Global post-marketing pharmacovigilance and medical information market is expected to reach USD 5.3 Billion by 2022, according to a new report by Grand View Research, Inc. Increasing prevalence of Adverse Drug Reactions (ADRs) coupled with incorporation of advanced ADR reporting tools is responsible for the overall growth of the post-marketing pharmacovigilance and medical information market. Increased drug consumption can be attributed to rising prevalence of chronic diseases such as tuberculosis that involve multiple drug regimes.
Rising government initiatives for improvement of pharmacovigilance services and maintenance of medical databases are also responsible for inducing overall growth of post-marketing pharmacovigilance and medical information market. For instance, in December 2015, the USAID Systems for Improved Access to Pharmaceuticals and Services (SIAPS) launched PViMS tool to improve drug safety monitoring in low and middle income countries by helping clinicians, researchers, and regulatory authorities to collect, analyze, and monitor ADRs.
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Further key findings from the study suggest:
- Spontaneous reporting dominated the post-marketing pharmacovigilance market in terms of revenue share as of 2014 and accounted for over 30.0% of market owing to wide usage in reporting of unknown and suspected ADRs. Preference of healthcare professionals and researchers towards this method is also responsible for the overall growth of this segment.
- Cohort event monitoring is anticipated to be the fastest growing in post-marketing pharmacovigilance owing to application in all types of clinical events. Moreover, associated benefits such as early detection, high accuracy, and cost-efficiency are also anticipated to be the growth inducing factors.
- Books dominated the overall product segment in terms of revenue share as of 2014 owing to the preference by clinicians and healthcare professionals as a primary source of information pertaining to adverse drug reactions. Online media is anticipated to be the fastest growing segment with a CAGR of over 13.0 % during the forecast period owing to rising inclination towards digitalized data.
- Hospitals held the dominant share of end-use segment as a consequence of low costs associated with hospital based post-marketing pharmacovigilance surveillance. Research organizations segment is anticipated to show significant growth rate in coming years owing to streamlining of R&D in developing of new medicines and improving risk management through early prognosis of ADRs.
- The key players of post-marketing pharmacovigilance and medical information market include Accenture Plc., Clinquest Group B.V., Cognizant Technology Solutions Corporation, Covance, Inc., iMEDGlobal Corporation, inVentiv Health Clinical, Parexel International Corporation, Pharmaceutical Product Development, Inc., PRA Health Sciences, Inc., Quintiles, F. Hoffmann-La Roche Ltd., Sanofi Aventis, Synowledge LLC, Wipro Ltd., ArisGlobal, Ergomed Plc. Rising strategic alliances and mergers &acquisitions are also anticipated to drive market growth. For instance, in January 2016, strategic collaboration of Parexel and Optum for reducingcosts related to post-approval studies and spreading awareness among the population base.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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