(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Pharmacovigilance Market by Clinical Trial Phase (Pre-Clinical, Phase 1, Phase 2, Phase 3, and Phase 4), by Service Provider (In-House and Contract Outsourcing), by Method (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, and EHR Mining), and by End-User (Hospitals, Research Organizations, and Industries): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025. According to the report, the global pharmacovigilance marketwas approximately USD 3.87 billion in 2018 and is expected to generate around USD 8.33 billion by 2025, at a CAGR of around 11.6% between 2019 and 2025.
The global pharmacovigilance market is driven by the rising awareness about the safety and efficacy of drugs among the worldwide population and the growing demand for substantially adopting safe medical practices. Emerging economies, such as India, China, and Brazil, have gathered momentum due to the increasing government support to open pharmacovigilance centers. This is further driving this global market's growth.
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The global pharmacovigilance market is fragmented on the basis of the clinical trial phase, service provider, method, and end-user. By clinical trial phase, the market includes pre-clinical, phase 1, phase 2, phase 3, and phase 4. The rising awareness pertaining to the importance of phase 4 clinical trials is likely to boost this segment's growth in the years ahead. By service provider, the pharmacovigilance market includes in-house and contract outsourcing. The contract outsourcing service (CRO) provider segment is expected to dominate the market in the future. The CROs provide specialized services and enable better monitoring and reporting of drug effects at a significantly low cost. Thus, many manufacturers are increasingly outsourcing their pharmacovigilance related work to major industry players in developing countries.
By the method, the market involves intensified ADR reporting, targeted spontaneous reporting, spontaneous reporting, cohort event monitoring, and EHR mining. The spontaneous reporting segment is anticipated to hold a major share of the pharmacovigilance market in the future, due to its wide use in recognition of serious and rare ADRs. This method is highly efficient and inexpensive. Wide usage of surveillance reports generated through this method by pharmaceutical industries and regulatory authorities is also responsible for capitalizing the market share of spontaneous reporting. Cohort event monitoring is predicted to be the second largest growing segment due to its rising applications in the detection of a wide range of adverse clinical events.
The end-user segment of the pharmacovigilance market is divided into hospitals, research organizations, and industries. Hospitals accounted for the largest share in the global pharmacovigilance market in 2018, as they serve as major reporting organizations that report the ADRs occurred to determine the need for post-marketing surveillance and the increasing incidences of medication errors and ADR's.
Europe is anticipated to hold a major share of the global pharmacovigilance market in the years ahead, due to the introduction of new laws by the European Union in 2012, which ensures good vigilance practices for medicine regulators and pharmaceutical companies. Rising prevalence of adverse drug reactions and the introduction of the new legislation have augmented the adoption of pharmacovigilance in many companies, which is fueling the European pharmacovigilance market growth.
Some key players in the global pharmacovigilance market include as F. Hoffmann-La Roche, Cognizant, Pharmaceutical Clinical Trial Phase Development, Bristol-Myers Squibb, Covance, ICON, Accenture, Pfizer, Clinquest Group, Novartis International, GlaxoSmithKline, PAREXEL International, iGATE Corporation, iMEDGlobal Corporation, and inVentiv Health.
This report segments the global pharmacovigilance market as follows:
Global Pharmacovigilance Market: Clinical Trial Phase Analysis
- Pre-Clinical
- Phase 1
- Phase 2
- Phase 3
- Phase 4
Global Pharmacovigilance Market: Service Provider Analysis
- In-House
- Contract Outsourcing
Global Pharmacovigilance Market: Method Analysis
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
Global Pharmacovigilance Market: End-User Analysis
- Hospitals
- Research Organizations
- Industries
Global Pharmacovigilance Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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