Global pharmacovigilance market is expected to reach USD 5.51 billion by 2020, according to a new study by Grand View Research, Inc. Increasing incidence rates of adverse drug reaction and the introduction of stringent drug safety regulations are some key drivers of this market. ADR is responsible for approximately 5% of the hospitalization in developed countries annually, and this is expected to boost usage rates over the next six years. Pharmacovigilance has witnessed a significant rise in usage rates in the recent times owing to growing global geriatric population triggering a growth in demand for new drug development. Additionally, health regulatory authorities such as the U.S. FDA and EMEA (European Medicines Agency) are now emphasizing on electronic submission of data which is also expected to drive the pharmacovigilance market.
Contract outsourcing pharmacovigilance market is expected to grow at a lucrative rate of over 13.1% during the forecast period. Service flexibility and cost effectiveness associated with outsourcing are some key factors accounting for the segment’s lucrative growth.
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Further key findings from the study suggest:
Pharmacovigilance services found the largest application in phase 4/IV clinical trial studies in 2013. Greater applicability and relevance are some factors accounting for the segment’s market position.
Contract outsourcing was the most revenue generating service provider segment in 2013. Minimization of upfront investments and reduction in fixed overhead costs are some factors expected to drive segment growth.
North America was the largest regional market, accounting for over 40.0% of the revenue in 2013. Presence of stringent healthcare regulations implemented by the U.S. FDA and high market penetration rates of electronic medical records are some factors responsible for its large share.
Asia Pacific is identified as the most lucrative market. Presence of a large pool of skilled labor and favorable business environments are some factors expected to drive regional market growth. Rapidly improving healthcare infrastructure in the emerging economies of India and China is also expected to provide new growth opportunities to the market participants.
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