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Pharmacovigilance Outsourcing Market current and future analysis on ICON, iGATE Corporation, Clintec, Cognizant, Covance, Ergomed, Genpact, IBM Corporation, Accenture, Tata Consultancy Services, Tech Mahindra, Bioclinica, Infosys, IQVIA, Medpace Holdings,

03-28-2019 06:12 AM CET | Health & Medicine

Press release from: marketstudyreport.com

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Pharmacovigilance Outsourcing Market current and future

Pharmacovigilance Outsourcing Market will exceed USD 7.5 billion by 2024; as per a new research report. Germany pharmacovigilance outsourcing market was valued at USD 185.4 million in 2017, as a result of the presence of well-established players providing pharmacovigilance activities to major pharmaceutical companies. Germany based BPOs are well-known for knowledge processing IT services and with enormous client-base these companies acquire majority of the market share. Aforementioned factor along with growing cases of ADRs will favor the industry growth.

Some of the eminent industry players operating in pharmacovigilance outsourcing industry include Accenture, Bioclinica, Clintec, Cognizant, Covance, Ergomed, Genpact, IBM Corporation, ICON, iGATE Corporation, iMED Global Corporation, Infosys, IQVIA, MarksMan Healthcare, Medpace Holdings, Novartis, Oracle Corporation, Parexel, PRA Health Sciences, SIRO Clinpharm, Symogen, Syneos Health, Tata Consultancy Services (TCS) and Tech Mahindra.

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These key industry players implement strategic initiatives such as mergers and acquisitions, development of new services that help them in sustaining market competition. For instance, in February 2016, Cognizant Technology Solutions Corporation engaged into new digital healthcare development platform to expand its business services. The firm introduced Cognizant Health TranZform, a new healthcare platform developed by Orion Health for empowering operational efficiency and making sound decisions regarding cost and quality of patient?s care and thus driving customer engagement. This strategic initiative will boost Cognizant?s revenue.

Availability of cost-effective pharmacovigilance outsourcing services provided by leading CROs and BPOs in emerging economies such as India will prove beneficial for the industry growth. CROs and BPOs have skilled and staff dedicated on providing pharmacovigilance outsourcing services at a lower cost. Multinational pharmaceutical companies as well as the start-up biotechnology companies prefer pre and post marketing pharmacovigilance services that are available at comparatively lower cost. Low cost of outsourcing services will ensure high demand thereby, propelling the industry growth. However, outsourcing the pharmacovigilance activities may involve risk as clients will have no control over quality of drug safety analysis and platforms being utilized for assessing the ARDs that will restrain industry growth to some extent.

The report presenting a comprehensive exploration of the global Pharmacovigilance Outsourcing encloses the rate of growth of the Market size over the projected duration. Providing a concise synopsis, the report determines the valuation and size of the Pharmacovigilance Outsourcing in the near future. It also includes the major contributing factors to the growth of the global Pharmacovigilance Outsourcing as well as the dominating players in the Market size coupled with their Market size share.

Pre-marketing pharmacovigilance outsourcing services segment was valued at USD 713.1 million in 2017 and is expected to have considerable revenue size over the forthcoming years. Pre-marketing pharmacovigilance outsourcing services include reporting adverse events encountered during the clinical trials. Many pharmaceutical companies involved in drug manufacturing, outsource drug safety activities associated with clinical trials to avoid the delays in drug approval process that should augment the segmental growth in near future.

CROs segment will grow at 15.9% by 2024 and has numerous growth opportunities that will flourish the segment even in future. CROs are firms that typically have gained expertise in providing efficient and accurate pharmacovigilance outsourcing services that will increase the demand for drug safety outsourcing. Moreover, majority of the revenue generated by CROs is due to the customized pharmacovigilance outsourcing services utilizing technologically advanced platform for drugs developed will favor segmental growth.

India pharmacovigilance outsourcing market accounted for 19.5% revenue share and is anticipated to have exponential growth during the forecast timeframe. Presence of large number of companies providing drug safety outsourcing services will trigger the industry growth in India. Also, favorable government initiatives coupled with developing regulatory landscape will escalate the industry growth in near future.

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Pharmacovigilance outsourcing industry is anticipated to have considerable growth during the forecast timeframe owing to increasing preference by pharmaceutical and biopharmaceutical companies for outsourcing drug safety activities. Pharmaceutical companies that don?t have expertise in drug safety activities rely on CROs and BPOs for pharmacovigilance. Outsourcing pharmacovigilance activities helps the pharmaceutical, biotechnology and biopharmaceutical companies to gain professional and accurate insights on ADRs for a particular drug before it is marketed. Also, many companies carry out post marketing surveillance for drugs from CROs such as IQVIA. Therefore, high demand for partial and bundled outsourcing activities by companies such as Astra Zeneca will favor the industry growth in foreseeable future.

Report Content

Chapter 1. Methodology

1.1. Methodology

1.2. Market definitions

1.3. Forecast parameters

1.4. Data sources

1.4.1. Secondary

1.4.1.1. Paid sources

1.4.1.2. Unpaid sources

1.4.2. Primary

Chapter 2. Executive Summary

2.1. Pharmacovigilance outsourcing industry 360 degree synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Service trends

2.1.3. Service provider trends

2.1.4. Regional trends

Chapter 3. Pharmacovigilance Outsourcing Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 - 2024

3.3. Industry impact forces

3.3.1. Growth drivers

3.3.1.1. Cost effective pharmacovigilance services in developing regions

3.3.1.2. High profile drug recalls due to safety concerns

3.3.1.3. Benefits offered by outsourced compliance providers over in-house compliance functions

3.3.1.4. Increasing adverse drug reactions and drug toxicity

3.3.2. Industry pitfalls and challenges

3.3.2.1. Risk associated with data security

3.3.2.2. Dearth of skilled personnel

3.4. Growth potential analysis

3.4.1. By service

3.4.2. By service provider

3.5. Regulatory landscape

3.6. Porter's analysis

3.7. Competitive landscape, 2017

3.7.1. Strategy dashboard

3.8. PESTEL analysis

Chapter 4. Pharmacovigilance Outsourcing Market, By Service

4.1. Key segment trends

4.2. Pre-marketing services

4.2.1. Market size, by region, 2013 - 2024 (USD Mn)

4.2.2. Clinical pharmacovigilance services

4.2.2.1. Market size, by region, 2013 - 2024 (USD Mn)

4.2.3. Case processing services

4.2.3.1. Market size, by region, 2013 - 2024 (USD Mn)

4.2.4. Safety data management services

4.2.4.1. Market size, by region, 2013 - 2024 (USD Mn)

4.2.5. Medical review

4.2.5.1. Market size, by region, 2013 - 2024 (USD Mn)

4.3. Post-marketing services

4.3.1. Market size, by region, 2013 - 2024 (USD Mn)

4.3.2. Knowledge process outsourcing services

4.3.2.1. Market size, by region, 2013 - 2024 (USD Mn)

4.3.3. IT solutions and services

4.3.3.1. Market size, by region, 2013 - 2024 (USD Mn)

4.4. Others

4.4.1. Market size, by region, 2013 - 2024 (USD Mn)

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, 2013 - 2024 (USD Mn)

5.3. Business process outsourcing (BPOs)

5.3.1. Market size, by region, 2013 - 2024 (USD Mn)

Complete report titled at https://www.marketstudyreport.com/reports/pharmacovigilance-outsourcing-market

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