Increasing drug response and the increase in chronic diseases is driving the global pharmacovigilance market size. A research report on global Pharmacovigilance Market Size and may other fields within the industry estimated Pharmacovigilance Market Size revenue to be over USD 3 billion in 2015 and is forecast to exceed USD 8 billion by 2024; With South Africa’s pharmacovigilance market size estimated over USD 37 million and anticipated for over 5 per cent growth.
The research carried out by Global Market Insights Inc says growing geriatric population base is associated with increased drug consumption for treatment of chronic diseases such as diabetes, oncology cardiovascular and respiratory disorders. National pharmacovigilance centers are growing all over the world along with rising patient awareness regarding adverse drug events which will stimulate global pharmacovigilance market growth. Despite the anticipated growth, lack of skilled professionals and risk associated with data security and web-based drug sales will impede business expansion.
Pharmaceutical companies are collaborating with contract research organizations (CROs) to streamline R&D, medical writing, manufacturing operations, clinical data management and other pharmacovigilance activities to achieve greater efficiency at reduced cost. Outsourcing should enable better regulatory compliance, higher productivity and improved strategic outcomes spurring pharmacovigilance market growth. Contract outsourcing market size was valued over USD 1 billion in 2015, poised to grow at 12.2% from 2016 to 2024 and surpass USD 4 billion by 2024. Outsourcing helps achieve better pharmacovigilance through regulatory compliance, better quality, enhanced productivity and improved strategic outcomes. Global pharmacovigilance market will be driven by collaboration between pharmaceutical companies and CROs. The key industry participants include Accenture, Quintiles, Cognizant Technology Solutions, Boehringer Ingelheim, Covance, PAREXEL International Corporation, Bristol-Myers Squibb, Janssen Research & Development, Synowlwedge, United BioSource Corporation and ICON.
The research’s Regional Outlook were U.S., Canada, UK, Germany, Spain, Italy, France, China, Japan, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE, and Qatar.