In the near future, the global pharmacovigilance market size is expected to register a substantial growth, which is majorly attributed to the rising incidence of toxicity and adverse drug reaction, surging concern regarding drug safety, and high patient compliance for drug usage. Apart from this, the government and non-government organizations are increasingly focusing on drug safety and efficacy, which is further projected to drive the industry in the coming years.
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Pharmacovigilance refers to the process of preventing and monitoring adverse drug reactions. As per the World Health Organization (WHO), about 5% of the people admitted in hospitals are hospitalized because of adverse drug reactions, and 6–10% of these people suffer from serious adverse drug reaction, in developed countries. This is further driving the pharmacovigilance market growth.
Geographically, North America held the largest share of the pharmacovigilance market in the past due to high regulatory compliance for pharmacovigilance and rising incidence of adverse drug reactions. In addition to this, a large number of biotechnology and pharmaceutical companies are present in the region, which is further driving the growth of the market.
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The global pharmacovigilance market is competitive, and the major players in the domain are increasingly engaging in collaborations and partnerships and developing new products to strengthen their position. For example, Aris Global launched LifeSphere Safety, a new pharmacovigilance and safety platform suite, in May 2017. Some other key players in the market are Cognizant Technology Solutions, Sanofi, Accenture, F. Hoffmann-La Roche Ltd., Wipro Limited, Clinquest Group B.V., ICON plc, PAREXEL International Corporation, Pfizer Inc., iGATE Corporation, Novartis AG, GlaxoSmithKline, and Bristol-Myers Squibb Company.
This study covers
- Historical and the present size of the pharmacovigilance market
- Future potential of the market through its forecast for the period 2020-2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings