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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 time-frame. 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.Global Pharmacovigilance Outsourcing Market will hit USD 7.5 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing emphasis of several pharma and biopharma companies on new drug development for treatment of chronic diseases is one of the key drivers that will render positive impact on the pharmacovigilance (PV) outsourcing market growth. Pharmaceutical companies need to focus on several pharmacovigilance activities including remote monitoring for clinical trials, clinical operations, regulatory affairs, statistical analysis, quality assurance, evaluation and approvals of the project with necessary clearances and documentation. Setting up in-house PV department is not always cost effective and involves several challenges such as high costs for maintaining compliance levels and availability of trained in-house human resource. Growing inclination of pharma companies towards PV outsourcing facilities offering aforementioned functions will boost pharmacovigilance outsourcing industry growth in the coming years.
Post-marketing services segment dominated the pharmacovigilance outsourcing market with USD 2.1 billion revenue in 2017 and is estimated to show significant growth over the analysis timeline. Segmental growth is attributable to the increasing number of ADRs associated with the newly developed drugs. Growing demand for several post-marketing services including adverse event case analysis and reporting, regulatory submission, reconciliation of pharmacovigilance database with clinical database and population studies & pharmaco-epidemiology assessment will spur the segment size.
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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.
Furthermore, pharmaceutical drugs used in prevention and treatment of diseases have a high risk of adverse drug reactions (ADRs) that can cause serious harm to patients. This has led to increased focus of companies on monitoring of adverse drug reactions throughout the product life cycle, from pre-clinical trials to post-market surveillance. Thus, growing need for detection, assessment, understanding and prevention of ADRs will surge the demand for pharmacovigilance activities thereby accelerating the market growth. However, issues pertaining to data security and dearth of skilled professionals for performing PV functions may impede pharmacovigilance outsourcing business growth during the forecast period.
U.S. pharmacovigilance outsourcing market dominated North America region and was valued at USD 783.2 million revenue in 2017 and is estimated to witness similar trend during the forthcoming years. The high growth is attributed to strong foothold of major pharma and medical device companies coupled with extensive drug development activities in the U.S. Moreover, high healthcare expenditure in the country and growing concern regarding drug safety and adverse drug reactions among the population will boost pharmacovigilance outsourcing business 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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Prominent industry players operating in the pharmacovigilance outsourcing market are 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. Key industry players are majorly focusing on strategic initiatives including acquisitions, merger and partnerships to strengthen market position and capitalize on market opportunities. For instance, in June 2018, Genpact acquired Commonwealth Informatics, a leading provider of cloud-based drug safety analytics services and products for medical research and healthcare delivery. The strategy will help Genpact to strengthen its pharmacovigilance AI capabilities for ensuring drug safety thereby fostering company’s growth.
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Contact Info:
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/pharmacovigilance-outsourcing-market
Release ID: 471320