Pharmacovigilance Outsourcing Market: An Overview 

The global pharmacovigilance outsourcing market is expected to rise at a significant pace in the near future, thanks to the stringent regulation imposed by regulatory authorities on the drug manufacturing companies. 

Pharmacovigilance has been fundamental to pharmaceuticals industry; however it has been monitored and followed seriously by authorities and companies. This could be one reason behind the unprecedented growth of the pharmacovigilance market. The growing number of drug patient approval has made it tough for pharmacy companies to monitor pre and post effect of each and every drug on the human. That is a prominent reason behind the splendid growth of the pharmacovigilance outsourcing market. 

Owing to increasing number of drug failure cases, drug safety and patient safety has moved limelight. Outsourcing is a common practice in the pharmaceutical market, while it has grown massively over the last decade. It has majorly helped multinational pharmaceuticals companies to develop global sourcing programs. The outsourcing of pharmacovigilance offer flexible solutions to various companies in health care industry.

Pharmacovigilance Outsourcing Market: Notable Developments and Competitive Landscape 

Some of the prominent industry players operating in the pharmacovigilance outsourcing market are Bioclinica, Accenture, Clintec, Covance, Cognizant, Ergomed, IBM Corporation, Genpact, ICON, iGATE Corporation, Infosys, iMED Global Corporation, and  Medpace Holdings. These players are actively indulged in several strategic initiatives including mergers and acquisitions, business partnerships and collaboration to strengthen foothold over the market and capitalize on market opportunities.  

This can be related with a recent development in the pharmacovigilance outsourcing market. In June 2018, Genpact, a prominent player acquired Commonwealth Informatics, a leading provider of cloud-based drug safety analytics services. This move is expected to help Genpact strengthen its hold over pharmacovigilance AI and cloud computing capabilities. Thus ensure a strong hold over drug safety thereby fostering company’s growth. 

Pharmacovigilance Outsourcing Market: Key Trends

The global pharmacovigilance outsourcing market is likely to witness a substantial growth in the coming few years. This is mainly attributed to the increasing emphasis of players in the healthcare sector regarding efficient treatment of diseases. Apart from this, rise in prevalence of  chronic diseases is a prominent factor expected to offer a positive impact on the growth of the pharmacovigilance (PV) outsourcing market. 

The need for pharmaceutical companies to focus on several pharmacovigilance activities including monitoring, analysis and evaluation and approvals of clinical trials and quality assurance of new drug development methods is another factor expected to offer a significant impact on the global pharmacovigilance outsourcing market.   

Moreover, it is not cost effective for most of the pharmaceutical company to set up an in-house PV department.  High cost of maintenance, difficulty in training resources with appropriated and updated methodologies and non-availability of appropriate infrastructure are some factors that are shifting players towards pharmacovigilance outsourcing 

Pharmacovigilance Outsourcing Market: Regional Outlook 

The global pharmacovigilance outsourcing market is divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The global pharmacovigilance outsourcing market in North America region is likely to grow at a highest pace during the forecast period. This is mainly due to the presence of major pharma and medical device companies in the region. Apart from this, rising number of drug development activities in the U.S. is likely to drive the pharmacovigilance outsourcing market in the region.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

.