Pharmacovigilance Market – Future growth driven by increasing drug safety concerns

pharmacovigilance-market-size

Pharmacovigilance is a study of safety and efficacy of a medical product or drug. It is a science associated with the collection, detection, assessment, and prevention of adverse effects related with the medical product or drug. The role of pharmacovigilance is to analyze the side effects of the drug and determine the adverse effects, negatively affecting the drug’s efficacy and vice-versa. Pharmacovigilance comprises drug discovery and development, preclinical research, clinical research, and post marketing surveillance. It traces every phase of a drug cycle from preclinical development to post-market surveillance. Increasing prevalence of adverse drug reaction and implementation of safety regulations by government regulatory bodies is expected to fuel growth of the pharmacovigilance market over the forecast period.

Growing prevalence of adverse drug reactions is expected to fuel pharmacovigilance market growth over the forecast period 

Growing prevalence of adverse reactions caused by drugs, has influenced the pharmaceutical and biotechnological industries to adapt practices of pharmacovigilance, is in turn, expected to fuel growth of the market for pharmacovigilance in the near future.

Government regulatory bodies such as the U.S. Food and Drug Administration (U.S.-FDA) and European Medicines Evaluation Agency (EMEA) have formulated safety regulations to ensure manufacture of safe drugs and evaluation of its after-effects on patients. These regulations have to be followed by pharmaceutical and biotechnological companies, in turn, fueling demand for pharmacovigilance. Moreover, increasing R&D in the drug sector is further expected to propel growth of the pharmacovigilance market.

Global Pharmacovigilance Market Taxonomy

On the basis of clinical trial, the global pharmacovigilance market in segmented into:

  • Preclinical Studies
  • Phase I
  • Phase II
  • Phase III
  • Phase IV or Post Marketing Surveillance

On the basis of types of reporting, the global pharmacovigilance market in segmented into:

  • Spontaneous Reporting
  • Targeted Spontaneous Reporting
  • Cohort Event Monitoring
  • Intensified ADR Reporting
  • EHR Mining

On the basis of service provider, the global pharmacovigilance market in segmented into:

  • Contract Outsourcing
  • In-house

On the basis of end user, the global pharmacovigilance market in segmented into:

  • Medical Device
  • Biotechnological
  • Pharmaceutical

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About the Author: Furgus Degrout