Pharmacovigilance market grows with implementation of new regulatory requirements
The rise in the prevalence of acute and chronic diseases leads to an increase in the incidences of drug consumption, thus leading to growth in the number of adverse drug events and drug toxicity cases. Intensifying regulatory expectations, tougher inspection system and the instant need for patient reporting are boosting the adoption rate of pharmacovigilance among pharmaceutical companies. Pharmaceutical companies are now entering into long-term partnerships and service agreements with contract research organizations and business process outsourcing organizations to reduce the pharmacovigilance process related expenditure, incurred right from drug discovery to post-marketing approvals. Interestingly, Phase IV clinical trials currently account for the largest part of drug development market.
Future market insights analytic agency predicts further pharmacovigilance market expansion. The global market value is anticipated to increase from 2,759.1 billion USD in 2014 to 6,104.1 billion USD by the end of 2020. The radiant insights analytic team predicts similar market growth: per their research, pharmacovigilance market value is expected to reach USD 5.51 billion by 2020.
Contract outsourcing pharmacovigilance market is expected to grow at a rate of over 13,1% from 2012 to 2020.
Radiant insights discovered that in North America was the largest regional pharmacovigilance market, accounting for over 40,0% of the revenue in 2013. Rapidly improving healthcare infrastructure in the emerging economies of India and China is expected to provide new growth opportunities to the market participants in Asia.
In the Eurasian Economic Union, good pharmacovigilance practice (GVP) standard and inspections order are being implemented. Along with pharmaceutical companies’ pharmacovigilance standards, inspections will provide proper post-market safety monitoring in the Eurasian Economic Union and will promote this new market growth opportunities in the Union.