Prescription drugs come with a note of certain side effects that they can cause and thus, these drugs are never declared as safest in any circumstances. Side effects of the drugs may result in hospitalization, life-threats, disability, and death among others. Adverse Drug Reaction (ADR) has become prevalent nowadays, with 10-20% patients suffer from serious ADRs in hospitals, and these ADRs contribute to 5-10% of the hospital costs. Therefore, keeping an evaluation of these adverse effects and monitoring those gains utmost importance in healthcare industry.
Pharmacovigilance (PV) plays an important role here by assessing drug safety, associated risks and overall patient health till the expiration of the medicinal product. Pharmaceutical organizations have made it a point to inculcate PV in their business practices, as it helps in identifying the adverse effects of medication across diverse population. With the increase in chronic diseases cases such as heart diseases, stroke, cancer, chronic respiratory diseases, and diabetes, among others, the rate of drug consumption has increased manifold. And with new cases of chronic diseases, the pharmaceutical companies are constantly developing and testing new medicines, which makes pharmacovigilance even more important for the regulation of this boom in drugs.
The global pharmacovigilance market is expected to reach $8.23 billion by 2022, growing at a robust CAGR through 2015 to 2022. Governments have come forward with stringent drug safety regulations to comply with and this is driving the market forward, along with the increased number ADRs. Pharmaceutical companies are collaborating with BPOs and CROs to perform pharmacovigilance activities during all the phases of clinical trial as they are extremely crucial.
The pharmacovigilance market is witnessing a growth as new markets are emerging across different countries, and with emerging markets there is constant evolution of drug safety regulation. However, on one hand globalization has helped pharmacovigilance gain momentum with the help of social media and emergence of digital health, on the other is posing a challenge for the pharmaceutical organizations to actively monitor drug safety. Free trade across borders has raised the concerns of illegal sale and acquisition of medicines along with distribution of counterfeit drugs.
Monitoring and assessing of drugs during clinical trial becomes extremely important to study the possible adverse effects of the medicines on the patient. Monitoring activity continues through all the trial phases, namely Preclinical and Phase I-IV. Pharmacovigilance in phase IV of the clinical trials accounted for the largest share of the market in 2015, however, it is phase III which is expected to grow at the highest CAGR through 2015 to 2022. Pharmaceutical organizations may outsource either some of their specific pharmacovigilance activities or all of their drug safety requirements. Outsourcing their PV requirements has helped the organizations in enhancing work output and reducing cost.
Although many countries lag behind in mandating pharmacovigilance for the drug firms to ensure drug safety, the global pharmacovigilance market is witnessing a robust growth and with potential market at hand. North America accounted for the largest share of the market in 2015, followed by Europe. However, with the presence of 60% of the world population, Asia Pacific is expected to grow at the highest rate by 2022.
BIS Healthcare has compiled an extensive market research report on ‘Global Pharmacovigilance (PV) Market – Analysis & Forecast 2016 – 2022’. The market analysis report provides an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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