Pharmacovigilance Outsourcing Market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
Rising concerns regarding the effects and safety of drugs or medical products will have a major impact on pharmacovigilance outsourcing (PVO) market over the coming years. Various initiatives undertaken to strengthen the industry will also impact the expansion of PVO. For instance, the Indian Pharmacopoeia Commission (IPC) functioning as the National Coordination Center (NCC) is essentially involved in the regulations of pharmacovigilance services and the promotions of safe use of medicines in India.
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Established providers of PVO services include Axis Clinicals, Covance, Accenture, TCS, BioClinica (Cinven), and Infosys, among numerous others. These firms have adopted several strategies of growth including acquisitions and mergers with other companies that help them to capitalize on industry opportunities.
Global pharmacovigilance outsourcing market size has been expected to reach for more than USD 10.5 billion in annual value by the year 2026.
Rising adoption of pharmacovigilance outsourcing among life science manufacturers is one of the major parameters fueling the industry expansion. Introduction of strict government regulations regarding the commercialization of drugs has compelled manufacturers to develop safer drugs. In consequence, rising complexity of drug safety will create lucrative growth opportunities for market vendors.
However, increasing concerns regarding data security including misuse of mismanagement of patient data for illicit purposes may hinder the market growth.
Estimates claim that pre-marketing pharmacovigilance services market segment was worth USD 950 million in the year 2019 and is expected to register significant growth during the study period. There has been an upsurge in demand for pre-marketing PV services in order to address the adverse events confronted during clinical trials. Various drug producing biotech and pharma companies are outsourcing pharmacovigilance activities in order to ensure product efficacy, efficiency and quality, thereby fueling the segmental growth.
As per service providers, the contract research organizations (CROs) segment held a substantial revenue share in the year 2019 and will witness a growth rate of 16% during the period of 2020-2026. Rising adoption of advanced pharmacovigilance software, surging investments towards development of innovative drugs and increased pervasiveness of chronic disorders are favoring the market outlook. Moreover, growing inclination towards full service CROs such as Medpace Holdings, Cato Research and PAREXEL International Corp. owing to their capabilities of providing PV services is also driving the growth of the segment.
As per estimates, India pharmacovigilance outsourcing industry held 19% revenue share in the year 2019 and is presumed to expand substantially during the study period. Availability of high skilled medical professionals and cost effective services along with favorable government initiatives are augmenting the demand for pharmacovigilance outsourcing services across the country. Additionally, high concentration of companies offering drug safety and pharmacovigilance activities is also contributing towards the market growth.
Notably, the prominent companies operating in the pharmacovigilance outsourcing market are Genpact, Cognizant, Clintec, Covance, BioClinica (Cinven), Axis Clinicals, TCS, Infosys and Accenture among others. These market majors are focusing on conducting business strategies such as mergers and acquisitions in order to gain a competitive edge in the overall industry. In 2016 for instance, Cognizant declared development of an innovative healthcare platform called Health tranZform in order to improve the functional efficiency associated with the cost and quality of patient care.
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Partial Chapter of the Table of Content
Chapter 4. Pharmacovigilance Outsourcing Market, By Service
4.1. Key segment trends
4.2. Pre-marketing services
4.2.1. Market size, by region, 2015 – 2026 (USD Million)
4.2.2. Clinical pharmacovigilance services
18.104.22.168. Market size, by region, 2015 – 2026 (USD Million)
4.2.3. Case processing services
22.214.171.124. Market size, by region, 2015 – 2026 (USD Million)
4.2.4. Safety data management services
126.96.36.199. Market size, by region, 2015 – 2026 (USD Million)
4.2.5. Medical review
188.8.131.52. Market size, by region, 2015 – 2026 (USD Million)
4.3. Post-marketing services
4.3.1. Market size, by region, 2015 – 2026 (USD Million)
4.3.2. Knowledge process outsourcing services
184.108.40.206. Market size, by region, 2015 – 2026 (USD Million)
4.3.3. IT solutions and services
220.127.116.11. Market size, by region, 2015 – 2026 (USD Million)
4.4.1. Market size, by region, 2015 – 2026 (USD Million)
Chapter 5. Pharmacovigilance Outsourcing Market, By Service Provider
5.1. Key segment trends
5.2. Contract research organization (CROs)
5.2.1. Market size, by region, 2015 – 2026 (USD Million)
5.3. Business process outsourcing (BPOs)
5.3.1. Market size, by region, 2015 – 2026 (USD Million)