Albany - New York, Oct. 12, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report on the global pharmacovigilance market. According to the report, the global pharmacovigilance market was valued at USD 2,426.6 million in 2013 and is expected to expand at a CAGR of 14.2% from 2014 to 2020 to reach USD 6,104.1 million in 2020. The report, titled "Pharmacovigilance Market (Phases of Drug Development: Preclinical Studies, Clinical Trial Phase I, II, III & IV or Post Marketing Surveillance; Type of Methods: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, & EHR Mining; Type of Service: In-House & Contract Outsourcing) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", states that the global pharmacovigilance market is expected to expand at a 14.2% CAGR till 2020 due to growing consumption of drugs and increase in drug toxicity cases.
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The global pharmacovigilance market is segmented on the basis of phase of drug development, type of method, geography, and type of service. On the basis of phase of development, the global pharmacovigilance market is divided into pre-clinical studies, phase I, phase II, phase III, phase IV, and the post marketing surveillance phase.
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By geography, the global pharmacovigilance market is divided into Asia Pacific, North America, Europe, and Rest of the World. The North America pharmacovigilance market dominated the global pharmacovigilance market in 2012 and is expected to develop at a 15.2% CAGR by 2020. High patient enrollment, reduction in the cost of healthcare, and growing population will drive the Asia Pacific pharmacovigilance market till 2020. Some of the key players in the global pharmacovigilance market are Pharmaceutical Product Development Inc. (PPD), Novartis International AG, Cognizant Technology Solutions, Pfizer Inc., Accenture, Plc, Icon Plc., Parexel International Corporation, Quintiles Transnational Corporation, Bristol-Myers Squibb, iGATE Corporation, Wipro Limited, and PRA International Inc.
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According to the World Health Organization (WHO), pharmacovigilance is an activity aimed at promoting safe management and administration of drugs. Severe government regulations, drug inspection rules, and the patient's need to immediately report illnesses have propelled the global pharmacovigilance market. Innovations in medical products that promote faster and more accurate treatment of various diseases will enable rapid development of the global pharmacovigilance market during the forecast period.
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By type of method, the global pharmacovigilance market is divided into intensified ADR reporting, cohort event monitoring, spontaneous reporting, and HER mining. In 2013, the spontaneous reporting sector dominated the global pharmacovigilance market in terms of revenue. As spontaneous reporting is practically the most appropriate way of identifying new ADRs and generating safety signals, this segment is predicted to maintain its leading position throughout the predicted period.
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Nowadays, most pharmaceutical companies focus on monitoring and assessing the drugs under clinical trials. Leading companies also assess and monitor traditional medicines, blood products, and medical devices during various phases of production. On the basis of type of services, the global pharmacovigilance market is divided into contract outsourcing and in-house services. The contract outsourcing segment led the global pharmacovigilance market in 2013.
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Key segments of Global Pharmacovigilance Market
Pharmacovigilance Market, by Phases of Drug Development
- Preclinical Studies
- Phase I
- Phase II
- Phase III
- Phase IV or Post Marketing Surveillance
Pharmacovigilance Market, by Type of Methods
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- EHR Mining
Pharmacovigilance Market, by Type of Service
- Contract Outsourcing
Pharmacovigilance Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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Source:Transparency Market Research