Global Pharmacovigilance (PV) Market - Segmented by Clinical Trial Phase, Service Provider, Type, End-User and Geography - Growth, Trends and Forecasts (2018 - 2023)
According to WHO, Pharmacovigilance is the science and activities relating to the detection, assessment, understanding, and prevention of adverse effects or any other drug-related problems. The focus of pharmacovigilance is on ADR (adverse drug reactions) and drug toxicity. Increasing number of adverse drug reactions (ADRs) imposes a significant burden on the healthcare system by extending patient morbidity under chronic condition. The global pharmacovigilance market is expected to register a CAGR of 12.8% during the forecast period, 2018 to 2023.
Growing Incidence Rates of ADR and Drug Toxicity
The ADR or adverse drug reaction is defined as an injury caused by taking a medication. Adverse drug reactions (ADR) are far more common than one would think. It is estimated that ADR is one of the leading causes of deaths, right after heart disease, cancer, and stroke, globally. Further, it is estimated that ADRs are the sixth leading cause of death worldwide. With the increase in number of adverse drug reactions (ADRs), there has been a significant burden on the healthcare system. The need to reduce the burden of ADRs has led to an increase in the demand for pharmacovigilance services, thus expanding the global market size.
Other factors driving the market growth are increasing drug consumption and drug development rates and increasing trend of outsourcing pharmacovigilance services.
Lack of Skilled Labor
The process of pharmacovigilance requires the use of skilled professionals to manage adverse events and clinical-trial activities, and contribute to ensure compliance of pharmacovigilance activities. However, the dearth of skilled professionals in the market is restraining its growth,
Additionally, high risk associated with data security is also restraining the market growth.
North America to Dominate the Market
North America dominates the market due to rising mortality rates, adverse drug events, and growing patient concerns for safety and efficacy of drugs.
Major players: ACCENTURE, CLINQUEST GROUP B.V., COGNIZANT, LABORATORY CORPORATION OF AMERICA HOLDINGS, IBM CORPORATION, ARISGLOBAL, ICON PLC, CAPGEMINI, ITCLINICAL, IMEDGLOBAL, FORESIGHT GROUP INTERNATIONAL AG, TAKE SOLUTIONS LTD., PAREXEL INTERNATIONAL CORPORATION, BIOCLINICA, WIPRO LTD., UNITED BIOSOURCE CORPORATION, amongst others.
Key Developments in the Market