Pharmacovigilance Market share predicted to reach $8 bn by 2024: Global Market Insights Inc. Increasing adverse drug reactions across the globe will fuel need for pharmacovigilance services escalating pharmacovigilance market growth over forecast timeframe. Adverse drug reactions are among the common causes of death and morbidity within hospital settings. Moreover, as the adverse drug reactions are more prevalent in people aged 65 years and above, aging demographics in developed economies will further stimulate demand for drug monitoring services. Pharmacovigilance Market size is set to exceed USD 8 billion by 2024; according to a new research report by Global Market Insights. Personalized medicine industry has witnessed rapid growth due to increased usage and acceptance in the field of cancer therapeutics. Pharmaceutical companies are increasingly focusing on development of personalized medicines to cater its increasing demand. Thus, growing need of personalized medicine will propel need for pharmacovigilance services for foreseeable future.
Regulatory authorities relentless efforts to bring harmonization in pharmacovigilance practices will impact the industry growth. However, dearth of skilled personnel coupled with the risk pertaining to data security will hamper business growth to some extent. Phase III trial is estimated to grow at highest CAGR from 2017 to 2024 as compared to other clinical trial segments. Phase III clinical trials involves the assessment of drug’s safety, efficacy and risk benefit ratios. This stage is long and expensive due to the size of patient pool involved. There has been continues rise in failure rate at Phase III over the last decade. Phase IV trial segment dominated pharmacovigilance market and trend is likely to continue in forthcoming years due to rising awareness and favorable regulations pertaining to post marketing surveillance. In house pharmacovigilance provides enhanced data security and data confidentiality. However, state of art infrastructure and skilled staff required for in house pharmacovigilance is difficult to maintain and comes with the additional operational cost. Moreover, pharmacovigilance diverts focus of manufacturers from 1|Page