Acumen Research and Consulting, recently published report “Pharmacovigilance Market – Global Industry Analysis, Market Size, and Forecast, 2019 – 2026”
The Global Pharmacovigilance Market size is estimated to grow at CAGR above 12.8 % over the forecast time frame 2019-2026 and reach the market value around USD 10.6 billion by 2026.
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The main factors driving growth in emerging economies are increasing female employment, various government actions aimed at increasing consumer awareness and improving health infrastructure. An increasing number of women’s jobs is expected to be a driving force on the market. Working women are expected to have a comparatively higher disposable income and a shorter breastfeeding time to feed babies. For example, the employment rate for women has increased from 65% in 2016 to 66% in 2017, according to Eurostat. Working women find it difficult to provide their babies with a proper diet, leading to an increase in neonatal death. Pharmacovigilance in such cases enable mothers to provide their babies with proper nutrition without impeding their working lives.
In addition, the product demand may be raised by favorable health insurance plans. The majority of health plans require consumers to buy specific brand Pharmacovigilance. Manufacturers therefore cooperate with insurance companies to increase the market presence and market shares of these companies and thus stimulate growth in the market for Pharmacovigilance.
End Use
Hospitals held the largest share in revenue on the market in 2018. Hospitals serve the regulatory authorities to verify the necessity for post-marketing surveillance in reporter organisations, which have reported ADRs within a certain period. Increased ADR incidence and medication mistakes are expected to increase the growth of the hospital segment during the prediction period. The growing need to identify risks related to ADRs is expected further to boost segment growth in the coming years.
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Research organizations include primarily medical information centres, research academics, pharmacovigilance centers and players from industry. These organizations detect, examine, assess patterns, report ADRs and also examine the potential interactions between drugs and food. Research organisations, owing to the increasing need to investigate ADRs and to develop remedial medicinal treatment, to give regulatory authorities safety signals and to increase awareness among the patient base, are expected to show lucrative growth in forecast period. The growing need for the regulatory authorities to provide medical information will also drive the growth of this segment.
Type of Methods Outlook
Due to the wide use in identifying new, serious, rarity ADRs, the spontaneous reporting was the most significant market share in 2018 and acts as an effective and inexpensive method. The significant market portion of spontaneous reporting is also accountable for the large use of the surveillance reports generated by the pharmaceutical and regulatory industries through this method.
CEM is expected to be the fastest growing segment due to the increasing application of Cohort Event Monitoring in the detection of a wide range of clinical events. The increasing popularity of this segment is responsible for the combination of CEM with statistical instruments and data mining systems namely longitudinal health data. It is an active form of monitoring method that can also be used to stimulate growth in this area for new and former medicines.
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The targeted spontaneous reporting of the European Network of Centers of Pharmacoepidemiology and Pharmacovigilance (ENCePp) is anticipated to show significant growth in the near future due to rising government initiatives incorporating reporting methodology, other than spontaneous reporting. The benefits of targeted spontaneous reporting such as higher affordability, lower labor costs, feasibility in poor resource environments, and routine monitoring should further boost the market.
Increasingly, electronic health record (her) mining is being used to identify patient risk factors after hospital release. In hospitals and research organisations, electronic health records are an indispensable source of health information relating to clinical events. Over the forecast period the segment will be fuel-filled for the benefits of HER, including enhanced quality of care, automated access, clinical decision-making, and patient management and improved clinical workflow.
Key Players & Strategies
The Pharmacovigilance market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Clinquest Group, IBM Corporation, ArisGlobal, ICON plc. Accenture, Clinquest Group B.V., Cognizant, Laboratory Corporation of America Holdings. TAKE Solutions Ltd., PAREXEL International Corporation, BioClinica, Wipro Ltd. and United BioSource Corporation, Capgemini, iMEDGlobal, Foresight Group International AG., among others.
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