Pharmacovigilance is an essential part of clinical research process involving detection, evaluation and monitoring of adverse drug reactions (ADRs). Proper pharmacovigilance helps in getting relevant, timely and accurate clinical safety information on drugs under development.
Classification of global pharmacovigilance market can be done on the basis of drug development phases, performing methods and service types. By drug development phases, including both clinical trials & preclinical studies, phase IV of clinical trials accounts for majority of the market as it involves aggressive data collection, interpretation and analysis of marketed drugs. In addition, pharmacovigilance in phase III of clinical trials is expected to show higher growth due to increasing need of drug safety monitoring and evaluation before drug authorization.
By service types, pharmacovigilance in contract research is expected to dominate over captive services owing to increase in drug research outsourcing. Pharmaceutical companies are showing increasing dependence on contract research organisations (CROs) through long term contracts, specifically in Asian countries because of presence of favourable environment and larger availability of skilled labours. Also, implementation of new and advanced pharmacovigilance software by CROs and pharmaceutical companies is likely to drive market in future. Pharmacovigilance software includes drug safety management software solution that creates reviews and manages ADR reports.
Global pharmacovigilance market is expected to grow at optimistic pace due to increasing incidence of ADRs, growing public health awareness and need for better & strict drug safety regulations. Other factors contributing towards growth of the pharmacovigilance market are increasing emphasis on electronic submission of data, cost effectiveness through contract outsourcing and growing pressure on pharmaceutical companies over early detection and prevention of ADRs. However, inability of biopharmaceutical companies to comply with guidelines of Good Pharmacovigilance Practice (GPvP), high risk associated with data security in case of contract research outsourcing and unavailability of skilled labours are major restraints to market growth.
ASDReport.com has a good collection of reports on pharmacovigilance providing market insights on technologies and topics related to pharmacovigilance industry.