Albany, NY -- (SBWIRE) -- 12/22/2016 -- Pharmacovigilance Market: Overview

The increasing occurrence of adverse drug reaction (ADR) and the rising policies implemented by governments on drug safety regulations globally will fuel the growth of the global pharmacovigilance market. The market for pharmacovigilance has been growing in leaps and bounds owing to the increasing aging population, raising the introduction of new drugs. Furthermore, health regulatory authorities including EMEA and the U.S. FDA are pressurizing on submission of data through electronic mediums. This will also positively impact the growth of the global pharmacovigilance market.

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Pharmacovigilance is a key component of an effective drug regulation system for monitoring and evaluating adverse drug reactions (ADRs). Pharmacovigilance activities are an important part of clinical research and are growing at a significant pace. At present, the global network of pharmacovigilance centers, harmonized by Uppsala Monitoring Centre, are operating on the global level for appropriate functioning of the process of drug safety monitoring across the world. Large volume of international ADR reports collected in a central database would serve as a contributing factor to the effort of national drug regulatory authorities, thus improving the safety profile of drugs that would help avoid drug related disasters. In addition, growing public health awareness and expectation in relation to the safe use of medicines and medical interventions are some of the major factors contributing to the growth of the global pharmacovigilance market. Furthermore, increasing number of national pharmacovigilance centers globally is playing a definitive role in augmenting public awareness about drug safety, thereby supporting the growth of the pharmacovigilance market in the next few years. However, the pharmacovigilance market is facing several hurdles and challenges to develop a better health care system. Challenges that are acting as major restraining factors for pharmacovigilance market are web-based drug information and sales, perceptions to harm and benefit, high risk associated with data security and unavailability of skilled professionals.

Pharmacovigilance is a broad term of classification for various aspects of drug safety. It is the science of detecting, monitoring, and curing the negative effects of consuming too many drugs, thereby reducing or negating the side effects and immediate drawbacks of pharmaceutical products.

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According to the report, the global pharmacovigilance market is currently being driven by a sharp rise in the number of drug overuse conditions. A growing number of drug toxicity cases are being reported, increasing the demand for pharmacovigilance services.

Additionally, the global pharmacovigilance market is also being fueled by a steadily increasing need from the pharmaceuticals industry to claim negative drug interactions and drug disasters at an earlier stage. This demand, combined with the growing public safety concern over the use of OTC drugs and others has had a visible impact on the global pharmacovigilance market.

The report divides the global pharmacovigilance market on the basis of drug development phase, methods, services, and geography.

On the basis of drug development phases, the global pharmacovigilance market is segmented into Phase I, Phase II, Phase III, and Phase IV/Post Marketing Surveillance. Over 60% of the market was occupied by Phase IV in 2013. Phase IV deal with a systematic and dynamic data collection process, and a marketed drug's data interpretation. The report, however, expects Phase III to show the fastest growth rate within the given forecast period owing to a greater need for its factors. These include formulation of comparative safety data, study of errors in medication, and drug assessment during development stages.

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Spontaneous reporting was the leading method in the global pharmacovigilance market for 2013, and the market analysts believe it will exhibit a steady CAGR for the given forecast period. Its growth rate is attributed to the discovery of drug effects that were previously unknown for existing drugs. This method is also the cheapest one, adding to its preference by medical personnel.

The key players in the global pharmacovigilance market, as described in the report, include Wipro Limited, Novartis International AG, GlaxoSmithKline Plc., Pharmaceutical Product Development, LLC, (PPD), F. Hoffmann-La Roche Ltd., Accenture Plc., Cognizant Technology Solutions, Covance, Inc., Quintiles Transnational Holdings, Inc., and PAREXEL International Corporation.

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