Dublin, Nov. 26, 2020 (GLOBE NEWSWIRE) -- The "Pharmacovigilance Market Size, Share & Trends Analysis Report by Product Life Cycle, by Service Provider, by Type, by Therapeutic Area, by Process Flow, by End-use, and Segment Forecasts, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
Phase IV held a dominant market share at 75.56% in 2019 owing to the extensive post-marketing surveillance of pharmaceuticals and an increasing number of ADR incidences in the market
ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year, are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.
According to the World Health Organization's (WHO) report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in non-hospital setups. Hence, there has been a significant rise in the number of medicines made available to healthcare consumers. Rising demand for drugs has significantly heightened the need for the development of novel therapeutics via extensive clinical trials, which is expected to serve this market with lucrative opportunities.
Moreover, leading pharma companies in developed countries are focusing on outsourcing PV services to reduce cost and to minimize operational expenses. This is anticipated to serve as an opportunity for contact research organizations in developing regions to gain more revenue share. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.
The companies operating in the pharmacovigilance market are undertaking strategic initiatives, such as collaborations with the PV service providers to gain access to medical information and to manage PV workflows.
For instance, in September 2019, Accenture collaborated with Bayer to implement the company's INTIENT Clinical platform to simplify and speed its drug development processes, thereby widening business. The company collaborated with BioCelebrate in 2017 to develop a platform for aggregating and analyzing clinical information for improved drug developing efficiency, thus enhancing its R&D capabilities. Such initiatives help companies maintain their market position.
Pharmacovigilance Market Report Highlights
- In the service provider segment, contract outsourcing held a significant market share of around 57% as of 2019, owing to the shift in focus of pharmaceutical companies to outsourcing services to reduce operational cost
- Based on types, spontaneous reporting held the largest revenue share due to its wide application in pharmacovigilance and benefits such as easy simulation of data sets for better drug comparison
- The biotechnology segment is anticipated to exhibit a lucrative CAGR of 13.9% over the forecast period owing to increasing R&D for the development of novel biologics
- Asia Pacific is anticipated to showcase a lucrative CAGR of 14.9% in the forthcoming years. This is attributing to the availability of low-cost labor and the rising number of outsourcing companies in this region
- Industry participants are focusing on increasing R&D activities to develop better pharmacovigilance services. Moreover, companies are adopting strategies including new product launch, collaborations, and mergers & acquisitions to gain a competitive advantage
Key Topics Covered:
Chapter 1 Research Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Pharmacovigilance Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Parent market analysis
3.1.2 Ancillary market Analysis
3.2 Penetration & Growth Prospect Mapping
3.3 Pharmacovigilance Market Dynamics
3.3.1 Market driver analysis
3.3.1.1 Growing drug consumption and drug development rates
3.3.1.2 Increasing incidence of ADR and drug toxicity
3.3.1.3 Increasing trend of outsourcing pharmacovigilance services
3.3.1.4 Increasing externalization of clinical trial studies by large pharmaceutical and biopharmaceutical companies
3.3.1.5 Increasing regulatory burden on manufacturers
3.3.1.6 Introduction of technologically advanced software services
3.3.1.7 Constantly rising investment on R&D by healthcare companies
3.3.1.8 Partnerships and collaborations between market players
3.3.2 Market restraint analysis
3.3.2.1 Shortage of skilled labor
3.3.2.2 Expensive technology for small and mid-sized player
3.3.2.3 Lack of recognition
3.3.2.4 Scarcity of integration standards
3.3.3 Industry Challenges
3.4 Pharmacovigilance Market Analysis Tools: Porters
3.5 SWOT Analysis, by Factor (Political & Legal, Economic, and Technological)
3.6 Value Chain Analysis
3.6.1 Preclinical
3.6.2 Clinical
3.6.3 PMA
3.7 Mapping of Life Cycle Against Service Offering and Their Demand
3.8 Regulatory Framework
3.8.1 List of regulatory bodies by Country
3.9 Pharmacovigilance: Organization Structure Introduction
3.10 Pricing Models
3.10.1 Drug Safety Budget Allocation By Activities
3.10.2 By Development phase
3.10.3 By Therapeutic area
3.10.4 Pricing Level
3.10.4.1 Case processing
3.10.4.2 ADR Reporting
3.10.4.3 Medical writing
3.10.4.4 Drug safety management
3.11 Technology Timeline Overview
3.11.1 Changing Technology & Adoption
3.11.1.1 Social Media
3.11.1.2 Literature screening
3.11.1.3 Automation and AI
3.11.1.4 Big data analytics in PV
Chapter 4 COVID-19 Impact Analysis
4.1 COVID-19 Outbreak
4.1.1 Challenges for safety reporting activities
4.2 Demand Analysis
4.2.1 Product Pipeline Analysis, by Stage for COVID-19
4.3 Recent Developments & Strategic Outcomes
4.3.1 Regulatory requirements/changes due to covid-19
4.3.2 Strategies implemented by companies
4.3.2.1 IQVIA
4.3.2.2 PARAXEL International Corporation
4.3.2.3 Bioclinica
4.3.2.4 Pharmaceutical Product Development (PPD)
4.3.2.5 IBM Corporation
4.3.2.6 ICON, plc
4.3.2.7 PRA Health Sciences
4.3.2.8 Covance Inc
4.3.2.9 ArisGlobal
4.3.2.10 Linical Accelovance
4.3.2.11 Laboratory Corporation of America Holdings
Chapter 5 Pharmacovigilance Market: Service provider Estimates & Trend Analysis
5.1 Service Provider Market Share Analysis, 2019 & 2027
5.2 Service Provider Dashboard
5.2.1 In House
5.2.2 Contract Outsourcing
Chapter 6 Pharmacovigilance Market: Type Estimates & Trend Analysis
6.1 Type Market Share Analysis, 2019 & 2027
6.2 Type Dashboard
6.2.1 Spontaneous Reporting
6.2.2 Intensified ADR Reporting
6.2.3 Targeted Spontaneous Reporting
6.2.4 Cohort Event Monitoring (CEM)
6.2.5 EHR Mining
Chapter 7 Pharmacovigilance Market: Product Life Cycle Estimates & Trend Analysis
7.1 Product Life Cycle Market Share Analysis, 2019 & 2027
7.2 Product Dashboard
7.2.1 Preclinical
7.2.2 Phase I
7.2.3 Phase II
7.2.4 Phase III
7.2.5 Phase IV
Chapter 8 Pharmacovigilance Market: Process Flow Estimates & Trend Analysis
8.1 Process Flow Market Share Analysis, 2019 & 2027
8.2 Process Flow Dashboard
8.2.1 Case data management
8.2.2 Signal detection
8.2.3 Risk Management System
Chapter 9 Pharmacovigilance Market: Therapeutic Area Estimates & Trend Analysis
9.1 Therapeutic Area Market Share Analysis, 2019 & 2027
9.2 Therapeutic Area Dashboard
9.2.1 Oncology
9.2.2 Neurology
9.2.3 Cardiology
9.2.4 Respiratory systems
Chapter 10 Pharmacovigilance Market: End-Use Estimates & Trend Analysis
10.1 End-Use Market Share Analysis, 2019 & 2027
10.2 End-Use Dashboard
10.2.1 Pharmaceuticals
10.2.2 Biotechnology Companies
10.2.3 Medical Device Manufacturers
Chapter 11 Pharmacovigilance Market: Regional Estimates & Trend Analysis by Segments
Chapter 12 Competitive Outlook
12.1 Market Participation Categorization
12.2 Public Companies
12.2.1 Company market position analysis
12.2.2 Company Market Share
12.3 Private Companies
12.3.1 List of key emerging companies
12.4 Consolidation Trends
12.5 Potential Customers
Chapter 13 Company Profiles
13.1 Company overview
13.2 Service benchmarking
13.3 Organization structure & Team Composition
13.3.1 Team composition
13.4 Financial performance
13.5 R&D expenditure
13.6 Strategic initiatives
13.7 SWOT Analysis
- Accenture
- Clinquest Group B.V. (Linical Americas)
- IQVIA
- Cognizant
- Laboratory Corporation of America Holdings
- IBM Corporation
- ArisGlobal
- ICON Plc.
- Capgemini
- ITClinical
- TAKE Solutions
- PAREXEL International Corporation
- BioClinica, Inc.
- Wipro Limited
- UNITED BIOSOURCE CORPORATION
- FMD K&L
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