Pharmacovigilance Industry will Grow the Fastest in the Asia-Pacific

The pharmacovigilance industry, is growing at a rate of 9.5% by the end of this decade, to reach USD 15,259.8 million by 2030.

The growth of the industry is powered by the rising concerns about drug safety, increasing incidence of toxicity and adverse drug reactions, and a focus on drug efficacy.

Moreover, government and non-government organizations are highly attentive toward drug safety and efficacy.

APAC will grow the fastest in the industry at a rate of 10.6%, driven by the presence of developed healthcare infrastructure, high healthcare expenditure, and growing drug research activities.

The rising prevalence of chronic diseases such as, cancer, cardiovascular disease, diabetes, and autoimmune disease, is a growing driver for the industry,

One of the examples is that the National Cancer Institute predicts that over 16 million cancer survivors in the US by 2040, which will lead to an increase in the demand for painkillers.

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Moreover, chronic conditions such as, cardiovascular diseases, diabetes, and autoimmune diseases requires drug combinations, which can cause ADRs. For overcoming this issue pharmacovigilance is used.

In addition, the industries getting benefits from manufacturing of the new pharmaceuticals and strict government regulations, such as those set by the U.S. FDA and the European Medicines Agency

Furthermore, the rising government initiatives and charitable organizations are focusing on drug safety awareness which will contribute to growth of the industry.

Based on product lifecycle segment, Phase IV clinical trials accounted for largest revenue share of 70% in the past in the pharmacovigilance market, this is because, the data which has been collected at this stage is valuable for identifying ADRs that were unexpected

Apart from that, phase III category is expected to grow significantly in the coming years because it provides information on potential drug interaction as well as safety and effectiveness of the drugs.

Oncology category held the largest share of about 27% in the past. Cancer drug monitoring is important because of the effects associated with cancer drugs. Pharmacovigilance services are essential in preventing adverse effects. The growing consumer awareness about drugs and symptoms, clinical trials are in high demand.

It is about the increasing concerns regarding drug safety, the demand for pharmacovigilance drugs will continue to grow in the years to come.

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Pharmacovigilance Industry will Grow the Fastest in the Asia-Pacificultima modifica: 2023-11-06T13:02:04+01:00da pnsintel
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