May 11, 2020
According to the research report titled ‘Pharmacovigilance Outsourcing Market Size By Service By Service Providers, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global pharmacovigilance outsourcing market is expected to register significant growth by the year 2026.
For the record, pharmacovigilance is the study of acquiring, measuring, monitoring and assessing information from healthcare providers and patients regarding the harmful effects of blood products, biological products, medical devices and vaccines. Pharmacovigilance outsourcing helps enterprises in confronting the rising complexity and volume of regulatory requirements, which in turn is a major factor driving the market growth.
Growing demand for a specialized pharmacovigilance team is further aiding the market expansion. Pharmacovigilance outsourcing enables organizations to outsource duties to a dedicated service provider. This not only allows pharmaceutical companies to save on resources, but also enables them to effectively monitor the safety of products.
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Pharmacovigilance outsourcing provides enhanced business model and flexible capacity. It also offers multidisciplinary knowledge, intellectual property and unique expertise. The service offers better efficiency and favorable returns on investment as well as converts fixed costs into variable charges.
As per service type, pre-marketing pharmacovigilance segment is presumed to expand with a CAGR of 15.5 % during 2020-2026. Shifting focus towards development and launch of innovative drugs has impelled the demand for such services.
In terms of service provider, market share from CROs (contract research organizations) segment was worth USD 2.5 billion in 2019. Various small-scale pharma companies outsource pharmacovigilance activities to CROs in order to reduce resource costs, which further allows for effective time management.
Tata Consultancy Services (TCS), Syneos Health, PRA Health Sciences, PAREXEL International Corp., Oracle Corp., Novartis AG, Norwich Clinical Services, Navitas Lifesciences, Medpace Holdings Inc., IQVIA, Infosys, iMed Global Corp. (FMD K&L), IGATE Corp., ICON, IBM Corp., HCL Technologies, Genpact, Ergomed, Covance, Cognizant, ClinTec, CliniRx Tangent Research, CAC Croit Corp., Bioclinica (Cinven), Axis Clinicals and Accenture are the prominent companies operating in pharmacovigilance outsourcing market.