Global Pharmacovigilance Market to Reach US$6.1 bn by 2020 owing to Increasing Consumption of Drugs Transparency Market Research has published a new report on the global pharmacovigilance market. As per the report, the global pharmacovigilance market stood at US$2.4 bn in 2013 and is predicted to reach US$6.1 bn by 2020. The report, titled ‘Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020’, states that the global pharmacovigilance market is expected to rise at a 14.20% CAGR between 2014 and 2020. Pharmacovigilance is a crucial component of an effective drug regulation system and is used for evaluating and monitoring adverse drug reactions. Pharmacovigilance activities are essential for conducting clinical research. Currently, the global network of pharmacovigilance centers is operating effectively to assure appropriate functioning of drug safety procedures.
The large volume of international adverse drug reaction reports collected and stored in a central database assists the national drug regulatory authorities to improve the safety profiles of various drugs. This is expected to help avoid disasters associated with drugs. Growing expectations regarding the safe use of drugs and increasing health awareness among people have propelled the global pharmacovigilance market in the recent past. The growing number of pharmacovigilance centers worldwide is playing a key role in spreading awareness among people about safe use of drugs. Web-based sales of drugs, unavailability of knowledgeable people, and high data security risk are some of the possible factors expected to restrict the growth of the global pharmacovigilance market in the years to come. However, factors such as strict regulatory expectations, immediate need for patient reporting, and tough drug inspection systems are expected to propel the global pharmacovigilance market in the coming few years. The global pharmacovigilance market is segmented on the basis of phase of drug development, region, type of method, and type of service. Based on phase of drug development, the global pharmacovigilance market is classified into preclinical studies, phase I, phase II, phase III, and phase IV or post-marketing surveillance. In 2013, the phase IV or post-marketing surveillance segment held a 60% share in the global pharmacovigilance market and is expected to maintain its dominant position by 2020. Factors such as the need to conduct risk assessment studies at the time of crucial stages of drug