Global Pharmacovigilance Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024

Industry : HealthcarePublished Date : May 31st, 2018
Tutorials Get 15% Discount on First Report

The global pharmacovigilance market is expected to witness CAGR of 13.45% and is projected to reach USD 9.3 billion by 2024 from USD 3.8 billion in 2017. The key factors propelling the growth of market includes increasing incidence of adverse drug reactions (ADRs) coupled with increase prevalence of acute and chronic disease, and rising consumption of drugs. Moreover, rising demand in end-use industry owing to new drug developments further impelling the market growth. The years used for the assessment are as follows:

Historical year: 2014, 2015 and 2016

Base year: 2017

Forecast period: 2018 – 2024

RESEARCH METHODOLOGY

The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;

  • Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys, and other secondary sources
  • Interacting with key opinion leaders of the market and developing data points based on interaction with them
  • Study of past trends in the market and their year on year Impact on the market size and share
  • Analyzing the collected data points
  • Bridging the data points to calculate the total global pharmacovigilance market and its various segments
  • Anticipating potential risks
  • Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global pharmacovigilance market
  • Finalizing the overall size and share of the global pharmacovigilance market

OBJECTIVES:

  • To analyze market trends, opportunities, drivers, and restraints associated with the global pharmacovigilance market
  • To study market response with respect to the mergers and acquisitions in the industry
  • To profile key companies operating in the global pharmacovigilance market and provide their competitive landscape

MARKET SCOPE

The research scope for global pharmacovigilance market is as follows:

By Clinical Trials

  • Preclinical Studies
  • Phase I Trials
  • Phase II Trials
  • Phase III Trials
  • Phase IV Trials

By Service

  • Contract Outsourcing
  • In-house

By Type of Method

  • Targeted Spontaneous Reporting
  • Cohort Event Monitoring
  • EHR Mining
  • Intensified ADR Reporting
  • Spontaneous Reporting

By End-use Industry

  • Pharmaceutical
  • Medical Device
  • Biotechnological

By Region

  • North America
  • Latin America
  • Europe
  • Asia-Pacific
  • Middle East and Africa

Pharmacovigilance: Improves patients care and safety in relation to the use of medicines

The global pharmacovigilance market is expected to witness CAGR of 13.45% and is projected to reach USD 9,300 million by 2024 from USD 3,800 million in 2017. The key factors propelling the growth of market include increasing incidences of adverse drug reactions (ADRs), and rising demand in end-use industry owing to new drug developments.

Pharmacovigilance science and science relates to the use of detection, assessment, and understanding to prevent the adverse effects of drugs and drug-related problems. Pharmacovigilance also incorporates a drug development process used in the monitoring of the effects of drugs after they have been approved for use. Pharmacovigilance legislations are often upgraded to clarify the roles and responsibilities of various stakeholders, strengthening of the risk-adjusted approach, improvement of transparency, and strengthening and clarification of procedures in relation to the use of PASS and RMP. This ensures the growth of pharmacovigilance market over the forecast period.

North America held the largest revenue share of the global market, owing to large production of new drugs development, along with increasing number of clinical trials in the region has led to increase in growth of the market. Moreover, rising incidences of Adverse Drug Reaction (ADRs) contribute to more than 100,000 deaths in the United States annually and is one of the leading causes of deaths. Regulator bodies are developing active surveillance approaches to assess the risk of medicine in the post-market phase of the novel products.

Asia-Pacific is expected to be the fastest growing market, due to growing number of acute and chronic diseases and increasing drug safety concerns among healthcare professionals. Growing number of clinical trials being conducted in Asia-Pacific, especially in China and India have propelled the market growth in this region. Moreover, stringent government regulations to maintain pharmaceutical industry’s quality standards have given impetus to the market in this region.

Some of the key companies operating in the market include Laboratory Corporation of America Holdings, IBM Corporation, Capgemini, ICON plc, PAREXEL International Corporation, United BioSource Corporation, BioClinica, Wipro Ltd., Cognizant,Quintiles IMS Holdings, Inc., GlaxoSmithKline, Novartis International AG, and among others.

TABLE OF CONTENTS

CHAPTER 1. Market Scope and Methodology

1.1. Research methodology

1.2. Research scope & assumptions

1.3. List of data sources

CHAPTER 2. Executive Summary

2.1. Pharmacovigilance – Market Snapshot

CHAPTER 3. Industry Analysis

3.1. Market definition

3.2. Market segmentation

3.3. Key findings of the Global Pharmacovigilance Market

3.4. Market opportunities & trends

3.4.1. Market driver analysis

  3.4.1.1. Involvement of International Health authority

  3.4.1.2. Spread awareness on public safety concerns

  3.4.1.3. Increase incidence of ADR(Adverse Drug Reactions) and drug toxicity

  3.4.1.4. Growing number of research and development activities

3.4.2. Market restraint analysis

          3.4.2.1. Lack of skilled labor

3.4.3. Industry Analysis-Porters five forces of analysis

CHAPTER 4. Competitive Outlook

4.1. Competitive analysis

4.2. Competitive factors

4.3. Strategies adopted

CHAPTER 5. Global Pharmacovigilance Market Size and Forecast (2014 – 2024)

5.1. Global Pharmacovigilance Market, By Clinical Trials (USD Million)

5.1.1. Preclinical Studies

5.1.2. Phase I Trials

5.1.3. Phase II Trials

5.1.4. Phase III Trials

5.1.5. Phase IV Trials

5.2. Global Pharmacovigilance Market, By Service (USD Million)

5.2.1. Contract Outsourcing

5.2.2. In-house

5.3. Global Pharmacovigilance Market, By Type of Method (USD Million)

5.3.1. Targeted Spontaneous Reporting

5.3.2. Cohort Event Monitoring

5.3.3. EHR Mining

5.3.4. Intensified ADR Reporting

5.3.5. Spontaneous Reporting

5.4. Global Pharmacovigilance Market, By End-use Industry (USD Million)

5.4.1. Pharmaceutical

5.4.2. Medical Device

5.4.3. Biotechnological

CHAPTER 6. Global Pharmacovigilance Market Size and Forecast, By Geography (2014-2024)

6.1. North America Pharmacovigilance Market (USD Million)

6.1.1. North America Pharmacovigilance Market, By Clinical Trials (USD Million)

6.1.2. North America Pharmacovigilance Market, By Service (USD Million)

6.1.3. North America Pharmacovigilance Market, By Type of Method (USD Million)

6.1.4. North America Pharmacovigilance Market, By End-use Industry (USD Million)

6.1.5. North America Pharmacovigilance Market, By Country (USD Million)

  6.1.5.1. United States

  6.1.5.2. Canada

6.2. Latin America Pharmacovigilance Market

6.2.1. Latin America Pharmacovigilance Market, By Clinical Trials (USD Million)

6.2.2. Latin America Pharmacovigilance Market, By Service (USD Million)

6.2.3. Latin America Pharmacovigilance Market, By Type of Method (USD Million)

6.2.4. Latin America Pharmacovigilance Market, By End-use Industry (USD Million)

6.2.5. Latin America Pharmacovigilance Market, By Country (USD Million)

  6.2.5.1. Mexico

  6.2.5.2. Brazil

  6.2.5.3. Rest of Latin America

6.3. Europe Pharmacovigilance Market

6.3.1. Europe Pharmacovigilance Market, By Clinical Trials (USD Million)

6.3.2. Europe Pharmacovigilance Market, By Service (USD Million)

6.3.3. Europe Pharmacovigilance Market, By Type of Method (USD Million)

6.3.4. Europe Pharmacovigilance Market, By End-use Industry (USD Million)

6.3.5. Europe Pharmacovigilance Market, By Country (USD Million)

  6.3.5.1. Germany

  6.3.5.2. France

  6.3.5.3. United Kingdom

  6.3.5.4. Italy

  6.3.5.5. Russia

  6.3.5.6. Rest of Europe

6.4. Asia-Pacific Pharmacovigilance Market

6.4.1. Asia-Pacific Pharmacovigilance Market, By Clinical Trials (USD Million)

6.4.2. Asia-Pacific Pharmacovigilance Market, By Service (USD Million)

6.4.3. Asia-Pacific Pharmacovigilance Market, By Type of Method (USD Million)

6.4.4. Asia-Pacific Pharmacovigilance Market, By End-use Industry (USD Million)

6.4.5. Asia-Pacific Pharmacovigilance Market, By Country (USD Million)

  6.4.5.1. China

  6.4.5.2. Australia

  6.4.5.3. Japan

  6.4.5.4. Singapore

  6.4.5.5. India

  6.4.5.6. New Zealand

  6.4.5.7. Rest of Asia-Pacific

6.5. Middle East and Africa Pharmacovigilance Market

6.5.1. Middle East and Africa Pharmacovigilance Market, By Clinical Trials (USD Million)

6.5.2. Middle East and Africa Pharmacovigilance Market, By Service (USD Million)

6.5.3. Middle East and Africa Pharmacovigilance Market, By Type of Method (USD Million)

6.5.4. Middle East and Africa Pharmacovigilance Market, By End-use Industry (USD Million)

6.5.5. Middle East and Africa Pharmacovigilance Market, By Country

  6.5.5.1. Saudi Arabia

  6.5.5.2. UAE

  6.5.5.3. Egypt

  6.5.5.4. South Africa

  6.5.5.5. Rest of Middle East and Africa

CHAPTER 7. Key Players and Strategic Developments

7.1. Laboratory Corporation of America Holdings

7.1.1. Business Overview

7.1.2. Product and Service Offering

7.1.3. Financial Overview

7.1.4. Strategic Developments

7.2. IBM Corporation

7.2.1. Business Overview

7.2.2. Product and Service Offering

7.2.3. Financial Overview

7.2.4. Strategic Developments

7.3. ICON plc.

7.3.1. Business Overview

7.3.2. Product and Service Offering

7.3.3. Financial Overview

7.3.4. Strategic Developments

7.4. PAREXEL International Corporation

7.4.1. Business Overview

7.4.2. Product and Service Offering

7.4.3. Financial Overview

7.4.4. Strategic Developments

7.5. United BioSource Corporation

7.5.1. Business Overview

7.5.2. Product and Service Offering

7.5.3. Financial Overview

7.5.4. Strategic Developments

7.6. BioClinica

7.6.1. Business Overview

7.6.2. Product and Service Offering

7.6.3. Financial Overview

7.6.4. Strategic Developments

7.7. Wipro Ltd.

7.7.1. Business Overview

7.7.2. Product and Service Offering

7.7.3. Financial Overview

7.7.4. Strategic Developments

7.8. Cognizant

7.8.1. Business Overview

7.8.2. Product and Service Offering

7.8.3. Financial Overview

7.8.4. Strategic Developments

7.9. Quintiles IMS Holdings, Inc.

7.9.1. Business Overview

7.9.2. Product and Service Offering

7.9.3. Financial Overview

7.9.4. Strategic Developments

7.10. GlaxoSmithKline

7.10.1. Business Overview

7.10.2. Product and Service Offering

7.10.3. Financial Overview

7.10.4. Strategic Developments

7.11. Novartis International AG

7.11.1. Business Overview

7.11.2. Product and Service Offering

7.11.3. Financial Overview

7.11.4. Strategic Developments

Global Pharmacovigilance Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation and Forecast 2024