Rising Demand for Medical Records Management System Catapults Pharmacovigilance Market Growth: FMI
2021 Analysis and Review: Pharmacovigilance Market by Service Type Provider – In-house Pharmacovigilance and Contract Outsourcing for 2021 – 2031
Dubai, United Arab Emirates – June 1, 2021 /MarketersMedia/ —
According to a study by Future Market Insights (FMI), the global pharmacovigilance market is forecast to grow at a steady rate throughout the forecast period of 2021 to 2031. Rising competition regarding the development of effective drugs will continue accelerating demand in the pharmacovigilance market.
Pharmaceutical manufacturing companies are competing for introducing effective vaccine and drugs in short span of time. Extensive collaborations and partnerships to accelerate new molecule development have led to increase in demand for pharmacovigilance solutions.
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As per the World Health Organization (WHO), in 2018, around 60,000 clinical trials were conducted globally. Increased government investment towards developing and strengthening the medical and healthcare infrastructure to tend the ever growing number of patients and clinical trials will positively influence the market growth.
COVID-19 pandemic highlighted the importance and demand of pharmacovigilance. With hitting of second wave of infection, healthcare workers are working extremely hard to ensure success of public health initiatives by incorporating pharmacovigilance program.
With rising clinical trials and increased focus towards vaccine development heightened the demand for safety reporting and medical monitoring paving way for pharmacovigilance market growth.
“Increasing complexity regarding hospital workflow encouraged healthcare providers to invest in automated record collection and maintenance system. Rising pressure on hospitals especially during pandemic will drive the pharmacovigilance market growth during the assessment period,” remarks the FMI analyst.
Key Takeaways
Establishment of Pan-American good pharmacovigilance practice code and conducts to ensure complete data is acquired from spontaneous adverse event reports, integrating computer assisted interview technology with observational studies for data collection exercises fuels the market expansion in U.S.
Increasing drug development and associated clinical trials especially during COVID-19 pandemic will create an ideal environment for pharmacovigilance market growth in U.K.
International companies are inclined towards outsourcing of drug development to India owing to cheap labor, abundance of raw material and availability of skilled professionals. Such strategies will accelerate the demand for skilled pharmacovigilance professionals in the country.
China is anticipated to provide lucrative growth opportunities on the backs of rising adoption of international pharmacovigilance practice code and acceptance of international regulation policies especially in adverse drug reaction documentation.
Phase IV clinical trials are gaining importance as the data assessed during this phase of clinical trial lays the foundation for commercial drug production.
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Prominent Drivers
Rising necessity of analyzing data from clinical trial and increasing infection rates will elevate the market demand.
Growing urgency of developing effective monitoring system to observe the safety of vaccines and drugs is expected to drive the market growth.
Implementation of electronic health records to collect and monitor patient information alongside government emphasis on proper healthcare infrastructure development fuels the market growth.
Key Restraints
Stack data security protocols lead to high risk of data security hampers the market demand.
No uniformity and regularization in data security across the globe restricts the market growth.
Unavailability of data standardization and regulatory protocols in case of severe breach in data security will hinder the market growth.
Competitive Landscape
Rise in patent expiration of branded drugs is acting as a breeding ground for new market players and has started new rounds of clinical trials to develop new patents.
Outsourcing of operations to emerging nations is gaining traction as a business enhancement strategy. Other market expansion strategies employed include strategic merger and collaboration between leading pharmaceutical companies and new product development.
For instance, Accenture Plc. entered into a joint venture with UCB in December 2019 to design a novel safety solution based on Accenture’s INTIENTTM Pharmacovigilance and using artificial intelligence to accelerate the process of individual patient safety case reports.
Cognizant Technology Solutions became a global leader in the pharmacovigilance market in April 2021 that offers end-to-end spectrum of patient safety services. The company’s consistent efforts towards strengthening its technology enabled solutions to better help clients achieve digital transformation.
Leading players profiled by FMI operating in pharmacovigilance market are:
Accenture Plc.
Bristol-Myers Squibb
Clinquest Group B.V.
Cognizant Technology Solutions
Covance Inc.
Hoffmann-La Roche Ltd.
GlaxoSmithKline Plc.
ICON Plc
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More Insights on FMI’s Pharmacovigilance Market
The latest market study on global pharmacovigilance market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Phase of Drug Development
Preclinical Studies
Phase I
Phase II
Phase III
Phase IV
Type of Methods
Spontaneous Reporting
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
EHR Mining
Service Type Provider
In-house Pharmacovigilance
Contract Outsourcing
Geography
North America (US and Canada)
Europe (Germany, UK, France, Italy, Spain, Russia and Rest of Europe)
Asia-Pacific (China, India, ASEAN, Japan and Rest of APAC)
Latin America (Brazil, Mexico and Rest of LATAM)
Middle East & Africa (GCC, South Africa and Rest of MEA)
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Pharmacovigilance Market: Future Market Insights gives a detailed segmentation on the global pharmacovigilance market with upcoming market trends, challenges and future growth dynamics across key geographies and prominent segments. The report provides a holistic approach, mapping the competitive landscape with detailed analysis on established players, new entrants, and opportunities likely to prevail across the 2021-2031 decade.
Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/pharmacovigilance-market
Source: MarketersMedia
Release ID: 89022502
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