The Pharmacovigilance market is set to see an impressive CAGR (Compound Annual Growth Rate) between 2014 and 2020. This will bring to fore lucrative opportunities of growth and pull up market worth significantly. Factors of growth are multiple but foremost among them are strict government regulations, and robust pipeline of drugs. Moreover, the rising incidences of adverse drug reactions are a major contributor to growth in the market. Also, increase in awareness regarding health are contributing pharmacovigilance market’s growth.
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The market landscape is competitive and with patents of a number of drugs expiring within the next few years, the need for Pharmacovigilance will rise. Some of the leading players operating in the market include Accenture, Clinquest Group B.V., Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, ICON plc. Capgemini, and ITClinical.
Adverse Drug Reactions Behind High Growth Numbers in Global Pharmacovigilance Market
Rise in incidence of chronic diseases has been noted globally. To understand the severity, some numbers might prove effective. For instance, just having United States under the lens shows that about six in every ten adults in the country are suffering from a chronic disease and about 4 in ten have more than one chronic diseases. It is one of the most critical causes of death in the nation, costing the country about USD 305 trillion annually.
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It might be pertinent to note here that risks of getting a chronic disease is increased by certain lifestyle choices such as smoking, lack of exercise and poor diet.
As chronic diseases treatments often require combination of drugs and that increases chances of Adverse Drug Reactions (ADRs), creating need for Pharmacovigilance centers. In the United States, more than 100000 deaths are caused by ADRs, as per statistics from the Journal of American Medical Association.
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North America to Hold Dominant Position
Owing to presence of prominent market players, North America will hold a large chunk of market share. It also has a number of major pharmaceutical companies and medical devices manufacturers. Besides, high levels of investment in development of new drugs and biologics is contributing positively to growth of pharmacovigilance market.
Another region that will chart a significant CAGR is the Asia Pacific due to large number of outsourcing organizations present in the region. This will create attractive growth opportunities for market players to dabble with.
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