A Look into Post-marketing Pharmacovigilance and Medical Information Industry……Deep Analysis…..


Global post-marketing pharmacovigilance and medical information market is expected to reach USD 5.3 Billion by 2022, according to a new report by Grand View Research, Inc. Increasing prevalence of Adverse Drug Reactions (ADRs) coupled with incorporation of advanced ADR reporting tools is responsible for the overall growth of the post-marketing pharmacovigilance and medical information market. Increased drug consumption can be attributed to rising prevalence of chronic diseases such as tuberculosis that involve multiple drug regimes.
Rising government initiatives for improvement of pharmacovigilance services and maintenance of medical databases are also responsible for inducing overall growth of post-marketing pharmacovigilance and medical information market. For instance, in December 2015, the USAID Systems for Improved Access to Pharmaceuticals and Services (SIAPS) launched PViMS tool to improve drug safety monitoring in low and middle income countries by helping clinicians, researchers, and regulatory authorities to collect, analyze, and monitor ADRs.
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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Further key findings from the study suggest:
·         Spontaneous reporting dominated the post-marketing pharmacovigilance market in terms of revenue share as of 2014 and accounted for over 30.0% of market owing to wide usage in reporting of unknown and suspected ADRs. Preference of healthcare professionals and researchers towards this method is also responsible for the overall growth of this segment.
·         Cohort event monitoring is anticipated to be the fastest growing in post-marketing pharmacovigilance owing to application in all types of clinical events. Moreover, associated benefits such as early detection, high accuracy, and cost-efficiency are also anticipated to be the growth inducing factors.
·         Books dominated the overall product segment in terms of revenue share as of 2014 owing to the preference by clinicians and healthcare professionals as a primary source of information pertaining to adverse drug reactions. Online media is anticipated to be the fastest growing segment with a CAGR of over 13.0 % during the forecast period owing to rising inclination towards digitalized data.
·         Hospitals held the dominant share of end-use segment as a consequence of low costs associated with hospital based post-marketing pharmacovigilance surveillance. Research organizations segment is anticipated to show significant growth rate in coming years owing to streamlining of R&D in developing of new medicines and improving risk management through early prognosis of ADRs.
·         The key players of post-marketing pharmacovigilance and medical information market include Accenture Plc., Clinquest Group B.V., Cognizant Technology Solutions Corporation, Covance, Inc., iMEDGlobal Corporation, inVentiv Health Clinical, Parexel International Corporation, Pharmaceutical Product Development, Inc., PRA Health Sciences, Inc., Quintiles, F. Hoffmann-La Roche Ltd., Sanofi Aventis, Synowledge LLC, Wipro Ltd., ArisGlobal, Ergomed Plc. Rising strategic alliances and mergers &acquisitions are also anticipated to drive market growth. For instance, in January 2016, strategic collaboration of Parexel and Optum for reducingcosts related to post-approval studies and spreading awareness among the population base.
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.
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.
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Grand View Research has segmented the global post-marketing pharmacovigilance and medical information market on the basis of type, product, end-use: 
Global post-marketing pharmacovigilance type outlook (Revenue, USD Million, 2012 - 2022)
·         Spontaneous Reporting
·         Intensified ADR Reporting
·         Targeted Spontaneous Reporting
·         Cohort Event Monitoring
·         EHR Mining
Global post-marketing pharmacovigilance and medical information product outlook(Revenue, USD Million, 2012 - 2022)
·         Books
·         Online Media
·         Journals
Global post-marketing pharmacovigilance and medical information end-use outlook (Revenue, USD Million, 2012 - 2022)
·         Hospitals
·         Research Organizations
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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