Pharmacovigilance Outsourcing Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
The ongoing coronavirus outbreak is significantly impacting how clinical trials are managed, not only in terms of patient recruitment but also in terms of data analysis, collection, and safety reporting. In the wake of the COVID-19 pandemic, the pharmacovigilance sourcing market stands to garner much significance over forthcoming years, on account of its incredible potential to ensure drug safety and efficiency.
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While there is no doubt that outsourcing is not for every firm, the urgent need to develop the COVID-19 vaccine and strong foothold of major pharma and biopharma companies worldwide may drive the pharmacovigilance outsourcing market growth during the forecast timeframe.
According to credible estimates, pharmacovigilance outsourcing market is presumed to surpass USD 10.5 billion by the year 2026.
Rising adoption of pharmacovigilance outsourcing among life science manufacturers is one of the major parameters fueling the industry expansion. Introduction of strict government regulations regarding the commercialization of drugs has compelled manufacturers to develop safer drugs. In consequence, rising complexity of drug safety will create lucrative growth opportunities for market vendors.
However, increasing concerns regarding data security including misuse of mismanagement of patient data for illicit purposes may hinder the market growth.
Estimates claim that pre-marketing pharmacovigilance services market segment was worth USD 950 million in the year 2019 and is expected to register significant growth during the study period. There has been an upsurge in demand for pre-marketing PV services in order to address the adverse events confronted during clinical trials. Various drug producing biotech and pharma companies are outsourcing pharmacovigilance activities in order to ensure product efficacy, efficiency and quality, thereby fueling the segmental growth.
As per service providers, the contract research organizations (CROs) segment held a substantial revenue share in the year 2019 and will witness a growth rate of 16% during the period of 2020-2026. Rising adoption of advanced pharmacovigilance software, surging investments towards development of innovative drugs and increased pervasiveness of chronic disorders are favoring the market outlook. Moreover, growing inclination towards full service CROs such as Medpace Holdings, Cato Research and PAREXEL International Corp. owing to their capabilities of providing PV services is also driving the growth of the segment.
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As per estimates, India pharmacovigilance outsourcing industry held 19% revenue share in the year 2019 and is presumed to expand substantially during the study period. Availability of high skilled medical professionals and cost effective services along with favorable government initiatives are augmenting the demand for pharmacovigilance outsourcing services across the country. Additionally, high concentration of companies offering drug safety and pharmacovigilance activities is also contributing towards the market growth.
Notably, the prominent companies operating in the pharmacovigilance outsourcing market are Genpact, Cognizant, Clintec, Covance, BioClinica (Cinven), Axis Clinicals, TCS, Infosys and Accenture among others. These market majors are focusing on conducting business strategies such as mergers and acquisitions in order to gain a competitive edge in the overall industry. In 2016 for instance, Cognizant declared development of an innovative healthcare platform called Health tranZform in order to improve the functional efficiency associated with the cost and quality of patient care.
Partial Chapter of the Table of Content
Chapter 2. Executive Summary
2.1. Pharmacovigilance outsourcing industry 3600 synopsis, 2015 - 2026
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, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
18.104.22.168. Cost effective pharmacovigilance services in developing regions
22.214.171.124. High profile drug recalls due to safety concerns
126.96.36.199. Benefits offered by outsourced compliance providers over in-house compliance functions
188.8.131.52. Increasing adverse drug reactions and drug toxicity
3.3.2. Industry pitfalls and challenges
184.108.40.206. Risk associated with data security
220.127.116.11. 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, 2018
3.7.1. Company matrix analysis
3.8. PESTEL analysis
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