Key Players in the Pharmacovigilance Market, Segmentation, Size, Shares, and Revenue Analysis

Pharmacovigilance is referred to the science and activities relating to the detection, assessment, understanding and prevention of adverse effects or any other drug-related problem. Pharmacovigilance is fundamentally based on the qualitative and quantitative study of spontaneous adverse drug reactions reports, followed by a clinical assessment with respects to its impact on the overall safety profile of the drug. It is particularly useful for identifying potential safety signals of a rare adverse event or in orphan disease settings where exposure data are limited prior to marketing. The purpose of pharmacovigilance is to enhance patient care and patient safety in relation to the use of medicines according to the life cycle of a health product. Pharmacovigilance has grown significantly in recent years and its importance in the healthcare system has been recognized worldwide.

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Pharmacovigilance Market Dynamics

The pharmacovigilance market is driven by increasing number of ADRs coupled with potential threats to the consumers and increasing geriatric population. Older population are more prone to the ADR’s. The large-scale multicentre UK study found that in older patients, the most prevalent forms of MRH were adverse drug reactions (ADRs). ADR imposes a significant burden on healthcare systems and is one of the prominent causes of morbidity in developed countries.

Besides, growing demand for continuous pharmacovigilance for efficient surveillance of ADRs will render several growth opportunities for the market expansion. Increasing acceptance and adoption of outsourcing services by healthcare companies will stimulate pharmacovigilance (PV) market growth during the forthcoming years.

Pharmacovigilance Market Segmental Highlights

The report analyses the global pharmacovigilance market based on clinical trial phase, service provider, type and geography.

Pharmacovigilance Market By Service Provider

In house and contract manufacturing are the ways of obtaining pharmacovigilance services. Increasing acceptance and adoption of outsourcing services by healthcare companies to relive pressure on budget will stimulate contract manufacturing segmental growth during the forthcoming years. Outsourcing eliminates the risk of business overhead costs as well as deployment of pharmacovigilance resources. Therefore, there is increasing trend of shifting pharmacovigilance outsourcing.

Pharmacovigilance Market By Type 

Pharmacovigilance Market by Type is categorised into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining. Spontaneous reporting is by nature a passive approach to pharmacovigilance (PV), relying entirely on the motivation of individuals to report suspected adverse drug reactions (ADRs) to a local or national pharmacovigilance centre.  It is widely used in in the detection of new, serious, and rare ADRs and serves as an efficient and inexpensive method.

Pharmacovigilance Market By Clinical Trial

Pharmacovigilance market by clinical trial is segmented into Pre-Clinical, Phase I, II, III, IV.  Phase IV clinical trial deals securing an additional safety measure for the drugs undergoing clinical trials. Phase IV is a vital stage of clinical trials as unpredicted adverse drug reactions can be discovered in this stage. Thus, the data collected and assessed during this stage is anticipated to be of the highest relevance, endorsed to intensive drug testing on enormous demographics patient base of highest relevance after commercialization of the drug.

Pharmacovigilance Market By Geography

Based on geography, the global pharmacovigilance market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America accounted for the largest market share owing to the presence of key pharmaceutical and medical devices player coupled with the increasing investment in novel drug development by major players in this region.

Pharmacovigilance Market Key Players

Key players in the global Pharmacovigilance market include Accenture, Linical Accelovance, Capgemini, ITClinical, FMD K&L, IQVIA, Cognizant, Laboratory Corporation of America Holding, IBM Corporation; ArisGlobal, ICON plc, TAKE Solutions Ltd., Wipro Ltd. , United BioSource Corporation, PAREXEL International Corporation, BioClinica Inc.  and others

Key Development:

September 2016: Boehringer Ingelheim announced a long-term collaboration with ViraTherapeutics, a biopharma company developing immunotherapeutic for cancer treatment. This collaboration is intended to develop a novel technology for oncology and to investigate clinical testing of Vesicular Stomatitis Virus Glycoprotein (VSV-GP) in phase I trial.

June 2015: QuintilesIMS launched Infosario One Mobile App, a mobile based application that enables access to important clinical trial information. The application provides instant access to start-up, recruitment and compliance information as well as updates on data queries. This product launch enabled company to garner high market share and sustain market competition.

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