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.
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.
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.
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.
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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