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Pharmacovigilance Outsourcing Market Forecast Report 2026: Revenue and Outlook by Industry Players

Author : Ronak Bora | Published Date : 2020-09-04 

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 adverse effects and safety of medical products is a major factor driving the PVO (pharmacovigilance outsourcing) market growth. Shifting preferences by biopharmaceutical and pharmaceutical companies towards outsourcing drug safety activities is also facilitating the market expansion.

Companies that do not comprise in-house pharmacovigilance units are reliant on service providers such as CROs (contract research organization) and BPOs (business process outsourcing). Additionally, numerous drug manufacturers are concentrating on outsourcing pharmacovigilance services in order to reduce operational costs and expenses, which in turn is stimulating the industry outlook.

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According to credible estimates, pharmacovigilance outsourcing market is presumed to surpass USD 10.5 billion by the year 2026.

PV outsourcing has been readily supported by governments and various other regulatory bodies. Government bodies like the U.S. Food and Drug Administration And the EMA have made efforts to raise the safety regulations in association with the commercialization of drugs. This has majorly resulted in the pressure to produce safer drugs. The rise in the complications concerning drug safety has further triggered the demand for PV outsourcing services.

The World Drug Safety Congress located in Europe has been aiming at pushing over 550 drug safety, pharmacovigilance, data analytics and various other key players across the biopharma sector. This move is to explore all the application of artificial intelligence (AI) as well as big data in patient centric approaches, pharmacovigilance as well as any benefits and risk strategies.

The U.S. FDA had approved PADE, Post-marketing Adverse Drug Experience, in the year 2018, to be able to outsource activities to all the contractors, consultants and third-party vendors. These activities may act as a key contributor towards impacting pharmacovigilance outsourcing industry trends over the coming years. 

The biopharmaceutical firms as well as pharmaceutical companies have been preferring activities related to outsourcing drug safety. The firms which do not possess any in-house pharmacovigilance units, can be highly dependent on different service providers like business process outsourcing (BPO) companies and contract research organizations (CROs). 

Additionally, all the major drug manufacturers working in developed nations have been focused on outsourcing the PV services to lower the operational costs and expenses. This will help open a growth opportunity across the developing nations and will induce considerable expansion of PVO market size in the near future.

There is a growing demand for pharmacovigilance services to be able to report adverse situations that are encountered throughout clinical trial phases. A number of biotech and pharma companies are involved in the manufacturing of drugs tend to outsource pharmacovigilance activities as it helps in ensuring the efficacy and efficiency as well as the quality of the product.

The pre-marketing pharmacovigilance outsourcing services had been valued at nearly USD 950 million in the year 2019 and the above-mentioned factors will be major contributors for PVO industry growth. Rising prevalence of chronic diseases and the impending need for effective medicines worldwide will fuel clinical trials, influencing PV demand.

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

Partial Chapter of the Table of Content 

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

4.2.3.  Case processing services    Market size, by region, 2015 – 2026 (USD Million)

4.2.4.  Safety data management services    Market size, by region, 2015 – 2026 (USD Million)

4.2.5.  Medical review    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    Market size, by region, 2015 – 2026 (USD Million)

4.3.3.  IT solutions and services    Market size, by region, 2015 – 2026 (USD Million)

4.4. Others

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

Chapter 5.  Pharmacovigilance Outsourcing Market, By Service Provider

5.1. Key segment trends

5.2. Contract research organization (CROs)

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

5.3. Business process outsourcing (BPOs)

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

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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 sport. [email protected] | https://twitter.com/RonakBora26

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