Pharmacovigilance Outsourcing Market to touch $7.5 bn By 2024 | led by US, China and India

The Pharmacovigilance Outsourcing Market is set to exceed USD 7.5 billion by 2024; according to a 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.

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China pharmacovigilance outsourcing market held significant revenue share in 2017 and is projected to show highest CAGR of 16.7% over the forecast timeframe. The growth is attributable to the comprehensive pharmacovigilance system in China that covers organizations and regulations related to pharmacovigilance outsourcing. Furthermore, availability of Adverse Drug Reaction (ADR) Monitoring System, a spontaneous reporting system in China that connects the four-level pharmacovigilance network will render positive impact on the market growth.

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.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Accenture
• AXIS Clinicals Ltd
• Bioclinica
• C3i Solutions
• Cato Research
• CliniRx Tangent Research
• Clintec
• Cognizant Covance
• ERGOMED PLC
• Genpact
• HCL Technologies
• IBM
• ICON plc
• IGATE
• iMEDGlobal Corporation
• Infosys
• IQVIA
• Lambda Therapeutic Research
• Medpace
• 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.

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.

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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

Pharmacovigilance Outsourcing Market, By Service Provider (USD Million)

Contract research organizations (CROs)
Business process outsourcing (BPOs)

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This release was published on openPR.