Increasing Occurrence of Adverse Drug Reactions among Patients Fuels Demand for Effective Pharmacovigilance Services

Pharmacovigilance deals with the prevention of adverse effects of pharmaceutical products. Pharmacovigilance has proven helpful in improving safety and public health pertaining to use of medicines. The pharmacovigilance market is expected to grow in coming years due to the increasing public awareness and various initiatives by various national pharmacovigilance centers around the world. Transparency Market Research (TMR) has estimated that the global pharmacovigilance market will reach US$6.1 bn by the end of 2020, from its initial value of US$2.4 bn in 2013, expanding with a healthy CAGR of 14.20% during the forecast period of 2013-2020. 

What are the factors driving the global pharmacovigilance market?

The increasing prevalence of adverse drug reactions (ADRs) is the key force driving this market. In 2014, the Journal of American Medical Association (JAMA) published a study, which stated that ADR is one of the leading causes of deaths in the U.S. and every year ADR causes more than 100,000 deaths worldwide. Furthermore, increasing number of chronic diseases around the world have fuelled the demand for advanced pharmacovigilance. Treatment of chronic diseases includes intake of combination of various drugs, which escalates the occurrences of ADR. To deal with this complications, pharmacovigilance are used. Various nonprofit organizations such as International Society of Pharmacovigilance (ISoP) are focusing on spreading the awareness among consumers and manufacturers about the benefits of pharmacovigilance, which is expected to provide the market growth with intensified momentum over the forecast period.

Which geographical segments are more lucrative towards market growth?

Geographically segmented into Asia Pacific, Europe, North America, and Rest of the World, the global pharmcovigilance market was dominated by North America in 2013. The North America market has exhibited a significant growth in last few years due to factors such as growing patient concerns regarding the efficacy and safety of pharmaceutical products and augmenting mortality rate due to ADRs. Centers for Disease Control and Prevention (CDC), have listed ADRs among top 10 causes of deaths in the U.S. 

The market in North America is expected to further expand owing to various government initiatives and programs to increase the usage of pharmacovigilance. However, it is projected that Asia Pacific will present fastest growth rate among all the geographical segments. Asia Pacific is anticipated to grow due to reasons such as increasing volume of clinical trials, presence of large patient pool, and stringent health care regulations present in the region. In 2014, National Center for Biotechnology Information had published an article, which stated that 6.7% of patients in India witness with serious ADRs. This high occurrence of ADRs in India is motivating governments and various healthcare facilities to encourage the usage of advanced pharmacovigilance services. These factors are expected to expand the market within Asia Pacific, assisting the global market to grow further.


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