Increasing rate of drug development and rising cases of adverse drug reactions to drive United States pharmacovigilance market
According to TechSci Research report, “United States Pharmacovigilance Market By Clinical Trial Phase (Pre-Clinical, Phase 1, Phase 2, Phase 3, and Phase 4), By Method (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining), By Service Provider (In-House, Contract Outsourcing), By End-User (Hospitals, Research Organizations, Industries), By Region, Forecast & Opportunities, 2025”, the market is expected to undergo robust growth during the forecast period owing to the increasing number of new drug developments, which are creating the need for pharmacovigilance. The changing lifestyle patterns among the population has led to lack of proper diets and prevalence of various chronic diseases including cancer and diabetes. This has escalated the consumption of pharmaceutical drugs in the country. With growing consumption of drugs, there is a growing requirement for new drugs testing. Hence, the need for regular monitoring of drugs due to cases of drug reactions is also propelling the demand for pharmacovigilance services. This is also acting as a major factor for the growth of pharmaceutical drugs in the United States.
Additionally, rising cases of Adverse Drug Reaction (ADR) is a major concern and is creating the demand for pharmacovigilance services in the country. Apart from that, patent expiration of branded drugs and increasing number of new drug developments are some other key factors supporting the growth of this market. Moreover, numerous consumer health protection acts provided by the United States government are also benefiting the pharmacovigilance market. With entry of new pharmaceutical companies and harmonization practices, the United States pharmacovigilance market is poised to undergo significant growth until 2025.
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The United States pharmacovigilance market is segmented based on clinical trial phase, method, service provider, end-user and region. Based on method, the market is segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining. Among them, the spontaneous reporting method is anticipated to undergo fastest growth during the forecast period as it finds wide application in recognition of serious and rare ADRs.
Based on clinical trial phase, the United States pharmacovigilance market is categorized into pre-clinical, phase 1, phase 2, phase 3, and phase 4. Here, the phase 4 segment is expected to undergo highest CAGR in United States as this phase is able to detect unsuspected adverse drug reactions.
Major players operating in the United States pharmacovigilance market include F. Hoffmann-La Roche & Co., Laboratory Corporation of America Holdings, IBM Corporation, United BioSource Corporation, BioClinica Inc, Novatis Corporation, ArisGlobal LLC, Cognizant , Accenture, Capgemini US LLC, iGATE Corporation and iMEDGlobal Corporation. The companies are involved in extensive research & development activities to develop innovative therapeutic molecules. They are also adopting strategic growth activities like partnerships and mergers to increase their market share.
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“Rising mortality rate due to adverse drug reactions is a serious concern in the United States. This has also raised the concern over safety and efficacy of drugs. Therefore, there is an increasing demand for pharmacovigilance services in the country. Hence, companies are required to focus on remodeling the pattern of their services in an attempt to satisfy the growing demand for drug safety,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Pharmacovigilance Market By Clinical Trial Phase (Pre-Clinical, Phase 1, Phase 2, Phase 3, and Phase 4), By Method (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining), By Service Provider (In-House, Contract Outsourcing), By End-User (Hospitals, Research Organizations, Industries), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of United States pharmacovigilance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States pharmacovigilance market.
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