Transparency Market Research Report Added "Pharmacovigilance Market" to its database.
Albany, NY -- (SBWIRE) -- 02/26/2015 -- Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
According to "Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", a new research study by U.S.-based market research and intelligence firm Transparency Market Research, the global pharmacovigilance market that was valued at US$2,147.3 million in 2012 is estimated to be worth US$5,008.2 million by the end of 2019, growing at a CAGR of 12.9% during the forecast period from 2013 to 2019.
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Stringent government regulations, issues pertaining to public safety, toughened inspection regimes, coupled with the need of patients to report ailments immediately, has propelled growth in the global pharmacovigilance market. The World Health Organization (WHO) defines pharmacovigilance as the science and activities which help detect, monitor, assess, and evaluate chances of any adverse occurrence or drug-related side effect from the consumption of the medicinal products.
Pharmacovigilance activities are aimed to promote safer administration of drugs and other medicinal products. This is attained by generating awareness about the importance of timely, relevant, and precise clinical safety information related to medical products.
The global pharmaceutical industry is growing at a rapid pace and this has led to the innovation of a number of medicinal products that promote faster and more accurate treatment to several diseases and disorders. This range of new medicinal products comes along with many benefits, but none of these benefits are free from adverse drug reactions that can result in illness, disability and at times even death. Hence, early discovery of adverse drug reactions during clinical trials, clinical phase IV, or during post-marketing surveillance is very important in mitigating the risk of any unpleasant occurrences.
A majority of pharmaceutical companies nowadays are actively involved in assessing and monitoring drugs which are under clinical trial. In fact, new medicinal products that are marketed are also kept under vigilance by the companies. Apart from drugs, medicinal products such as traditional medicines, vaccines, medical devices, and blood products are also assessed and monitored during the different phases of their production and marketing.
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The report has segmented the global pharmacovigilance market based on service providers, clinical trial phases and methods used for reporting drug safety. On the basis of clinical trial phases, the global market for pharmacovigilance can be categorized into pre-clinical studies, phase I, phase II, phase III, phase IV, and post-marketing surveillance. Among these segments, clinical trial phase IV accounted for almost 74.7% of the market share in 2012. The market for clinical trial phase IV in 2012 was valued at US$1,604.8 million.
Geographically, North America dominated the global pharmacovigilance market in 2012, however market trends indicate that Asia Pacific will register the highest rate of growth, a CAGR of 15.2%, during the forecast period from 2013 to 2019. Factors such as growing population, reduction in healthcare cost, and high patient enrollment will bolster demand for pharmacovigilance in the global market.
According to the publication, key players dominating the market includes companies such as Cognizant Technology Solutions, Pharmaceutical Product Development Inc. (PPD), Pfizer Inc., Novartis International AG, Accenture, Plc, Parexel International Corporation, Icon Plc., Quintiles Transnational Corporation, PRA International Inc., Bristol-Myers Squibb, Covance Inc., iGATE Corporation, and Wipro Limited.
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