Pharmacovigilance is the science related to the valuation, detection, understanding, and prevention of adverse drug effects and other issue related to drugs. In response to the thalidomide disaster identified in 1961, WHO established its Program for International Drug Monitoring. WHO through its Collaborating Centre for International Drug Monitoring, Uppsala, promotes pharmacovigilance in different countries. Around 135 countries were a members of the WHO pharmacovigilance program in 2010. Pharmacovigilance aims at increasing patient safety related to the use of medicines in addition to supporting the public health programs by providing reliable information for effective assessment of the risk-benefit profile of medicines.
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The global pharmacovigilance market is anticipated to expand at a rapid pace during the forecast period owing to increase in incidence of adverse drug reactions. WHO report on pharmaceutical consumption stated that medicines used to treat chronic diseases held a large proportion of the total volume of drug consumption in the non-hospital sector. This has increased the number of medicines made available to health care consumers. Rise in drug consumption has significantly increased the need for new drug development. This, in return, is expected to drive the market. Key players in the pharmaceutical industry are involved in rigorous research & development activities to develop novel therapeutics. Companies are now aiming at transforming their product development process to meet patient requirement worldwide. These aspects are expected to increase demand for pharmacovigilance services during the forecast period. Moreover, leading pharmaceuticals companies in developed countries are focusing on outsourcing pharmacovigilance service to reduce cost and minimize operational expenses. This is anticipated to create opportunity for contract research organizations in developing regions. Companies are engaging strategic initiatives such as collaboration with the pharmacovigilance service providers to get access to medical information and manage pharmacovigilance workflows. For instance, in 2017, Accenture entered into a collaborative agreement with a leading pharmacovigilance service provider to develop a platform for the collection and investigation of clinical information for drug efficacy, thus improving its R&D proficiencies. These factors propel the pharmacovigilance market.
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The global pharmacovigilance market can be segmented based on phase of drug development, method, service provider type, service type, and region. In terms of phase of drug development, the market can be classified as preclinical phase or phase 0, clinical trial phase I, phase II trials, phase III trials, and phase IV trials or post-marketing surveillance phase. Based on method, the pharmacovigilance market can be categorized into intensified adverse drug reaction reporting, spontaneous reporting, cohort event monitoring, targeted reporting, and EHR mining. In terms of service provider type, the market can be divided into in-house, contract outsourcing, research institutes, and others. Based on service type, the pharmacovigilance market can be segregated into processing, signal detection, aggregate reporting, and others.
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In terms of geography, the global pharmacovigilance market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the pharmacovigilance market owing to the rise in drug development activities by major players in the region. Europe accounts for the second largest share of the pharmacovigilance market. Rigid government policies and regulations for drug manufacturing procedure are likely to drive the pharmacovigilance market in Europe. The market in Asia Pacific is expanding at a rapid pace due to the rise in incidences of adverse drug reactions. Additionally, several local manufacturers are engaged in the development of generic drugs, especially in China and India. Therefore, it is important to have a stringent pharmacovigilance and drug safety monitoring program in these countries to ensure the public health safety. This fuels the pharmacovigilance market in the Asia Pacific. Middle East & Africa holds small share of the global market due to poor therapeutic facilities and less development of the pharmaceutical industry.
Key players in the global pharmacovigilance market are Accenture, Bristol-Myers Squibb, Cognizant, Pfizer Inc., Covance, Inc., F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc, Wipro Limited, Novartis AG, IQVIA, Sanofi S.A., and Tata Consultancy Services Limited.
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