The global pharmacovigilance (PV) market is expected to reach USD 10.27 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to witness growth at 13.1% CAGR owing to Increasing incidence of ADR is key driver for the growth of pharmacovigilance market. As of 2015, the U.S. FDA received approximately 253,017 serious adverse events and 44,693 deaths associated with adverse drug reactions (ADRs). This shows the potential demand for implementing safety and pharmacovigilance services over the forecast period
According to World Health Organization’s (WHO) report on pharmaceuticals consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in non-hospital set ups. Owing to this, there has been a significant rise in the number of medicines made available to healthcare consumers. Rising demand for drugs has significantly heightened the need for novel therapeutics development via extensive clinical trials, which is further expected to serve this market with lucrative opportunities.
Major pharmaceutical companies are involved in extensive R&D initiatives for development of innovative therapeutic molecules. This has resulted in increased rate of drug development. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for PV services during the forecast period.
Moreover, leading pharma companies in developed countries are focusing toward the outsourcing PV service in an attempt to reduce cost and minimize operational expenses. This is anticipated to serve as opportunity for contact research organizations in developing regions to gain more revenue share.
The companies are undertaking strategic initiatives such as collaboration with the PV service providers to get access to medical information and manage PV workflows. For instance, In April 2017, Accenture entered in a collaborative agreement with BioCelebrate to develop a platform for aggregating and analyzing clinical information for improvement in drug developing efficiency, thus enhancing its R&D capabilities. These factors are anticipated to fuel the market growth.
U.S. pharmacovigilance market revenue by clinical trial phase, 2014 – 2025 (USD million)
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Further key findings from the report suggest:
- The hardware segment is estimated to grow at a CAGR of over 90% over the forecast period. Companies such as Sony and Microsoft are expected to commercialize their devices in 2016, which is expected to bolster growth over the forecast period. Further, several companies are working on enhancing the quality of sensors and processors used in AR devices. For instance, Google has collaborated with the chip manufacturers to build camera components and processors for Android phones.
- Increasing penetration of smartphones and tablets are expected to drive the software segment, growing at a CAGR of over 55% from 2016 to 2024. Increasing demand for AR apps in retail, gaming and entertainment is expected to contribute to the industry growth.
- The head-mounted display (HMD) segment is anticipated to dominate the market growing at a CAGR of nearly 70%from 2016 to 2024. It can be attributed to the increasing scope of applications across the military, medicine, scientific visualization, manufacturing, education, training, navigation, and entertainment. The other factors driving demand include better content connectivity, enhanced user-experience and improved Field of View (FOV).
- The adoption of smart glasses is expected to increase significantly in the consumer segment. Several companies are developing advanced smart glasses which are more user-friendly, light weight and offer better FOV.
- Automotive sectors expected to grow at CAGR of over 70% over the forecast period. Virtual technologies are increasingly used in automotive in response to the rising number of model and equipment variants in the vehicle design and development process. For instance, Volkswagen used spatial AR to put across virtual data onto the actual vehicle design models that allow the analyses of components. As a result, it saves time and cost required for product development.
- Asia Pacific AR market is estimated to reach over USD 44.30 billion by 2024. China is anticipated to drive regional growth with the increase in adoption of AR devices and mobile apps. In 2014, China witnessed a rapid enhancement in hardware manufacturing, as a result, several chipset manufacturers are planning to support AR technology by immensely investing in the technology.
- The key industry participants include AU Optronics Corp., Cambridge Display Technology Ltd., LG Display Co., Mitsubishi Electric Corporation, Panasonic Corporation, Sony Corp., and Toshiba Corp. The players engage in frequent merger & acquisitions to increase their product portfolio and geographical presence to gain competitive advantage.
For more information: http://www.grandviewresearch.com