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Pharmacovigilance Outsourcing Market to Exhibit A Lucrative Growth| $7.5 bn By 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-15 

The Pharmacovigilance Outsourcing Market is set to exceed USD 7.5 billion by 2024; according to a new research report by Global Market Insights. 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 market growth in the coming years.

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Availability of cost-effective pharmacovigilance outsourcing services provided by leading CROs and BPOs in emerging economies such as India will prove beneficial for the industry growth. CROs and BPOs have skilled and staff dedicated on providing pharmacovigilance outsourcing services at a lower cost. Multinational pharmaceutical companies as well as the start-up biotechnology companies prefer pre and post marketing pharmacovigilance services that are available at comparatively lower cost. Low cost of outsourcing services will ensure high demand thereby, propelling the industry growth. However, outsourcing the pharmacovigilance activities may involve risk as clients will have no control over quality of drug safety analysis and platforms being utilized for assessing the ARDs that will restrain Pharmacovigilance Outsourcing Market growth to some extent.

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.

Business process outsourcing (BPOs) segment will show robust CAGR of 15.4% over the analysis period. The Pharmacovigilance Outsourcing Market growth can be attributed to increasing demand for knowledge-based processes including case processing, medical review, benefit risk management and safety surveillance offered by the BPOs. Moreover, focus of BPOs on inculcating advanced technology within the software that help in generating superior quality pharmacovigilance reports to ensure data integrity that reflects patient’s safety will augment the segmental growth.

U.S. pharmacovigilance outsourcing market dominated the North America region with largest revenue share in 2017 and is expected to show significant growth in the coming years. The growth can be attributed to strong foothold of major pharma and biopharma companies in the U.S. Increasing number of drug discovery and drug approvals will surge the demand for PV services that will positively influence U.S. pharmacovigilance outsourcing industry growth during the analysis period.

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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.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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