According to World Health Organization’s (WHO) report of pharmaceuticals consumption, medicines for the treatment of chronic diseases accumulated the larger amount of the total volume of drug utilization in non hospital set ups, resulting in the considerable rise in the number of available medicines to the consumers. Pharmacovigilance outsourcing includes risk management, signal management, data management, and inspection support. The report provides analysis of global pharmacovigilance outsourcing market for the period 2016-2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. The global pharmacovigilance outsourcing market is anticipated to grow at substantial CAGR above 16% throughout the forecast period. Furthermore, Market players are primarily focusing on developing new innovative technologies that will supplement growth of the pharmacovigilance outsourcing market.
Growing prominence on new drug development for chronic diseases treatments, remote monitoring for clinical operations, quality assurance, regulatory affairs, statistical analysis and clinical trials, increasing preference of pharma companies towards PV outsourcing facilities and rising number of unfavourable events and other safety concerns related to the medical products are some of the fundamental factors that are driving the global pharmacovigilance outsourcing market growth globally. Growing safety concerns related to the medical products and rising number of adverse measures are the major factors boosting the global pharmacovigilance (PV) outsourcing market growth. Benefits provided by outsourcing facilities for in-house agreement functions is forecasted to drive the global pharmacovigilance outsourcing market over the forecast period. Increasing adoption of pharmacovigilance IT solutions and services are projected to spur the growth of the market over the forecast period. Additionally, due to the numerous advancements in drug development process is boosting the growth of the market. Large numbers of pharma companies are primarily focusing on the outsourcing PV services in order to minimize the operational expenses and reduce the overall cost, thereby fueling the growth of the market. Nevertheless, risks associated with security of data such as mistreatment of patient’s data may hamper the growth of the global pharmacovigilance outsourcing market.
Pharmacovigilance Outsourcing Market, By Service
Pharmacovigilance Outsourcing Market, By Service Provider
Global Pharmacovigilance outsourcing Market, by Geography
The market research study on “Pharmacovigilance Outsourcing Market (By Service: 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], Others; By Service Provider: Contract research organizations (CROs), Business process outsourcing (BPOs)) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026” offers a detailed insights on global pharmacovigilance outsourcing market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global pharmacovigilance outsourcing market by service, service providers, fuel, distribution channel and major geographic regions. The report also covers basic drug development policies.
The global pharmacovigilance outsourcing market is characterized by the presence of experienced and established players. Some of the key players include Bioclinica, Clintec, Covance, Medpace Holdings, Oracle Corporation, iGATE Corporation, Accenture, iMED Global Corporation, Symogen, Ergomed, IBM Corporation, IQVIA, MarksMan Healthcare, Parexel, SIRO Clinpharm and Novartis. Various prominent players from the market are entering into strategic acquisitions in order to offer advanced pharmacovigilance outsourcing technologies to their clients. Additionally, they are focusing on strategic acquisitions in order to expand their industry presence.