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Pharmacovigilance Outsourcing Market Forecast 2019 with Covance, Accenture, Bioclinica, CliniRx Tangent Research, Clintec, Cognizant, ERGOMED PLC, Genpact, HCL Technologies , IBM

01-29-2019 03:47 PM CET | Health & Medicine

Press release from: Global Market Insights, Inc

Pharmacovigilance Outsourcing Market

Pharmacovigilance Outsourcing Market

The Pharmacovigilance Outsourcing Market is expected to witness growth 15.7% CAGR from 2018 to 2024. new research report by Global Market Insights.
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.

Increasing number of adverse events and other safety concerns associated with medical products is a major factor driving the global pharmacovigilance (PV) outsourcing market growth. Adverse drug reaction (ADR) monitoring is required for each medicine throughout the its life cycle, during drug development process such as pre-marketing that involves early stages of drug design, clinical trials as well as post-marketing surveillance.

Ability of these PV outsourcing facilities to offer common PV functions such as case handling and data entry along with niche activities including signal management and aggregate reporting to various pharma, biopharma and medical device companies will accelerate the business growth.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/3030

Benefits offered by outsourcing facilities over in-house compliance functions will serve to be another positive impact rendering factor in the PV outsourcing industry growth. Pharmaceutical industry is witnessing robust growth in recent years owing to advancements in drug development process leading to new product launch. These companies rely on PV activities that are either done in-house or are outsourced. Issues associated with setting up in-house PV department coupled with various challenges such as high costs to maintain required levels of compliance, and need for qualified and trained in-house resources will surge the demand for outsourcing PV activities to service providers such as CROs and BPOs thereby accelerating industry growth.
However, risks associated with data security such as misusing patient’s data for detrimental purposes may hamper the pharmacovigilance outsourcing business growth during the forecast period.

Pre-marketing services segment accounted for considerable revenue share in 2017 and is projected to show 15.6% CAGR during the analysis period. Increasing investment of pharma companies in new drug development will favor PV business growth. Growing need of pre-marketing pharmacovigilance activities to collect information regarding adverse drug reactions from the pre-clinical screening and phases I to III clinical trials will accelerate the segment growth.


Post-marketing services segment held the largest revenue share in 2017 and is estimated to grow considerably over the forecast period. Rising incidences of adverse drug reactions that may be missed in patients with comorbid diseases during the trials, will increase the demand for post-marketing PV functions such as adverse event case analysis and reporting as well as quality control. Growing adoption of pharmacovigilance IT solutions and services such as designing & development of safety data repository, implementation, integration of safety data and validation will further spur the segment size.

Browse Full Report Details @ https://www.gminsights.com/industry-analysis/pharmacovigilance-outsourcing-market

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.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
 Covance
 Accenture
 Bioclinica
 CliniRx Tangent Research
 Clintec
 Cognizant
 ERGOMED PLC
 Genpact
 HCL Technologies
 IBM
 ICON plc
 IGATE
 Oracle
 Symogen Limited
 Tech Mahindra
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.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/3030

India pharmacovigilance outsourcing market is estimated to show robust CAGR of 15.8% over the forecast period. High growth is attributable to the stringent and favorable regulations set on Indian service providers to improve quality of pharmacovigilance services. Availability of prominent service providers offering various PV functions at lower costs coupled with presence of talented healthcare professionals in the country will further escalate the India pharmacovigilance outsourcing business growth in the coming years.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

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