Pharmacovigilance Market forecast
MarketStudyReport.com offers 2017 report on global Pharmacovigilance market that evaluates industry growth trends through historical data and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2017-2024.
Pharmacovigilance market will reach USD 8.1 billion by 2024; as per a new research report.
Increasing drug consumption and rise in number of adverse drug reactions will propel the pharmacovigilance industry growth over the forecast timeframe. Pharmaceutical products need continuous monitoring, even after its approval, to track and avoid the repercussions of adverse drug reactions that it may cause. Pharmacovigilance software and services are designed to address this increasing need of monitoring by enabling effective management of pharmacovigilance data and monitoring of adverse drug reactions.
Increasing trend of outsourcing pharmacovigilance practices to the third-party entities in Asia Pacific region will accelerate industry growth. These specialized firms operating in Asia Pacific offer pharmacovigilance services at significant low cost compared to counterparts. As the manufacturers are increasingly concentrating their efforts on core activities such as development of novel therapies and production the trend of outsourcing pharmacovigilance related activities will grow in forthcoming years.
However, dearth of skilled personnel and data security concerns will hinder pharmacovigilance market growth over forecast period.
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North America dominated global pharmacovigilance market in 2016 with U.S. accounted for largest revenue share. Increasing death rates associated with adverse drug reactions coupled with favorable regulatory scenario will support the industry growth over foreseeable future. However, Asia Pacific is looked upon to be fastest growing pharmacovigilance market with developing economies including India and China offering lucrative growth opportunities. Owing to above factors North America is likely to lose some revenue share to Asia Pacific region over the forecast period.
Some of the industry players operating in market are Wipro, Telerx (C3i Solutions), TCS, Sanofi Aventis, Oracle Corporation, Parexel International Corporation, Pfizer, Sanofi Aventis, Novartis AG, Laboratory Corporation of America Holdings, Janssen Research & Development, ITclinical, IQVIA (QuintilesIMS), Ipca Laboratories, InVentiv Health Clinical, Infosys, IBM Corporation, ICON, iGATE Corporation (Capgemini), HCL Technologies, GlaxoSmithKline, Foresight Group International, F. Hoffmann-La Roche, Ecron Acunova, Cognizant Technology Solutions Corporation, Clinquest Group B.V., Bristol-Myers Squibb, Boehringer Ingelheim, and Accenture.
Major industry players are focusing on development of new and innovative pharmacovigilance platforms. The players are also emphasizing on collaborations and partnerships to enhance their existing product portfolio and increase geographical reach presence.
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Table of Content:
Chapter 1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data Sources
Chapter 2. Executive Summary
2.1. Pharmacovigilance industry 360 degree synopsis, 2012 – 2024
2.1.1. Business trends
2.1.2. Clinical trial phase trends
2.1.3. Service provider trends
2.1.4. Regional trends
Chapter 3. Pharmacovigilance Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2012- 2024
3.3. Industry impact forces
3.3.1. Growth drivers
18.104.22.168. Increase in adoption rate of outsourcing services in Asia Pacific
22.214.171.124. Increasing consumption of drugs in developed regions
126.96.36.199. Rise in adverse drug reactions (ADR) and drug toxicity
188.8.131.52. Increasing acceptance of personalized medicine in developed regions
184.108.40.206. Effective global harmonization practices
3.3.2. Industry pitfalls and challenges
220.127.116.11. Dearth of availability of skilled personnel
18.104.22.168. High risk associated with data security
3.4. Growth potential analysis
3.4.1. By clinical trial phases
3.4.2. By type of service provider
3.4.3. New business models
3.5. Porter’s analysis
3.6. Regulatory landscape
3.7. Pharmacovigilance reporting system
3.8. Company market share analysis, 2016
3.8.1. Strategy dashboard
3.9. Pharmacovigilance service landscape
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