The global post-marketing pharmacovigilance and medical information market size was valued at USD 2.02 billion in 2014. Rising demand for new drug development coupled with presence of technologically advanced, easily accessible medical information system is expected to boost the market growth over the forecast period.
As per the ISMP (Institute for Safe Medication Practices), approximately two of every three patients who visit a doctor leave with at least one prescription drug. Drug consumption has increased substantially owing to rapidly growing disease prevalence rates. Approximately 6.4 billion drugs were dispensed in the U.S alone in 2014. Rise in the prevalence of chronic diseases such as cardiovascular & respiratory disorders, oncology and diabetes have increased the consumption of drugs worldwide.All the aforementioned factors are attributing towards the post-marketing pharmacovigilance and medical information market growth in near foreseeable future.
Post-marketing pharmacovigilance penetration and future growth opportunities, bytype of reporting
Furthermore, increasing incidences of adverse drug reactions imposes a substantial burden on healthcare systems and is one of the prominent reasons of morbidity in developed countries. According to the ISMP, currently, more than 10,000 prescription drugs and 300,000 over-the-counter (OTC) medications are available in the U.S. It has also been stated that nearly 1.5 million preventable ADRs (Adverse Drug Reactions) occur in the U.S. each year.Growing instances of ADRs resulting in drug withdrawals is expected to drive market growth during the forecast period.
Post marketing surveillance (PMS) information is collected via methods such as spontaneous reporting, cohort event reporting, targeted spontaneous reporting, intensified ADR reporting, and EHR Mining. Spontaneous reporting dominated the product segment as of 2014, owing to wide application in post market surveillance activities. Cohort event monitoring is expected to grow with lucrative CAGR of 13.5% during forecast period due to introduction of technologically advanced cloud based platforms and reliability on information obtained by this system.
Product segment constitutes books, online media and journals. Books on pharmacovigilance held the largest share of over 39.0% in 2014. Increasing usage of printed books in academics and research institutes are attributing towards its higher penetration. Technological advancements such as digitalization of medical information, for easy access are responsible for growth of online media segment. It is expected to grow at CAGR of over 13.0% over the forecast period.
Post-marketing pharmacovigilance and medical information services are used in research organizations for monitoring & regulating drug safety guidelines, hospitals for adverse drug effects reporting. Research organization segment is expected to show lucrative growth rate of over 13.0% in coming years due to increasing R&D for the development of novel drugs and medical devices. Advancements in cloud based medical information system such as Argus safety by Oracle and ARIS safety suite by ArisGlobal, are further growth propellers for this market.
North America held the largest revenue share of overall industry in 2014 at over 38.0%. Increasing demand for new drug development coupled with incidences of adverse drug reporting are key drivers for this regional market. Rising adoption of Electronic Health Records (EHR), supportive infrastructure and healthcare expenditure are further expected to fuel growth of this regional industry. Asia Pacific region is expected to show lucrative growth in future due to increasing outsourcing activities, improving healthcare infrastructure and rising demand for pharmacovigilance activities.
Post-marketing pharmacovigilance and medical information market is catered by players such Accenture Plc, Clinquest Group, B.V., Cognizant Technology Solutions Corp., Covance Inc., iMEDGlobal Corp., inVentiv Health Clinical, Parexel International Corporation, Pharmaceutical Product Development Inc, PRA Health Sciences, Quintiles Transnational Corporation, F. Hoffmann-La Roche Ltd. Sanofi, Synowledge, Wipro Ltd., ArisGlobal and Ergomed.
Market is highly competitive in nature and manufacturers are focusing on strategies such as merger & acquisition, collaborative agreements and new product development for sustaining the competition and gain more industry share.Presence of a competitive environment has led to the streamlining of R&D, manufacturing operations, medical writing, pharmacovigilance and clinical data management. Manufacturers are rapidly adhering to outsourcing as a viable cost curbing tool.
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