DUBLIN, January 21, 2022--(BUSINESS WIRE)--The "Pharmacovigilance Outsourcing Market by Type, Service Provider and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030." report has been added to ResearchAndMarkets.com's offering.
The global pharmacovigilance outsourcing market was valued at $2,489.10 million in 2020, and is projected to reach $9,654.10 million by 2030 registering a CAGR of 14.60% from 2021 to 2030.
Pharmacovigilance outsourcing is transfer of drug safety operations and processes to a third-party service provider by a life science firm. Primary pharmacovigilance outsourcing activities include case processing and compliance management. Apart from this, pharmacovigilance outsourcing activities also include core activities and management activities.
Core pharmacovigilance outsourcing activities encompass gathering data associated with adverse drug reaction (ADR), preparation of risk management strategies as well as risk assessment mitigation strategies, and creation submission of expedited & aggregate pharmacovigilance reports. Furthermore, management pharmacovigilance outsourcing activities comprise preparing standard operating procedures as well as other controlled quality documents.
In addition, it also includes supporting internal & external compliance reporting, testing, and checking business processes & systems for compliance, carrying out trend analyses & predictive modeling for compliance functions, and formulating comprehensive descriptions of the pharmacovigilance system. Apart from this, management pharmacovigilance outsourcing activities also consist of drafting or revising safety data exchange contracts with third parties or business partners, inspecting readiness training, checking pharmacovigilance system updates, and developing & implementing corrective and preventive action (CAPA) policies.
Increase in preference for outsourcing services by the pharmaceutical industry, hospitals, and various research organizations, owing to benefits associated with pharmacovigilance outsourcing services such as low cost and minimum operational expenses. In addition, rise in adverse drug reactions and drug toxicity associated with pharmaceutical products is one of the major factors that propels the market growth.
Furthermore, high profile drug recalls due to safety concerns also increases the need for medical information by regulatory authorities, which is anticipated to fuel growth of the market. However, risk associated with data security including cyber threats, cyberattacks, or data breach from destructive forces and from unwanted actions of unauthorized users as well as dearth of skilled professionals for maintaining compliance restraint growth of the market. In contrast, growth opportunities in emerging markets, owing to availability of cost-effective pharmacovigilance outsourcing services provided by leading CROs and BPOs in emerging economies create lucrative opportunities for the pharmacovigilance outsourcing market.
The global 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. On the basis of service provider, it is segmented into contract research organizations and business processing outsourcing. By end user, it is divided into pharmaceutical industry, research organizations, and others. The others segment is further divided into regulatory organizations and hospitals. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The study provides an in-depth analysis of the global pharmacovigilance outsourcing market along with the current trends and future estimations to elucidate the imminent investment pockets.
A comprehensive analysis of the factors that drive and restrict the market growth is provided in the report.
Comprehensive quantitative analysis of the industry from 2020 to 2030 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
Extensive analysis of the key segments of the industry helps to understand the application and services of pharmacovigilance outsourcing used across the globe.
Key market players and their strategies have been analyzed to understand the competitive outlook of the market.
Increase in preferences for outsourcing services
Rise in adverse drug reactions and drug toxicity
High profile drug recalls
Risk associated with data security
Dearth of skilled professionals
Growth opportunities in emerging markets
Capgemini (IGate Corporation)
Cognizant Technology Solutions Corporation
International Business Machines Corporation
IQVIA Holdings Inc. (Clintec)
Labcorp Drug Development (Covance)
For more information about this report visit https://www.researchandmarkets.com/r/ikzdzw
View source version on businesswire.com: https://www.businesswire.com/news/home/20220121005275/en/
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