Dublin, April 30, 2019 (GLOBE NEWSWIRE) -- The "Pharmacovigilance Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The key factors propelling this market are increasing drug consumption and drug development rates, growing incidence rates of adverse drug reactions and drug toxicity, and increasing trend of outsourcing pharmacovigilance services.

The increasing incidence of lifestyle diseases, such as diabetes, hypertension, and cardiac disorders, as a result of sedentary lifestyles, lack of physical activities, changing lifestyle patterns, and poor diets lead to increasing consumption of drugs, which, in turn, indicates the high demand for drug monitoring and further fuels the growth of the pharmacovigilance market.

With the growing drug consumption, the need for the regular monitoring of drugs has also augmented, eventually boosting the pharmacovigilance market. Human infectious diseases are also on rising due to the changing climate, pervasive poverty, and increasing urbanization, which also surge drug consumption and drive the drug development process. Furthermore, new drug developments need to get regulated and stimulate the overall pharmacovigilance market.

Key Market Trends

Pharmaceutical Companies are Expected to Hold the Highest Market Share in the End User Segment

In the end user segment of the pharmacovigilance market, pharmaceutical companies are believed to have the largest market size.

The role of pharmaceutical companies is to invest in the R&D of new compounds, have the commitment to bring a new drug to market to enhance the patients' health and quality of life, strict governance to conduct clinical trials, product development activities as well as conduct relations with patients and healthcare professionals in accordance with ethical and legal principles.

A major pharmaceutical company, such as Astra, has over 100 permanent, experienced staff in pharmacovigilance within its R&D organization in Sweden and the United Kingdom, and a similar number in local operating companies worldwide. This development has been driven by the increased recognition of the role of pharmacovigilance, the investigation, and marketing of a wider range of diverse medicinal products and more stringent and detailed regulatory requirements.

Such developments that are occurring in the pharmaceutical companies are helping the pharmacovigilance market grow.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America currently dominates the market for pharmacovigilance and is expected to continue its stronghold for a few more years. Due to the shifting of high costs of in-house pharmacovigilance activities to CROs, the pharmacovigilance system in the United States is moving from a passive to a proactive role in the healthcare system.

According to a 2017 publication in the Journal of American Medical Association, one out of three drugs in the United States may have the safety issues. Therefore, a need for modifying the current protocols for quick communication between healthcare providers and the FDA needs to be strengthened. Additionally, as more biosimilars would be available in the near future, accurately matching the adverse event is highly important.

With that, the United States has a large market share of 56% in North America and is expected to register a growth rate of 12.3% over the forecast period.

Competitive Landscape

The pharmacovigilance market is moderately competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. Companies like Accenture, IBM Corporation, Wipro, Cognizant, and Capgemini hold the substantial market share in the pharmacovigilance market.

Key Topics Covered

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Drug Consumption And Drug Development Rates
4.2.2 Growing incidence rates of ADR and drug toxicity
4.2.3 Increasing trend of outsourcing pharmacovigilance services
4.3 Market Restraints
4.3.1 High risk associated with data security
4.3.2 Lack of global regulatory harmonization and lack of data standardization for adverse event collection
4.4 Porter's Five Forces Analysis

5 MARKET SEGMENTATION
5.1 Clinical Trial Phase
5.1.1 Preclinical
5.1.2 Phase I
5.1.3 Phase II
5.1.4 Phase III
5.1.5 Phase IV
5.2 Service Provider
5.2.1 In house
5.2.2 Contract Outsourcing
5.3 Type of Reporting
5.3.1 Spontaneous Reporting
5.3.2 Intensified ADR Reporting
5.3.3 Targeted Spontaneous Reporting
5.3.4 Cohort Event Monitoring
5.3.5 EHR Mining
5.4 End User
5.4.1 Hospitals
5.4.2 Pharmaceutical Companies
5.4.3 Other End Users
5.5 Geography
5.5.1 North America
5.5.1.1 US
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 UK
5.5.2.3 France
5.5.2.4 Italy
5.5.2.5 Spain
5.5.2.6 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 South Korea
5.5.3.6 Rest of Asia-Pacific
5.5.4 Middle East & Africa
5.5.4.1 GCC
5.5.4.2 South Africa
5.5.4.3 Rest of Middle East & Africa
5.5.5 South America
5.5.5.1 Brazil
5.5.5.2 Argentina
5.5.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Accenture
6.1.2 Cognizant
6.1.3 Laboratory Corporation of America Holdings
6.1.4 IBM Corporation
6.1.5 ArisGlobal
6.1.6 Foresight Group International AG
6.1.7 ICON PLC
6.1.8 Capgemini
6.1.9 United BioSource Corporation
6.1.10 Wipro Ltd.
6.1.11 BioClinica

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/zhj2eo

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Related Topics: Drug Discovery

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