The Pharmacovigilance Outsourcing Market is set to exceed USD 7.5 billion by 2024; according to a new research report by Global Market Insights.
Increasing emphasis of several pharma and biopharma companies on new drug development for treatment of chronic diseases is one of the key drivers that will render positive impact on the pharmacovigilance (PV) outsourcing market growth. Pharmaceutical companies need to focus on several pharmacovigilance activities including remote monitoring for clinical trials, clinical operations, regulatory affairs, statistical analysis, quality assurance, evaluation and approvals of the project with necessary clearances and documentation.
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Setting up in-house PV department is not always cost effective and involves several challenges such as high costs for maintaining compliance levels and availability of trained in-house human resource. Growing inclination of pharma companies towards PV outsourcing facilities offering aforementioned functions will boost pharmacovigilance outsourcing industry growth in the coming years.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- AXIS Clinicals Ltd
- C3i Solutions
- Cato Research
- CliniRx Tangent Research
- Cognizant Covance
- ERGOMED PLC
- HCL Technologies
- ICON plc
- iMEDGlobal Corporation
- Lambda Therapeutic Research
- Navitas Life Sciences
Contract research organizations (CROs) segment was valued at USD 1.9 billion in 2017 and is estimated to grow substantially over the forecast timeline. Increasing dependence of small biotech firms on the CROs for various pharmacovigilance activities will lead to increase in segment size. Growing preference of the drug safety teams in the small and mid-size companies to outsource case management activities to CROs that reduce the cost of setting up in-house PV unit and enable time management will foster the market growth.
Business process outsourcing (BPOs) segment will show robust CAGR of 15.4% over the analysis period. The growth can be attributed to increasing demand for knowledge-based processes including case processing, medical review, benefit risk management and safety surveillance offered by the BPOs. Moreover, focus of BPOs on inculcating advanced technology within the software that help in generating superior quality pharmacovigilance reports to ensure data integrity that reflects patient’s safety will augment the segmental growth.
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U.S. pharmacovigilance outsourcing market dominated the North America region with largest revenue share in 2017 and is expected to show significant growth in the coming years. The growth can be attributed to strong foothold of major pharma and biopharma companies in the U.S. Increasing number of drug discovery and drug approvals will surge the demand for PV services that will positively influence U.S. pharmacovigilance outsourcing industry growth during the analysis period.
Pharmacovigilance Outsourcing Market, By Service (USD Million)
- Pre-marketing services
- Clinical pharmacovigilance services
- Case processing services
- Safety data management services
- Medical review
- Post-marketing services
- Knowledge process outsourcing services
- IT solutions and services