With augmented demand for drugs, incidences are adverse drug reactions are bound to rise, which is likely to pave the way for rapid growth of the global pharmacovigilance market.
According to the World Health Organization (WHO), Pharmacovigilance is the activities and science about the prevention, understanding, assessment, and detention of adverse effects or any other problem related to drugs. Pharmaceutical drugs comprise a valuable component of patient care all over the world. For doctors who care for their patients substantially and properly, drug safety needs to be reported and monitored from the initial testing to everyday use. The growth of the global pharmacovigilance market is likely to be influenced by its increased adoption by various end use sectors.
High prevalence of various chronic diseases such as respiratory disorders, cardiovascular diseases, diabetes, and oncological diseases has resulted in the augmented consumption of drugs across the globe. As such, the demand for the development of new drugs through extensive clinical trials has risen. With augmented demand for drugs, incidences are adverse drug reactions are bound to rise, which is likely to pave the way for rapid growth of the global pharmacovigilance market.
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Pharmacovigilance starts with multiple clinical trials that offer data on the risks as well as advantages of a drug. The objective of pharmacovigilance in clinical research is to figure out if the benefits could outweigh the risks and if they do, drug producers are likely to move ahead seeking approval for introduction of the new drug in the market.
Rising Incidences of Adverse Drug Reactions to Spur Market Growth
The objectives of pharmacovigilance are to improve the safety of a patient when it comes to the use of medicines by providing a system to collect, assess, and distribute drug safety data. Pharmacovigilance activities comprise monitoring of approved medicinal products (IMPs) and drugs for various purposes. Recognition of changes in the severity or frequency of the already known adverse effects of the medicine, assessment of benefits and risks, ensuring the accuracy of the information that has been communicated to the healthcare experts are some of the benefits of pharmacovigilance. In addition, it also needs to ensure that information on the patient information leaflets is updated from time to time. These factors are likely to bolster the growth of the global pharmacovigilance market in the years to come.
Presence of highly competitive environment for the launch of new molecules has triggered a high demand for streamlined research and development activities, management of clinical data, medical writing, and pharmacovigilance. Several manufacturers are considering outsourcing as a feasible option to control cost. Outsourcing assists in improved timelines and in augmenting flexibility of internal resources, which results in obtaining better results in the long- and short-term.
Favorable Government Stance to Boost Market in North America and Asia Pacific
In the global pharmacovigilance market, North America is likely to hold a leading share in terms of revenue. Presence of several prominent medical equipment and pharmaceutical players in the region is likely to contribute substantially to the overall revenue of the pharmacovigilance market in North America. A rise in the level of drug abuse and related adverse drug reaction is leading to a large number of deaths. This factor is estimated to trigger the growth of the North America pharmacovigilance market over the tenure of assessment. In addition, increased investment in the development of novel drug reactions is also expected to augur well for the North America market.
Asia Pacific is estimated to come up as another lucrative region in global pharmacovigilance market over the projection period, thanks to the availability of various outsourcing organizations. As a result, the region is witnessing increased resource sharing, high-cost efficiency, and augmented productivity. In addition, a rise in the level of awareness amongst the patients together with support from the government is likely to work in favor of the growth of the market in the region.
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Patent Expiry of Branded Drugs Leads to Increased Competition in the Market
Development of new drugs along with the patent expiration of branded drugs is giving a substantial boost to the global pharmacovigilance market. This factor has drawn the attention of many international as well as domestic service providers of pharmacovigilance.
Some of the major market players are FMD K&L, Wipro Ltd, Laboratory Corporation of America Holdings, ITClinical, United BioSource Corporation, and BioClinica Inc.
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