Pharmacovigilance market to grow significantly via contract outsourcing, U.S. to be a major revenue generator over 2016-2024
The crucial need to monitor the efficiency and aftereffects of drugs will drive pharmacovigilance market. The field of pharmacovigilance globally represents the picture of drug effectiveness, safety, and associated risk detection. It is expected that even life science manufacturers will become more proactive due to adoption of pharmacovigilance services, which will stimulate the industry trends. Implementation of stringent rules and regulations regarding clinical trial management and drugs safety will also influence pharmacovigilance industry size. As per the report by Global Market Insights, Inc., “Worldwide Pharmacovigilance Market having had a revenue of USD 3 billion in 2015, is predicted to surpass a revenue collection of USD 8 billion by 2024.”
U.S. Pharmacovigilance Market size, by service provider, 2012- 2024 (USD Million)
Most of the pharmaceutical and biotechnology firms are adopting these services to maintain and manage clinical trial data, which will favorably influence pharmacovigilance market share from in-house companies, which generated a revenue of USD 1.5 billion in 2015 and is likely to increase two-fold by 2024.
Companies established in the developed countries often outsource these services, considering the operational cost reduction effectiveness and quality. The notable business participants in pharmacovigilance market are Accenture, Boehringer Ingelheim, Covance, PAREXEL, Bristol-Myers Squibb, Quintiles, Cognizant Technology Solutions Corporation, United BioSource, and ICON. Contract outsourcing covered more than 50% of the revenue share of the service provider segment in pharmacovigilance industry in 2015 and will exceed a revenue collection of USD 4.8 billion by 2024. The growing adoption of this segment by the various pharmaceutical firms will stimulate the product demand noticeably.
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Asia Pacific pharmacovigilance market having had a revenue of USD 835 million in 2015, will surpass a revenue collection of USD 2.4 billion by 2024. The attributing factors toward the market growth are stringent regulations regarding health, rise in number of clinical trials, and a massive patient base. The region will witness a surge in the number of pre-clinical trials, subject to which pharmacovigilance market from pre-clinical trials will generate a revenue of more than USD 84 million by 2024 with an annual growth rate of 10.3% over the years ahead.
U.S. pharmacovigilance industry collected a revenue of USD 1 billion in 2015 and will exceed a revenue generation of USD 2.5 billion by 2024 with an annual growth rate of 10.7% over the period of 2016 to 2024. Surging need to monitor the significant effects of medical drugs owing to the increasing mortality rate subject to adverse drug effects will stimulate the product demand. Moreover, rising concern among patients regarding the effectiveness and safety of drugs is predicted to boost pharmacovigilance market size. The need to evaluate drug efficiency based on risk benefit ratio will fuel pharmacovigilance market from phase III clinical trials, which will collect a revenue of more than USD 1,254 million by 2024, having been valued over USD 492 million in 2015. Europe pharmacovigilance market will collect a revenue of USD 1.8 billion by 2024 with a CAGR of 9.9% over the coming seven years. The growth can be attributed to the escalating requirement of personalized medicines. Germany, Spain, and UK covered more than 70% of the Europe regional revenue share in 2015.
Industry giants are engaged in strategic partnerships with research organizations to enhance the effectiveness of the product. Mergers & acquisitions is a major growth strategy adopted by the market players to comply with competitiveness of the business.
Author Name :Sunil Hebbalkar