Increase in trends of outsourcing services owing to benefits offered by outsourced compliance providers over in-house compliance functions, and increase in adverse drug reactions and drug toxicity, boost growth of the market.
Increase in trends of outsourcing services owing to benefits offered by outsourced compliance providers over in-house compliance functions, and increase in adverse drug reactions and drug toxicity, boost growth of the market.
The global pharmacovigilance outsourcing market size was valued at $2.48 billion in 2020, and is projected to reach $9.65 billion by 2030 registering a CAGR of 14.60% from 2021 to 2030.
Pharmacovigilance (PV) can be defined as science and activities pertaining to detection, understanding, assessment, and prevention of drug-related problems. It plays a significant role in developing the healthcare system by assessing and monitoring adverse drug interactions and their effects on human. The number of adverse drug reactions (ADRs) reported during the last few years has increased to a great extent and requires high level of expertise in pharmacovigilance to rapidly detect drug risks and defend products against recalls.
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COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has helped the industry grow significantly, as the demand for pharmacovigilance outsourcing services increased. Medical monitoring and safety reporting are essential as several potential therapies are being used in the treatment of coronavirus-induced infection. In addition, rising incidence of adverse drug reactions is anticipated to accelerate the demand for pharmacovigilance services amid pandemics. This supports the pharmacovigilance outsourcing market to gain traction during the forecast period.
Pharmacovigilance outsourcing refers to transfer of drug safety processes and functions to a third-party provider. These services are majorly outsourced by small and mid-size pharmaceutical and biotechnology companies with an aim to save costs and focus on company’s core activities. Some of the common pharmacovigilance activities that are generally outsourced include collecting ADR information, case processing activities, development of risk management plans & risk evaluation mitigation strategy as well as creating & submitting aggregate and expedited pharmacovigilance reports.
The pharmacovigilance outsourcing market is segmented on the basis of type, service providers, end user, and region.
By type, the market is divided into adverse drug reaction capture (ADR), case processing, reporting and submission, report publishing, quality check, risk management, knowledge management, and enabling architecture. The case processing segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period.
On the basis of service providers, it is segmented into contract research organizations and business processing outsourcing. The contract research organizations segment dominated the global market in 2020, and is expected to remain dominant throughout the forecast period.
By end user, it is divided into pharmaceutical industry, research organization, and others. The others segment is further divided into regulatory organizations and hospitals. The pharmaceutical industry segment held the largest market share in 2020, and is expected to remain dominant throughout the forecast period
North America accounted for the largest share of the global pharmacovigilance outsourcing market in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to presence of major pharma and medical device companies in the region.
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The Major Key Players Are:
Accenture PLC., Bioclinica, Capgemini (IGate Corporation), Cognizant Technology Solutions Corporation, Ergomed Plc., Genpact Limited, International Business Machines Corporation, Icon Plc., IQVIA Holdings Inc. (Clintec), and Labcorp Drug Development (Covance).
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