New York, US, May 18, 2022 (GLOBE NEWSWIRE) — Pharmacovigilance Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Pharmacovigilance Market Information by Clinical Trial Phase, Service Provider, Type, End User, and Region – Forecast till 2028”, the market value is expected to grow at 4.1% CAGR to attain a szie of USD 14.95 billion during the forecast period (2021-2028).
Market Scope:
Pharmacovigilance is a pharmaceutical industry disciplined innovation. This is an unavoidable aspect of drug development and processing. It identifies risk factors for adverse drug reactions (ADRs), and pharmacovigilance pharmacists ensure that medications are used safely and appropriately. It also encourages the discovery of previously undiscovered ADRs and their interactions with existing ADRs.
Pharmacovigilance Market Drivers:
The rising prevalence of chronic diseases is expected to propel the market forward. The market is growing due to expanding usage of outsourcing services, rising drug consumption, and increasing drug development rates. The pharmaceutical industry’s high spending, rising occurrences of adverse drug reactions (ADRs), and prescription errors are all propelling the pharmacovigilance market forward. Non-profit organizations’ growing awareness of pharmacovigilance may boost market growth.
The pharmacovigilance market is developing due to the expiration of branded pharmaceuticals and the increasing number of new drug innovations. Increased spending on oncology care and research, as well as ongoing need for cancer medications, are driving up demand for pharmacovigilance. Outsourcing PV services has a number of advantages, including meeting stringent regulatory standards, increasing scalability to handle expanding product portfolios, and assisting in meeting rigorous cost targets.
The significant demand for enhanced manufacturing processes, pharmacovigilance, clinical data management, streamlined R&D, and medical writing has resulted from the competitive environment for introducing novel compounds to the market. Outsourcing is quickly becoming a viable cost-cutting technique for manufacturers. In the short and long run, outsourcing helps boost internal resource flexibility, optimize schedules, and achieve better results. It also aids in improving pharmacovigilance by ensuring regulatory compliance, improving quality, increasing productivity, and making better strategic decisions.
Market Restraints:
The cost of maintaining compliance levels is prohibitive to market growth.
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COVID-19 Analysis:
The COVD-19 pandemic has a beneficial impact on the market. COVID-19 infection is wreaking havoc on businesses, communities, industries, and people all across the world. However, because numerous potential medicines are being utilized to treat a coronavirus-induced infection, safety reporting and medical monitoring are required. Remdesivir and other antiretroviral medications like Lopinavir/Ritonavir and hydroxychloroquine (HCQ) are being repurposed to treat coronavirus infection. The possibility of suspected ADRs for some of these drugs has already been reported to UMC’s VigiBase database of individual case safety reports. This demonstrates how the demand for PV services surged throughout the pandemic.
Market Segmentation:
Clinical trial phase, service provider, type, end-user, and location have all been used to segment the worldwide pharmacovigilance software market.
Based on Clinical Trial Phase
Period IV has the greatest pharmacovigilance market since adverse medication reactions are most commonly observed in this phase. Furthermore, phase I aims to determine the best dose of a new treatment with the fewest possible negative effects. This medication is being tested on 15 to 30 people.
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Based on Service Provider
Contract outsourcing is expected to develop the fastest of the two since it serves several customers and can obtain raw materials at very low costs because to economies of scale. The main advantage of in-house production is having complete control over the process. Between design, product development, engineering, and production, this industry has the ability to advance quickly.
Based on Type
Because it is a passive strategy, spontaneous reporting has the biggest market share among them. Individual motivation for reporting vulnerable ADRs to local or national pharmacovigilance centers is totally dependent on this reporting. Furthermore, the fastest-growing segment for monitoring adverse events in patients receiving specific medications and determining cause is projected to be coherent event monitoring.
Based on End-user
For the increase in the number of hospital admissions owing to ADRs, the hospital segment holds the biggest market share. As research funding for the development of effective pharmaceuticals increases, research organizations are expected to grow at the quickest rate. Pharmaceutical businesses are introducing new medications for effective treatment, which is fueling industry expansion.
