Pharmacovigilance Outsourcing Market 2020 By Revenue, Top Trend & Regional Growth Forecast
Category: #healthcare  By Ronak Bora  Date: 2021-03-19
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Pharmacovigilance Outsourcing Market 2020 By Revenue, Top Trend & Regional Growth Forecast

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.

Rising concerns regarding the effects and safety of drugs or medical products will have a major impact on pharmacovigilance outsourcing (PVO) market over the coming years. Various initiatives undertaken to strengthen the industry will also impact the expansion of PVO. For instance, the Indian Pharmacopoeia Commission (IPC) functioning as the National Coordination Center (NCC) is essentially involved in the regulations of pharmacovigilance services and the promotions of safe use of medicines in India.

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Established providers of PVO services include Axis Clinicals, Covance, Accenture, TCS, BioClinica  (Cinven), and Infosys, among numerous others. These firms have adopted several strategies of growth including acquisitions and mergers with other companies that help them to capitalize on industry opportunities.

Global pharmacovigilance outsourcing market size has been expected to reach for more than USD 10.5 billion in annual value by the year 2026.

As most of the leading pharmaceutical companies worldwide are focused on developing vaccines, pharmacovigilance outsourcing has emerged as an efficient way to obtain more granular information about the potential drug. In fact, pharmacovigilance companies are helping firms to address the updated safety regulatory guidelines from agencies like the US FDA.

Moreover, the outsourcing of pharmacovigilance responsibilities offers a flexible solution to the increasing demands of running a professional pharmacovigilance team. Responsibilities that would generally be completed in-house are assigned to a separate service provider, whether it is on a partial, project or full service basis.

Speaking of which, with regards to service, the market is segmented into post-marketing pharmacovigilance services, pre-marketing pharmacovigilance services, and others. Estimates claim that pre-marketing pharmacovigilance services segment is likely to depict 15.5% CAGR through 2026, driven by the rising demand for these services owing to the shifting focus of companies toward the launch of novel drugs for treating chronic diseases.

As per estimates, contract research organizations segment was worth USD 2.5 billion in 2019.

Leading industry participants such as Accenture, Axis Clinicals, Covance, Oracle, Infosys, iGATE Corporation, Genpact, TCS, and Syneos Health have been leveraging organic and inorganic growth strategies such as merger, acquisition, and introducing cutting-edge platforms to tap major market share.

Citing an instance to highlight the same, Accenture last year introduced INTIENT™, a cutting-edge, platform to advance the discovery, delivery, and development of treatments, in order to support the delivery of innovative treatments for patients. The platform enables the rapid integration of recent technology, and advanced analytics powered by Accenture Applied Intelligence to support the life sciences industry. Such initiatives by industry participants would drive pharmacovigilance outsourcing business outlook over the forecast period. 

Browse full table of contents (TOC) of this report @  https://www.decresearch.com/toc/detail/pharmacovigilance-outsourcing-market

Partial Chapter of the Table of Content 

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

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, 2018

3.7.1.  Company matrix analysis

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, 2015 – 2026 (USD Million)

4.2.2.  Clinical pharmacovigilance services

4.2.2.1.    Market size, by region, 2015 – 2026 (USD Million)

4.2.3.  Case processing services

4.2.3.1.    Market size, by region, 2015 – 2026 (USD Million)

4.2.4.  Safety data management services

4.2.4.1.    Market size, by region, 2015 – 2026 (USD Million)

4.2.5.  Medical review

4.2.5.1.    Market size, by region, 2015 – 2026 (USD Million)

4.3. Post-marketing services

4.3.1.  Market size, by region, 2015 – 2026 (USD Million)

4.3.2.  Knowledge process outsourcing services

4.3.2.1.    Market size, by region, 2015 – 2026 (USD Million)

4.3.3.  IT solutions and services

4.3.3.1.    Market size, by region, 2015 – 2026 (USD Million)

4.4. Others

4.4.1.  Market size, by region, 2015 – 2026 (USD Million)

 

About Author

Ronak Bora    

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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