Pharmacovigilance Market Expected to Surpass US$ 6 Billion in Revenues by 2020
Valley Cottage, NY -- (SBWIRE) -- 12/12/2017 -- Future Market Insights (FMI) delivers key insights on the global pharmacovigilance market in its upcoming outlook titled "Pharmacovigilance Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2020". In terms of revenue, the global pharmacovigilance market is estimated to expand at a healthy CAGR of 14.2% through 2020. The global pharmacovigilance market was valued at US$ 2,759.1 Mn in 2014 and is expected to reach US$ 6,104.1 Mn in 2020, expanding at a CAGR of 14.2% from 2015 to 2020.
The market is segmented based on phase of drug development, type of reporting methods and type of service providers.
Based on phase of drug development, the market has been segmented into preclinical studies, phase I clinical trial, phase II clinical trial, phase III clinical trial and phase IV clinical trial or post-marketing surveillance.
Based on type of reporting methods, the market has been segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining.
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On the basis of service providers, the market has been segmented into in-house and contract outsourcing. As the number of chemical entities has been growing in the global pharmaceuticals market, pharmacovigilance is increasingly become a mandate for drug manufacturers. Considering the change in regulations, phase III and phase IV studies are being increasingly conducted to monitor the long-term safety outcomes of pharmaceuticals and biological products. Implementation of active pharmacovigilance activities assists in the execution of long-term plans, such as in bringing improvement in patient outcome and minimisation of health care associated costs, particularly related to Adverse Drug Reactions (ADRs), and in the prevention of drug hazards.
To provide deeper insights into the pharmacovigilance market, the report has also been segmented by phase of drug development, type of reporting method and type of service provider.
By phase of drug development, the clinical trial phase III segment is projected to expand at a CAGR of 15.5% in the global pharmacovigilance market by phase of drug development by 2020 end in terms of value. Evaluation of real-time effectiveness of the drug and availability of a facility to conduct trials in state-of-the-art settings, thus complementing the outcomes of premarketing randomised control trials, are the prime benefits availed from pharmacovigilance in phase IV trials. It has also been reported that approximately 57% of the global pharmaceutical companies outsource post marketing operations to CROs in order to avoid the high operational cost associated with technological infrastructure and hiring skilled staff.
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Summary of Table of Content
2 Executive Summary
3 Global Pharmacovigilance Market Dynamics
4 Global Pharmacovigilance Market, by Phase of Drug Development
6 Global Pharmacovigilance Market, by Type Service Provider
7 Global Pharmacovigilance Market, by Geography
9 Company Profiles
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