The global pharmacovigilance market is growing significantly due to increasing concern for drug safety, increasing incidences of adverse drug reactions and toxicity, and high patient compliance for drug usage. In addition, government and non-government organizations are actively involved in determining drug safety and efficacy, which in turn is supporting growth of global pharmacovigilance market. Massive unexplored pharmacovigilance market in emerging economies and increasing pharmaceutical companies’ compliance for outsourcing services are creating ample opportunities for the global pharmacovigilance market.
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Pharmacovigilance is the process of monitoring and preventing adverse drug reactions. According to the WHO, pharmacovigilance can be defined as the science and activities concerned with the detection, assessment, understanding and prevention of adverse reactions to medicine. Pharmacovigilance determines drug safety and efficacy and improves patient care and public health by preventing adverse drug reactions. Adverse drug reaction is harmful, unintended, and uncomfortable effects of a drug. According to the studies conducted by WHO in developed countries, approximately 5% of hospitalized patients are admitted in the hospitals due to adverse drug reaction, and 6-10% of these patients would suffer from serious adverse drug reactions. Pharmaceutical and biotechnology companies are actively involved in the development of new drugs; this creates an increased demand for pharmacovigillance.
The global pharmacovigilance market can be categorized as pharmacovigilance methods, service providers, and different phases of drug development. Based on pharmacovigilance methods, the pharmacovigilance market is categorized as spontaneous reporting, targeted spontaneous reporting, electronic health record mining, cohort event monitoring, and intensified adverse drug reaction reporting. Based on service providers, the global pharmacovigilance market can be categorized as in-house pharmacovigilance and contract outsourcing pharmacovigilance. The contract outsourcing pharmacovigilance leads the global pharmacovigilance market and is expected to grow at a higher rate in the coming years.
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On the basis of different phases of clinical trial, the global pharmacovigilance market is categorized as preclinical research, phase I clinical trial, phase II clinical trial, phase III clinical trial, and phase IV clinical trial. The phase IV clinical trial segment leads the global pharmacovigilance market.
The major drivers in the global pharmacovigilance market are increasing incidences of adverse drug reactions and toxicity, increasing patient compliance for drug usage, and increasing concern for drug safety and efficacy. In addition, increasing involvement of government and non-government organization to determine drug safety and efficacy is propelling the growth of the global pharmacovigilance market. On the other hand, high risk of data breach through outsourcing of pharmacovigilance and shortage of skilled professionals are some of the factors restraining the growth of the global pharmacovigilance market to some extent.
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