The global Pharmacovigilance Market is expected
to grow at a CAGR nearly 9.7% during
the forecast period (2014 to 2020). This industry was valued at approximately
USD 2410 million in 2013. High incidence of adverse drug reaction (ADR) and
stringent regulatory norms pertaining to drug safety drive the overall
industry. Pharmacovigilance, also known as drug safety involves testing the
effects of medical drugs once these have been approved & licensed for use.
This is done basically to identify & evaluate adverse reactions that had
gone unreported in the past.
It
utilizes pharmacological science that helps in the collection, assessment,
detection, monitoring, and prevention of drug reactions after pharmaceutical
drugs have been consumed. Issues of drug toxicity, rising cases of chronic
ailments, and an ever-expanding geriatric population cumulatively impact
overall industry demand.
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The
worldwide pharmacological market is categorized on the basis of clinical
trials, types of methods, service types, and geographies. As per clinical trial
phases, the segments are preclinical, phase 0, phases I, II, III, and IV. The
usage rate was by far the highest for phase IV in 2013. Before getting the nod
from regulatory authorities, phase IV needs to necessarily clear the following
vital stages: quality inspection, efficacy test, and safety of use. Data
gathered during the post phase III stage is highly reliable & widely
accepted. The phase IV trials market holds the largest share, closely followed
by the phase III market. As against phase I & II, phase III witnesses
maximum drug safety clearances.
Based
on types of methods, the global Pharmacovigilance Market is categorized into
intensified ADR reporting, cohort event monitoring, target reporting, EHR
monitoring, and spontaneous reporting. The EHR monitoring segment may expand
robustly during the forecast period. This market is fueled by the growing trend
of automation & digitalization in healthcare. EHR devices facilitate
effective communications between doctors and patients owing to efficient data
sharing capabilities electronically.
House
manufacturing and contract outsourcing are two types of services in the
pharmacovigilance market. Contractual outsourcing led the industry in 2013. Due
to globalization, developed countries can manufacture goods & services at
affordable costs because of outsourcing. Outsourcing leads to lower production
failures and helps overcome the problem of depleting stocks. It could even
lower fixed costs, facilitate effective resource management, mitigate risks,
and reduce upfront investments.
Geographically,
the global pharmacovigilance industry is divided into Europe, North America,
and Asia Pacific. North America dominated the industry in 2013. Implementation
of drug safety regulatory norms by FDA and substantial R&D investments are
key regional drivers. Asia Pacific could expand robustly during the forecast
period because of availability of cheap labor and widespread awareness about
ADR. This region offers several lucrative opportunities for further market
progress.
Prominent
competitors in the worldwide pharmacovigilance market are Janssen Research
& Development, United BioSource Corporation, Cognizant Technology Solutions
Corporation, Boehringer Ingelheim Gmbh, and Bristol-Myers Squibb. Most
companies engage in business ventures, such as mergers and acquisitions in
order to gain higher market shares.
The
life sciences industry is a rapidly developing one. Advanced automation is
gaining much importance in this industry as it is in the others. While most
life sciences companies aim at launching products rapidly & cost
effectively, they also need to ensure other key aspects. The devices &
drugs being produced, besides fulfilling patient needs, must lead to better outcomes
in the short & long term. A number of life sciences organizations have
adopted automation for modernization of core enterprise systems. These have
proved useful in many ways. In pharmacovigilance, it plays a key role in
quality measurement, quantitative studies, customer service, data capture, and
cognitive learning for medical report analysis, and others.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/medical-devices-industry
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