Pharmacovigilance Market Size Worth USD 12.48 Billion by 2027 | CAGR of 12.5%: Emergen Research
VANCOUVER, BC, Oct. 8, 2020 /PRNewswire/ -- The Global Pharmacovigilance Market is estimated to be worth USD 12.48 Billion by 2027, according to a recent report by Emergen Research. The pharmacovigilance market is experiencing rapid growth attributed to a rise in its application in spontaneous reporting, electronic health record (EHR) mining, cohort event monitoring, and intensified adverse drug reaction (ADR) reporting, among others. Pharmacovigilance primarily emphasizes on ADR (adverse drug reactions) and cases of drug toxicity. According to statistics released by WHO, about 5.0% of hospitalized patients in developed nations are admitted to the hospital due to adverse drug reactions, and 6.0 to 10% of in-patients are likely to observe a severe adverse reaction for the duration of hospitalization.
A rise in demand for outsourcing services by players in the healthcare industry is anticipated to boost the forecast period's pharmacovigilance market growth. A spiraling inclination to outsource eliminates the issues pertaining to overhead costs and the pharmacovigilance resources' deployment. Outsourcing is beneficial in enhancing the cost-effectiveness and output efficiency by releasing pressure associated with the procurement of resources on firms, therefore encouraging market growth. Leading pharmaceutical firms are substantially involved in extensive R&D ingenuities for novel therapeutic drug molecules to get superior outcomes, thereby successfully leading to a rise in drug development activities.
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Key Highlights from The ReportIn December 2019, UCB and Accenture made an announcement about the signing of a partnership agreement to build a safety solution on INTIENT™ pharmacovigilance, by Accenture, to accelerate patient safety case reports' processing. The agreement is intended to help UCB in discovering the influence of existing treatments on patient safety, thereby managing the novel drugs' risk in a better way. Spontaneous reporting is crucial in pharmacovigilance, providing information from real clinical settings in the course of a drug's life. Physicians and many other healthcare specialists contribute immensely to improving public health by supposed adverse drug reactions' reporting. Several firms support in-house reporting management to healthcare authorities, as in-house reporting is possibly the major contact entity for any kind of in and out deliberation. The escalating sophistication of biologics & therapeutic agents and the growing deployment of novel agents makes it essential to identify any undesired and unforeseen adverse effects and other toxicities as early as possible. Popular instances associated with the withdrawal of a drug from the market after receiving sanction verify Phase IV pharmacovigilance requirement. Hospital pharmacists are indispensable in reporting adverse drug reactions, as many adverse drug events occur in hospitals, with adverse drug reactions being accountable for a substantial proportion of hospitalizations. The APAC region's pharmacovigilance market is anticipated to have the fastest CAGR of 13.7% in the period 2020-2027, due to strict legislative regulations for ADR reporting and several firms offering pharmacovigilance outsourcing services. Besides, increased clinical trials' funding is causative of driving pharmacovigilance market demand in the region. Key players in the market include Accenture, ArisGlobal, BoClinica Inc., Capgemini, IBM Corporation, IQVIA, Linical Accelovance, Cognizant, Laboratory Corporation of America Holdings, and ITClinical, among others.
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Emergen Research has segmented the Global Pharmacovigilance Market on the basis of type, service provider, clinical trial phase, end-users, and region:
Type Outlook (Revenue, USD Million; 2017-2027)Cohort Event Monitoring Spontaneous Reporting Targeted Spontaneous Reporting Intensified Adverse Drug Reaction (ADR) Reporting Electronic Health Record (HER) Mining
Service Provider Outlook (Revenue, USD Million; 2017-2027)Contract Outsourcing In-House
Clinical Trial Phase Outlook (Revenue, USD Million; 2017-2027)Pre-Clinical Phase I Phase II Phase III Phase IV
End-Users Outlook (Revenue, USD Million; 2017-2027)Hospitals Research Organizations Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North AmericaU.S. Canada
- EuropeGermany U.K. France Benelux Rest of Europe
- Asia PacificChina Japan South Korea Rest of APAC
- Latin AmericaBrazil Rest of LATAM
- Middle East & AfricaSaudi Arabia UAE Rest of MEA
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