“Report on the analysis of the size, share and trends of the pharmacovigilance market of service providers (internal, contracting), by product life cycle, by type, process flow, by therapeutic area, by end use and segment prediction, 2021-2028.” added to ResearchAndMarkets.com’s offer.
The global pharmacovigilance market is expected to reach $ 14.95 billion by 2028. It is expected to expand to a CAGR of 11.5% from 2021 to 2028.
The increasing incidence of adverse drug reactions (ADRs) is a key growth factor. ADR imposes a significant burden on health systems and is one of the most important causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year are due to ADR. Pharmacovigilance services play an integral role in this phase of clinical trials by helping manufacturers identify drug-related side effects.
According to a report by the World Health Organization (WHO) on pharmaceutical consumption, drugs for the treatment of chronic diseases accounted for a larger share of total drug consumption in non-hospital facilities. Therefore, there has been a significant increase in the number of medicines available to healthcare consumers. Growing demand for drugs has significantly increased the need to develop new therapies through extensive clinical trials, which are expected to provide this market with lucrative opportunities.
Moreover, leading pharmaceutical companies in developed countries are focused on outsourcing PV services to reduce costs and reduce operating costs. This is expected to serve as an opportunity for contact research organizations in developing regions to gain a larger share of revenue. Manufacturers are now focusing on rearranging their product development processes in an attempt to meet the needs of patients around the world. These factors are expected to stimulate demand for pharmacovigilance services over the forecast period.
Industry participants are focused on increasing research and development activities to develop better pharmacovigilance services. Companies are also adopting strategies, including launching new products and mergers and acquisitions to gain a competitive advantage. Moreover, they work with photovoltaic service providers to gain access to medical information and manage PV work processes.
We single out the pharmacovigilance market
According to the product life cycle, phase IV had a dominant share of 75.61% in 2020 due to extensive post-marketing surveillance of pharmaceutical products and the increasing number of ADR occurrences in the market.
As far as service providers are concerned, outsourcing has held a significant share of 59.24% since 2020 due to a shift in the focus of pharmaceutical companies to outsourcing services to reduce operating costs.
Based on type, spontaneous reporting had the largest share of revenue in 2020 due to its wide application in pharmacovigilance and benefits such as simple data set simulation for better drug comparison.
Based on end-use, the biotechnology companies segment is expected to show a lucrative CAGR of 12.6% over the forecast period thanks to increasing research and development for the development of new biological drugs.
The Asia-Pacific region is expected to show a lucrative CAGR of 13.2% in the coming years. This is attributed to the availability of cheap labor and the growing number of outsourcing companies in this region.
Market Lineage Outlook
Pharmacovigilance market dynamics
Market Driver Analysis
Growing drug consumption and drug development rates
Increased incidence of ADR and drug toxicity
An increasing trend of introducing pharmacovigilance services into external sources
Increasing outsourcing of clinical trial studies by large pharmaceutical and biopharmaceutical companies
Increasing the regulatory burden for manufacturers
Introduction of technologically advanced software services
Constantly growing investments in research and development by health companies
Partnerships and cooperation between market players
Market constraint analysis
Lack of skilled labor
Expensive technology for small and medium players
Lack of recognition
The scarcity of integration standards
Challenges in the industry
Pharmacovigilance market analysis tools: carriers
SWOT analysis, by factors (political-legal, economic and technological)
Value chain analysis
Life cycle mapping against service delivery and demand
Pharmacovigilance: Introduction to organizational structure
Technology timeline overview
Chapter 1 Methodology and scope of research
Chapter 2 Summary
Chapter 3 Variables, trends and scope of the pharmacovigilance market
Chapter 4 Impact Analysis COVID-19
Chapter 5 Pharmacovigilance Market: Service Provider Estimates and Trend Analysis
Chapter 6 Pharmacovigilance market: Type assessments and trend analysis
Chapter 7 Pharmacovigilance market: Product life cycle assessments and trend analysis
Chapter 8 Pharmacovigilance Market: Process Flow Estimates and Trend Analysis
Chapter 9 Pharmacovigilance Market: Therapeutic Area Assessments and Trend Analysis
Chapter 10 Pharmacovigilance Market: End-use Estimates and Trend Analysis
Chapter 11 Pharmacovigilance Market: Regional Assessments and Segment Trend Analysis
Chapter 12 Competitive outlook
Chapter 13 Company profiles
Clinquest Group BV (Linical Americas)
Laboratory of America Holdings Corporation
PAREXEL International Corporation
UNITED BIOSOURCE CORPORATION
For more information on this report, visit https://www.researchandmarkets.com/r/r1zxfk
Check out the original version at businesswire.com: https://www.businesswire.com/news/home/20210215005305/en/
Laura Wood, Senior Press Manager
For EST business hours, call 1-917-300-0470
For a free call to USA / CAN 1-800-526-8630
For GMT opening hours call + 353-1-416-8900