This report provides detailed historical analysis of global market for Pharmacovigilance from 2014-2019, and provides extensive market forecasts from 2020-2027 by region/country and subsectors.
Vancouver, BC -- (SBWIRE) -- 01/19/2021 -- Market Size – USD 4,820.5 Million in 2019, Market Growth - CAGR of 12.5%, Market Trends –Rise in the development and consumption rate of drugs
In 2019, the global pharmacovigilance market size was estimated at USD 4.82 billion and is expected to reach USD 12.48 billion at a 12.5% CAGR by the year 2027. Significant factors driving market demand are the rising incidence of adverse drug reactions and drug toxicity. According to a study by the Journal of American Medical Association (JAMA), adverse drug reactions in the United States accounted for a major cause of mortality in 2014, leading to 100,000 deaths per year. Pharmacovigilance is expected to accelerate the international improvement of effective and safe drug use.
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Pharmacovigilance Market Drivers
Increase in chronic disease incidences has contributed to an increase in opioid use worldwide. The demand for new drug development through extensive clinical trials has therefore increased. It is expected that the growing occurrence of adverse drug reactions (ADRs) would speed up demand for PV services.
The pharmacovigilance market is experiencing rapid growth due to an increase in spontaneous reporting, Electronic Health Record (EHR) mining, tracking of cohort incidents, and reporting of intensified Adverse Drug Reactions (ADR), among others. Market demand is driven by factors, such as the increasing prevalence of adverse drug reactions and drug toxicity, increased drug consumption and development rates, and an increasing trend to outsource pharmacovigilance.
Pharmacovigilance Market: Regional Outlook
Due to the presence of key pharmaceutical and medical device players, North America held the largest revenue share, contributing to the overall revenue in this region. A leading cause of morbidity and death is the rising level of drug abuse and associated adverse drug reactions. Due to the availability of different outsourcing organizations, Asia Pacific is expected to record a lucrative CAGR during the forecast period.
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Key players in market include ArisGlobal, Accenture, Cognizant, Capgemini, IBM Corporation, IQVIA, BoClinica Inc., Laboratory Corporation of America Holdings, Linical Accelovance, and ITClinical, among others.
Type Outlook (Revenue, USD Million; 2017-2027)
Spontaneous Reporting
Intensified Adverse Drug Reaction (ADR) Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
Electronic Health Record (HER) Mining
Service Provider Outlook (Revenue, USD Million; 2017-2027)
In-House
Contract Outsourcing
Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)
Pre-Clinical
Phase I
Phase II
Phase III
Phase IV
End-Users Outlook (Revenue, USD Million; 2017-2027)
Hospitals
Research Organizations
Others
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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Pharmacovigilance Market Segmentation & Impact Analysis
4.1. Pharmacovigilance Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growing prevalence of adverse drug reactions and toxicity
4.2.2.2. Rise in drug consumption and development rates
4.2.2.3. Growing trend towards outsourcing pharmacovigilance
4.2.3. Market restraints analysis
4.2.3.1. Dearth of skilled professionals
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Pharmacovigilance Market By Type Insights & Trends, Revenue (USD Million)
5.1. Type Dynamics & Market Share, 2019 & 2027
5.1.1. Spontaneous Reporting
5.1.2. Intensified Adverse Drug Reaction (ADR) Reporting
5.1.3. Targeted Spontaneous Reporting
5.1.4. Cohort Event Monitoring
5.1.5. Electronic Health Record (EHR) Mining
Continue…
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