Major pharmacovigilance market players include Cognizant, IQVIA, Novartis, Sanofi, ICON, IBM Corporation, LabCorp, and PAREXEL.
Selbyville, Delaware, Oct. 19, 2021 (GLOBE NEWSWIRE) --
The pharmacovigilance market size is anticipated to record a valuation of USD 12.9 billion by 2027, according to the most recent study by Global Market Insights Inc. The global pharmacovigilance industry continues to gain prominence with advances in drug development processes. Drug development and discovery efforts are getting stronger due to the rising burden of chronic diseases worldwide. To tackle this challenge, public health organizations such as the U.S. FDA and European Medicines Agency have enforced strict drug safety guidelines. These protocols mandate the prior and post marketing safety assessment of drugs.
Discussed below are some of the key factors influencing pharmacovigilance adoption over the assessment period.
Increasing pharmacological R&D in APAC
The Asia Pacific pharmaceutical sector has seen rapid growth in recent decades. This can be attributed to various factors including the ever-growing population, large geriatric population base, rising incidence of chronic diseases, and increased R&D expenditure. Based on these factors, the Asia Pacific pharmacovigilance market is poised to expand at more than 8% CAGR by 2027 end.
The respective governments are undertaking various initiatives to support advanced clinical trials and accelerate R&D activities. These factors along with the increasing volume of venture capital investments will certainly benefit the local pharmacovigilance service providers.
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Rising adoption of in-house pharmacovigilance
Pharmacovigilance service providers are broadly classified into contract outsourcing and in-house service providers. In 2020, in-house service providers captured over 43.3% of the pharmacovigilance market share in terms of revenue.
The adoption of in-house pharmacovigilance practices is on the rise globally. This is due to the numerous reliability concerns associated with contract outsourcing services such as data confidentiality and accountability, among other issues.
Increased demand in phase I clinical trials
In terms of the clinical phase trial, the pharmacovigilance industry is bifurcated into preclinical, phase I, phase II, phase III, and phase IV. Among these, the overall pharmacovigilance market from phase I clinical trial was valued at over US$399.7 million last year. This is attributable to heightened public health awareness and drug safety concerns.
Phase I clinical trials require a robust study of pharmacokinetics and dosage range of the trial drug since they are among the preliminary stages of drug development. These trials also require continuous safety surveillance till the drug is marketed. Strong pharmaceutical R&D pipelines worldwide will boost pharmacovigilance demand significantly.
Continuous efforts by pharmacovigilance service providers
Novartis, Sanofi, Cognizant, ICON, IQVIA, IBM Corporation, PAREXEL, and LabCorp are some of the notable names in the pharmacovigilance market. To consolidate their market presence, these companies are adopting various strategies including acquisitions, collaborations, and the launch of novel products or services. Back in June 2018, for instance, LabCorp had completed the acquisition of Sciformix to expand its pharmacovigilance product and service offerings for post-approval safety testing.
Opportunities amid COVID-19
The recent COVID-19 pandemic and tireless vaccine development efforts have augmented the need for efficient pharmacovigilance practices significantly. In May last year, the WHO had rolled out Covid-19 Vaccines: Safety Surveillance Manual during the 42nd GACVS (Global Advisory Committee on Vaccine Safety) virtual meeting. The manual was designed to address pharmacovigilance preparedness for the launch of COVID-19 vaccines in the future. Increased government spending on pharmacovigilance during COVID-19 has positively influenced the pharmacovigilance industry outlook.
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