DELAWARE CITY, Del., June 29, 2022 (Newswire.com) - In terms of revenue, the global pharmacovigilance market is estimated to expand at a healthy CAGR of 14% through 2031. The global pharmacovigilance market was valued at US$ 2,759.1 Mn in 2014 and is expected to reach US$ 6,104.1 Mn in 2031.
Based on phase of drug development, the market has been segmented into preclinical studies, phase I clinical trial, phase II clinical trial, phase III clinical trial and phase IV clinical trial or post-marketing surveillance. - Says Sabyasachi Ghosh, principal consultant at Future Market Insights.
Based on type of reporting methods, the market has been segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining.
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On the basis of service providers, the market has been segmented into in-house and contract outsourcing. As the number of chemical entities has been growing in the global pharmaceuticals market, pharmacovigilance is increasingly become a mandate for drug manufacturers. Considering the change in regulations, phase III and phase IV studies are being increasingly conducted to monitor the long-term safety outcomes of pharmaceuticals and biological products.
Implementation of active pharmacovigilance activities assists in the execution of long-term plans, such as in bringing improvement in patient outcome and minimisation of health care associated costs, particularly related to Adverse Drug Reactions (ADRs), and in the prevention of drug hazards.
By phase of drug development, the clinical trial phase III segment is projected to expand at a CAGR of 15.5% in the global pharmacovigilance market by phase of drug development by 2031 end in terms of value. Evaluation of real-time effectiveness of the drug and availability of a facility to conduct trials in state-of-the-art settings, thus complementing the outcomes of premarketing randomised control trials, are the prime benefits availed from pharmacovigilance in phase IV trials.
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The primary barriers in the market include high risk associated with securing data in case of pharmacovigilance outsourcing and lack of availability of skilled workforce specialising in drug monitoring.
The primary trend in the pharmacovigilance market is an increase in dependence on third party services. Other trends include harnessing shorter turnaround times for faster market capitalisation and requirement of highly skilled personnel for monitoring side effects.
Source: Future Market Insights, Inc.