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Pharmacovigilance Outsourcing Market 2019 Development, Key Opportunity, Applications and Forecast to 2024

Author : Rahul Sankrityayan | Published Date : 2019-05-31 

Global 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. 

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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. 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. 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.
Contract research organizations (CROs) segment accounted for the largest revenue share in 2017 and is estimated to witness 15.9% CAGR during the forecast timeframe. The segment growth is attributed to various case management activities that are majorly outsourced to the CROs. Increasing focus of the top CROs including IQVIA, Parexel and SIRO Clinpharm on developing innovative PV services such as medical writing, safety surveillance services and case processing services will further accelerate the segment growth in coming years.

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.

China pharmacovigilance outsourcing market held significant revenue share in 2017 and is projected to show highest CAGR of 16.7% over the forecast timeframe. 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.

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Chapter 1. Methodology

1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1.  Secondary Paid sources Unpaid sources
1.4.2.  Primary

Chapter 2. Executive Summary

2.1. Pharmacovigilance outsourcing industry 3600 synopsis, 2013 - 2024
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, 2013 - 2024
3.3. Industry impact forces
3.3.1.  Growth drivers  Cost effective pharmacovigilance services in developing regions  High profile drug recalls due to safety concerns  Benefits offered by outsourced compliance providers over in-house compliance functions  Increasing adverse drug reactions and drug toxicity
3.3.2.  Industry pitfalls and challenges  Risk associated with data security  Dearth of skilled personnel

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Chapter 4. Pharmacovigilance Outsourcing Market, By Service

4.1. Key segment trends

4.2. Pre-marketing services
4.2.1.  Market size, by region, 2013 – 2024 (USD Mn)
4.2.2.  Clinical pharmacovigilance services    Market size, by region, 2013 – 2024 (USD Mn)

4.2.3.  Case processing services    Market size, by region, 2013 – 2024 (USD Mn)

4.2.4.  Safety data management services    Market size, by region, 2013 – 2024 (USD Mn)

4.2.5.  Medical review    Market size, by region, 2013 – 2024 (USD Mn)

4.3. Post-marketing services
4.3.1.  Market size, by region, 2013 – 2024 (USD Mn)

4.3.2.  Knowledge process outsourcing services    Market size, by region, 2013 – 2024 (USD Mn)

4.3.3.  IT solutions and services    Market size, by region, 2013 – 2024 (USD Mn)

Data Tables

TABLE 1    Global pharmacovigilance outsourcing industry 360º synopsis, 2013– 2024
TABLE 2    Global pharmacovigilance outsourcing market, 2013-2017 (USD Mn)
TABLE 3    Global pharmacovigilance outsourcing market, 2018-2024 (USD Mn)
TABLE 4    Global pharmacovigilance outsourcing market, 2013-2017 (USD Mn)
TABLE 5    Global pharmacovigilance outsourcing market, 2018-2024 (USD Mn)
TABLE 6    Global pharmacovigilance outsourcing market, 2013-2017 (USD Mn)
TABLE 7    Global pharmacovigilance outsourcing market, 2018-2024 (USD Mn)
TABLE 8    Premarketing services market size, by region, 2013 – 2017 (USD Mn)
TABLE 9    Premarketing services market size, by region, 2018 – 2024 (USD Mn)
TABLE 10   Clinical pharmacovigilance outsourcing market size, by region, 2013 – 2017 (USD Mn)

Related Report- Point of Care Ultrasound Market

Know more @ https://www.marketwatch.com/press-release/at-56-cagr-point-of-care-ultrasound-market-will-cross-3000-millionn-by-2025-2019-05-31

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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