Global Pharmacovigilance Market Overview:
Pharmacovigilance (PV) is defined as the science and activities relating to the detection, assessment, understanding and prevention of adverse effects or any other drug-related problem. Increasing number of patients with chronic diseases led to rise in demand of novel drugs and treatment. For instance, According to World Health Organization (WHO) 2018 report, cardiovascular diseases accounted for nearly 836,546 deaths in the United States and 3.9 million deaths in Europe. And cancer cause of death and led to 9.6 million deaths globally in 2018. Further, technological advancement such as emergence of drug safety and pharmacovigilance software expected to drive the pharmacovigilance market over the forecasted period. According to AMA, the Global Pharmacovigilance market is expected to see growth rate of 12.18%
Growth Drivers
- Increasing Government Initiatives for Drug Safety Regulations
- Technological Advancement in Pharmacovigilance Owing to Rise in Health Information Functionality
Roadblocks
- High Cost Associated with Pharmacovigilance Services
Opportunities
- Growing Adoption of Pharmacovigilance Software by Contract Research Organizations
- Increasing Demand for Pharmacovigilance Software from Developing Countries
Challenges
- Lack of Advanced Healthcare Infrastructure in the Emerging Economies
Competitive Landscape:
Some of the key players profiled in the report are ArisGlobal (United States), Ennov Solutions Inc. (United States), EXTEDO GmbH (United States), Novartis (Switzerland), PARAXEL (United States), MAKROCARE (India), Online Business Applications, Inc. (United States), United BioSource Corporation (United States), Cmed Group (United Kingdom) and Medpace (United States). Additionally, following companies can also be profiled that are part of our coverage like Sarjen Systems Pvt. Ltd (India), Sparta Systems, Inc. (United States) and Covance (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Pharmacovigilance market by 2027. Considering Market by End User , the sub-segment i.e. Hospitals will boost the Pharmacovigilance market. Considering Market by Service Provider , the sub-segment i.e. In-house will boost the Pharmacovigilance market. Considering Market by Pharmacovigilance Methods , the sub-segment i.e. Spontaneous Reporting will boost the Pharmacovigilance market.
“According to Good Pharmacovigilance Practices a set of measures which were developed to facilitate the performance of pharmacovigilance in the EU. The legal basis for pharmacovigilance for medicines for human use in the EU is laid down in Directive 2001/83/EC and Regulation (EC) No 726/2004, as amended. The most recent amendments to this legislation in 2010 were implemented to further protect public health by strengthening the European-wide system for monitoring the safety of medicines. The legislation is accompanied by the implementing regulation which was published by the European Commission in June 2012. Implementing Regulation (EU) No 520/2012 provides details on some of the operational aspects for the revised legislation. In addition, detailed guidance in the form of a number of good pharmacovigilance practice (GVP) modules to facilitate the performance of pharmacovigilance in the European Union (EU).”
What Can be Explored with the Pharmacovigilance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Pharmacovigilance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Pharmacovigilance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Pharmacovigilance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Pharmacovigilance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Pharma and Biotech Companies, Contract Research Organizations (CROs), Business Process Outsourcing (BPO) Firms, Other Pharmacovigilance Service Providers, Government Agencies, Research Institute, Market Research Firms and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.