Global Pharmacovigilance Market: 5 pivotal trends stimulating the industry growth curve
According to the European Medicines Agency reports, 2017 witnessed about 200,000 fatalities recorded from preventable safety issues with drugs. These statistics highlight a key challenge of modern medicine, calling out the demand for pharmacovigilance services. For the records, pharmacovigilance is the process of tracking, detecting, analyzing, and preventing the negative side effects of drugs. An important point to note here is that the worldwide pharmacovigilance market is expected to profusely expand perhaps due to the rising drug consumption and rising concerns pertaining to adverse drug effects worldwide. In fact, as per the World Drug Report 2019 produced by the United Nations, about 35 million people suffer from drug use disorders worldwide, demanding proper treatment and solutions.
It has been estimated that the global pharmacovigilance market would record a valuation of USD 8.9 billion by 2025, in the lieu of given potential trends:
Rising adoption of personalized medicines and treatment
The demand for personalized medicines is expanding considerably, particularly in some of the developed nations. Moreover, massive adoption of gene therapy in the treatment of diverse types of cancer and other chronic diseases is expected to accelerate the adoption of personalized medicines and treatment in the upcoming years. On top of that, developments in precision and personalized medicine are expected to provide highly specified solutions to individuals by considering their genetic composition and its reaction to medicines. In this regard, it would be safe to declare that innovations in personalized medicine would stimulate the pharmacovigilance industry progression in near future.
Escalating prominence of Phase IV pharmacovigilance
Pharmacovigilance market is highly characterized by Phase IV pharmacovigilance trial phase. In fact, it was seen that the segment seized a revenue share of more than 70 per cent in 2018. These studies are vital for safety surveillance after the drug is released in market while also being able to detect and report adverse drug reactions and harmful effects that might result in discontinuation of drugs.
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Robust demand for in-house services
In-house services for pharmacovigilance are turning out to be a strong growth avenue for the overall industry, as it was reported that the segment secured a significant share of 45 per cent in 2018, courtesy: rising demand for these services due to its provision of data safety and confidentiality. Not only this, the robust penetration of companies with developed infrastructure and skilled staff would further add to the burgeoning demand for in-house services in the years to come.
Introduction to new regulations for pharmacovigilance in Europe
Speaking on the regional terms, Europe is expected to stand tall in the overall pharmacovigilance industry in the upcoming years, perhaps ascribing to the introduction of new regulations imposed in the European Union since July 2012. This has undeniably increased the involvement of patients and healthcare professionals in the Pharmacovigilance and Risk Assessment Committee. More so, evolution in the personalized medicines would offer lucrative opportunities for the regional market growth while also paving way for industry players to append and introduce new strategies in the global market. Estimates claim that Europe pharmacovigilance market would depict a CAGR of 9.5% through 2025.
Significant efforts by industry players
Companies in the pharmacovigilance sector have been relentlessly working towards strengthening their pharmacovigilance services via being engrossed in various market strategies including product diversification, mergers, acquisitions, and collaborations. For instance, one of the prominent clinical research organizations - Veristat, had recently announced expanding its safety and pharmacovigilance services with the acquisition of Certus PV. As per news reports, the latter company is well acclaimed to offer pre-approval and post-marketing pharmacovigilance, and safety monitoring support for drug developers.
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