Growing Incidence Rates of ADR and Drug Toxicity
The ADR or adverse drug reaction is defined as an injury caused by taking a medication. Adverse drug reactions (ADR) are far more common than one would think. It is estimated that ADR is one of the leading causes of deaths, right after heart disease, cancer, and stroke, globally. Further, it is estimated that ADRs are the sixth leading cause of death worldwide. With the increase in number of adverse drug reactions (ADRs), there has been a significant burden on the healthcare system. The need to reduce the burden of ADRs has led to an increase in the demand for pharmacovigilance services, thus expanding the global market size.
Other factors driving the market growth are increasing drug consumption and drug development rates and increasing trend of outsourcing pharmacovigilance services.
Lack of Skilled Labor
The process of pharmacovigilance requires the use of skilled professionals to manage adverse events and clinical-trial activities, and contribute to ensure compliance of pharmacovigilance activities. However, the dearth of skilled professionals in the market is restraining its growth,
Additionally, high risk associated with data security is also restraining the market growth.
North America to Dominate the Market
North America dominates the market due to rising mortality rates, adverse drug events, and growing patient concerns for safety and efficacy of drugs.
Major players: ACCENTURE, CLINQUEST GROUP B.V., COGNIZANT, LABORATORY CORPORATION OF AMERICA HOLDINGS, IBM CORPORATION, ARISGLOBAL, ICON PLC, CAPGEMINI, ITCLINICAL, IMEDGLOBAL, FORESIGHT GROUP INTERNATIONAL AG, TAKE SOLUTIONS LTD., PAREXEL INTERNATIONAL CORPORATION, BIOCLINICA WIPRO LTD., UNITED BIOSOURCE CORPORATION amongst others.
Key Developments in the Market
- February 2017: PAREXEL announces definitive agreement to acquire the medical affairs company
- June 2017: Accenture has been named a leader in IDC MarketScape on Life Science Drug Safety Services.
- Market analysis for the Global Pharmacovigilance Drugs Market, with region-specific assessments and competition analysis on a Global and regional scale.
- Analyzing various perspectives of the industry with the help of Porter’s five forces analysis
- The treatment type that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in excel).
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threats of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities and Challenges Analysis (Droc)
6.1 Market Drivers
6.1.1 Increasing Drug Consumption and Drug Development Rates
6.1.2 Growing Incidence Rates of ADR and Drug Toxicity
6.1.3 Increasing Trend of Outsourcing Pharmacovigilance Services
6.2 Market Restraints
6.2.1 High Risk Associated with Data Security
6.2.2 Lack of Skilled Labor
6.4 Key Challenges
7. Market Segmentation
7.1 By Clinical Trial Phase
7.1.2 Phase I
7.1.3 Phase II
7.1.4 Phase III
7.1.5 Phase IV
7.2 By Service Provider
7.2.2 Contract Outsourcing
7.3 By Type
7.3.1 Spontaneous Reporting
7.3.2 Intensified ADR Reporting
7.3.3 Targeted Spontaneous Reporting
7.3.4 Cohort Event Monitoring
7.3.5 EHR Mining
7.4 By End-User
7.4.2 Research Organizations
7.5 By Geography
7.5.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of APAC
7.5.4 Middle East & Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East & Africa
7.5.5 South America
126.96.36.199 Rest of South America
8. Competitive Landscape
8.1 Mergers and Acquisition Analysis
8.2 Agreements, Collaborations & Partnerships
8.3 New Products Launches
9. Key Players
9.2 Clinquest Group B.V.
9.4 Laboratory Corporation of America Holdings
9.5 IBM Corporation
9.7 ICON Plc
9.11 Foresight Group International AG
9.12 TAKE Solutions Ltd.
9.13 PAREXEL International Corporation
9.15 Wipro Ltd.
9.16 United BioSource Corporation
10. Future of the Market
- Clinquest Group B.V.
- Laboratory Corporation Of America Holdings
- IBM Corporation
- Icon Plc
- Foresight Group International Ag
- Take Solutions Ltd.
- Parexel International Corporation
- Wipro Ltd.
- United Biosource Corporation