As indicated by Acumen Research and consulting, the global pharmacovigilance outsourcing market size is evaluated to reach around USD 7 billion by 2026 and CAGR to develop around 16% over the estimate time frame. 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 have boosted the growth of the global pharmacovigilance outsourcing market. The North America market is likely to expand at noteworthy CAGR due to the presence of large number of major pharma and medical device companies. Moreover, high healthcare expenditure and rising concern about drug safety and adverse effects of drugs are propelling the regional market growth.
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Post-marketing Services Segment is Expected to Contribute Largest Market Share in the Market
On the basis of services, the global pharmacovigilance outsourcing market is bifurcated into pre-marketing services post-marketing services. The post-marketing services segment is anticipated to dominate the overall market during the forecast period owing to the growing frequency of adverse drug effects that may be fail to notice in patients with chronic diseases during the trials. Increasing adoption of pharmacovigilance IT solutions and services such as integration of safety data and validation, designing & development of safety data repository and implementation are projected to spur the growth of the market over the forecast period. On the other hand pre-marketing services segment is forecasted to grow at considerable rate during the forecast period owing to the growing investment of pharma companies in the development of new drugs. Rising necessity for pre-marketing pharmacovigilance actions in order to gather information concerning adverse drug effects from the pre-clinical screening is accelerating the growth of the global pharmacovigilance outsourcing market.
Contract research organizations (CROs) Segment to Dominate the Market
On the basis of service provider, the pharmacovigilance outsourcing market is segmented into contract research organizations (CROs), business processing outsourcing (BPOs). Contract research organizations (CROs) segment is projected to dominate the overall market during the forecast period owing to the rising dependence of small scale biotech firms on the contract research organizations for a variety of pharmacovigilance activities. Contract research organizations enables time management and also help in reducing the cost of setting the in-house PV. On the other hand, due to the escalating demand for knowledge based procedures such as medical review, case processing, safety surveillance and benefit risk management provided by the business processing outsourcing, the business processing outsourcing (BPOs) segment is anticipated to show significant growth rate during the forecast period.
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North America to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global pharmacovigilance outsourcing market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is expected to be the topmost revenue generating region in the global Pharmacovigilance outsourcing market. This growth is attributed to the presence of large number of major pharma and medical device companies. Also the 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. Asia Pacific is also likely to show considerable growth over the forecast period owing to the widespread pharmacovigilance system in China that includes organizations and regulations associated to pharmacovigilance outsourcing. Advancements in the drug manufacturing in the region is acting as a major driving factor in the growth of the regional market. Moreover, stringent and favourable regulations in order to enhance the quality of pharmacovigilance services in India are expected to supplement the growth of the regional market.
Medpace Holdings, Oracle Corporation, iMED Global Corporation, Bioclinica and Clintec are Likely to Continue to Lead the Global Pharmacovigilance outsourcing Market
The pharmacovigilance outsourcing market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are 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.
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