The role of pharmacovigilance is
to analyze the side effects of the drug and determine the adverse effects,
negatively affecting the drug’s efficacy and vice-versa. Pharmacovigilance
comprises drug discovery and development, preclinical research, clinical
research, and post marketing surveillance.
Statistics:
The global Pharmacovigilance
Market is estimated to account for US$ 5,656.8 Mn in terms of value by the
end of 2020.
Global Pharmacovigilance Market:
Drivers
Increasing focus on
pharmacovigilance orientation and advocacy for healthcare workers is expected
to propel growth of the global pharmacovigilance market over the forecast
period. For instance, in September 2020, The Zambia Medicines Regulatory
Authority (ZAMRA) has embarked on Pharmacovigilance orientation and advocacy
for healthcare workers in public and selected health facilities across the
country.
Global Pharmacovigilance Market:
Restraints
Lack of availability of skilled
labor is expected to hinder growth of the global pharmacovigilance market.
Pharmacovigilance obligations are expected to be fulfilled in a timely manner.
This requires highly skilled staff to satisfy regulatory obligations. Increase
in the number of pharmaceutical and biotechnology companies worldwide has led
to a rise in the number of products in the market. As products get older in the
market, companies are liable to continue their pharmacovigilance activities and
fulfill the existing regulatory requirements. This needs trained resources.
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Key Takeaways:
The global pharmacovigilance
market was valued at US$ 5,008.2 Mn in 2019 and is forecast to reach a value of
US$ 13,284.0 Mn by 2027 at a CAGR of 13.0% between 2020 and 2027. Increasing
research and development for novel drug molecules is expected to propel the
market growth during the forecasted period.
Post Marketing Surveillance or
Phase IV segment held dominant position in the global pharmacovigilance market
in 2019, accounting for 75.7% share in terms of value, increasing product
approvals and launches is expected to propel the segment growth.
Market Trends
Major regulatory bodies are
focused on offering training regarding pharmacovigilance. For instance, in
January 2020, The U.S. Food and Drugs Authority trained Over The Counter
Medicine Sellers (OTCMS) in the Upper West Region on Pharmacovigilance and
Patients Safety to ensure optimum public safety.
Increasing adoption of
pharmacovigilance is expected to propel growth of the global pharmacovigilance
market. For instance, in January 2019, ArisGlobal announced that China-based
Fosun Pharma has selected LifeSphere Safety MultiVigilance as its global
pharmacovigilance system.
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Global Pharmacovigilance Market:
Competitive Landscape
Major players operating in the
global pharmacovigilance market include, Accenture Plc, Bristol-Myers Squibb,
Clinquest Group B.V., Cognizant Technology Solutions, Covance, Inc.,
GlaxoSmithKline, ICON, Plc, iGATE Corporation. Arriello, iMEDGlobal
Corporation, Diamond Pharma Services, Infosys, Ergomed plc, inVentiv Health
Inc., APCER Life Sciences, ArisGlobal, and Johnson and Johnson.
Global Pharmacovigilance Market:
Key Developments
Major players in the global
pharmacovigilance market are focused on adopting collaboration and partnership
strategies to enhance their market share. For instance, in May 2020, Ergomed
plc announced PrimeVigilance’s strategic collaboration with Automation
Anywhere, a provider of Robotic Process Automation (RPA) and DataRobot, a
provider of enterprise artificial intelligence (AI), to accelerate the
company’s intelligent automation strategy.
Major players in the market are
also focused on launching new products to enhance their market share. For
instance, in June 2018, ArisGlobal and APCER Life Sciences, an end-to-end
pharmacovigilance services provider, launched an integrated cloud technology
and pharmacovigilance services platform.
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