Worldwide pharmacovigilance outsourcing market is anticipated to surpass US $7.5 billion by 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Pharmacovigilance outsourcing market is predicted to have substantial growth during the projected time period due to growing preference by biopharmaceutical and pharmaceutical companies for outsourcing drug safety activities. Pharmaceutical companies that don’t have knowledge about drug safety activities and depend upon BPOs and CROs for pharmacovigilance.
Outsourcing pharmacovigilance activities help biopharmaceutical, pharmaceutical, and biotechnology companies to gain accurate and professional insights on ADRs (Adverse Drug Reactions) for a specific drug before it is marketed. In addition, several companies carry out post marketing investigation for drugs from CROs such as IQVIA. Thus, high demand for bundled and partial outsourcing activities by organizations such as Astra Zeneca will drive the market growth over the forecast period.
Availability of pharmacovigilance outsourcing facilities at a lesser price provided by leading BPOs and CROs in developing economies such as India will prove beneficial for market growth. BPOs and CROs have dedicated and skilled staff for providing pharmacovigilance outsourcing services at lower cost. Start-ups and multinational pharmaceutical companies opt for reasonably priced pharmacovigilance services pre and post marketing.
Low cost of outsourcing facilities will guarantee high demand thereby, boosting the market growth. However, outsourcing pharmacovigilance activities may contain risk as clients will have no control over quality of drug safety analysis and platforms being used for measuring the ADRs, hence hampering the market growth to some extent.
Premarketing pharmacovigilance outsourcing facilities sector was worth US $713.1 million in the year 2017 and is predicted to have considerable revenue size over the projected time period. The service reports adverse events encountered during clinical trials. Several pharmaceutical companies involved in drug manufacturing, outsource drug safety activities related with clinical trials to evade the delays in drug approval process, thereby enhancing the segmental growth in forecast timeframe.
According to the report, pharmacovigilance outsourcing market from CROs segment is presumed to register a growth of 15.9% by the year 2024. CROs are organizations that typically have gained expertise in offering accurate and efficient pharmacovigilance outsourcing facilities. Furthermore, majority of the revenue produced by CROs is due to the tailored pharmacovigilance outsourcing facilities using technologically advanced methods for developed drugs, favoring segmental growth.
Based on the regional landscape, India pharmacovigilance outsourcing market recorded 19.5% revenue share and is predicted to have exponential growth over the projected period. Existence of large number of firms providing drug safety outsourcing facilities will trigger the market growth in India. Furthermore, favorable government initiatives along with developing regulatory landscape will boost the regional market growth in the upcoming years.
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Germany pharmacovigilance outsourcing market was worth US $185.4 million in the year 2017, owing to the existence of well-established companies providing pharmacovigilance services to major pharmaceutical firms. Germany based BPOs are well known for data processing IT services and with a huge client-base these firms attain majority of the market share. Above mentioned factors coupled with increasing cases of ADRs will drive the regional market growth.
Prominent companies functioning in pharmacovigilance outsourcing market include Cognizant, Accenture, Covance, Bioclinica, Ergomed, Clintec, Genpact, ICON, iMED Global Corporation, IBM Corporation, iGATE Corporation, Infosys, MarksMan Healthcare, Novartis, IQVIA, Medpace Holdings, Oracle Corporation, SIRO Clinpharm, Tech Mahindra, Parexel, Symogen, PRA Health Sciences, Tata Consultancy Services, and Syneos Health. These eminent companies implement strategic initiatives such as acquisitions and mergers, development of new facilities that help them in sustaining market competition.
Citing an instance, in 2016, Cognizant Technology Solutions Corporation got involved in new digital healthcare development platform to extend its business offerings. The introduction of Cognizant health tranZform, a new healthcare platform developed by Orion Health for enhancing functional efficiency and making correct decisions regarding quality and cost of patient’s care and therefore driving consumer engagement. This tactical initiative will augment Cognizant’s revenue.