Phase I, Phase II, Phase III, Phase IV), End User ( Hospitals, Pharmaceutical Companies, Other), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Pharmacovigilance (PV) Market is expected to rise by registering a healthy CAGR of 13.44% in the forecast period of 2020-2029. The key factors driving this market are increasing drug consumption and drug development rates, increasing incidence rates of adverse drug reactions and drug toxicity, and an increasing trend in outsourcing pharmacovigilance services.
Through rising drug consumption, the need for regular drug screening has also risen, gradually improving the pharmacovigilance sector. Human infectious diseases are also on the rise due to shifting environments, widespread poverty and rising urbanization, which is also fuelling drug consumption and accelerating the production of narcotics.
Pharmacovigilance is a science and activity related to the detection, assessment, understanding and prevention of adverse reactions or any other drug-related problems. Pharmacovigilance focuses on drug toxicity and adverse drug reactions . The pharmacovigilance market contains all types of adversarial events reported during pharmacies, clinical trials in hospitals and other healthcare sectors.
Pharmacovigilance (PV) Market Scope and Market Size
Pharmacovigilance (PV) Market has been segmented on the basis of type of reporting, service provider, clinical trial phase and end user.
- On the basis of type of reporting segment, the pharmacovigilance (PV) market is sub segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining. Spontaneous reporting is having largest market share owing to wide usage in detection of new, serious, and rare ADRs and serves as an efficient and inexpensive method
- Based upon service provider segment, the pharmacovigilance (PV) market is sub segmented into in house and contract outsourcing. The contract outsourcing holds the largest market share because of the benefits associated with outsourcing such as risk mitigation, resource flexibility, reduction of upfront investments, and lowered fixed cost.
- The clinical trial phase segment is sub segmented into preclinical, phase I, phase II, phase III and phase IV. The phase IV holds the largest market share as data collected and assessed during this stage is expected to be of the highest relevance.
- On the basis of end user segment, the pharmacovigilance (PV) market is sub segmented into hospitals, pharmaceutical companies and other. Hospitals held the largest market share due to growing incidence of ADRs and medication errors.
Country Level Analysis of Pharmacovigilance (PV) Market
- On the basis of region, the Pharmacovigilance (PV) Market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- North America dominates the market acquiring large market share of U.S. in the Pharmacovigilance (PV) Market because of the presence of key pharmaceutical and medical devices players, contributing to the overall revenue in this region.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
- Rising incident levels for ADR and opioid toxicity will boost this market growth
- Increasing developments in contracting pharmacovigilance facilities will also drive the market.
- With increase in drug development rates and consumption of drugs is also boosting the market.
- Lack of data collection standardization and global regulatory harmonization is a factor which can hinder the market growth
- Higher risks involved in data security also restricts the growth of the market
Key Developments in the Market:
- In May 2019, Accenture launched INTIENT which is an innovative platform to advance the discovery, development and delivery of patient treatments. It is designed to benefit life sciences in collaboration among enterprise, application of advanced artificial intelligence, data security and access to external partner network.
- In March 2019, Universal Medica Group and EVERSANA announced their partnership for working on global footprint and enhancing their expertise in the life sciences and healthcare industry. This partnership will overall enhance their expertise in life sciences along with growing its global presence. It overall promotes the safety, proper use and efficacy of healthcare products.
Competitive Analysis and Pharmacovigilance (PV) Market Share Analysis:
Global pharmacovigilance (PV) market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Pharmacovigilance (PV) Market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Pharmacovigilance (PV) market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated and global presence. Pharmacovigilance (PV) Market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in global pharmacovigilance (PV) market are Accenture., Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Company, Linical Accelovance, Cognizant, F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc, HCL Technologies Limited, IBM Corporation, ICON plc, Infosys Limited, Syneos Health, Ipca Laboratories Ltd, IQVIA Inc, ITClinical, Janssen Sciences Ireland UC, Laboratory Corporation of America Holdings, Novartis AG, Oracle, Parexel International Corporation, Pfizer Inc., Tata Consultancy Services Limited, Wipro Limited. and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved