The pharmacovigilance outsourcing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Pharmacovigilance Outsourcing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The pharmacovigilance outsourcing market size has grown rapidly in recent years. It will grow from $5.25 billion in 2023 to $6.16 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to increasing drug development activities, stringent regulatory requirements, a rising incidence of adverse drug reactions, growing patient safety concerns, and increasing outsourcing by small and mid-sized companies.
The pharmacovigilance outsourcing market size is expected to see rapid growth in the next few years. It will grow to $11.71 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to the growth of biologics and biosimilars, the rising focus on personalized medicine, the rising demand for real-world evidence, the increasing complexity of drug safety profiles, and the growing emphasis on patient-centric care. Major trends in the forecast period include the increasing use of big data analytics, a rise in partnerships and collaborations, the adoption of cloud-based pharmacovigilance solutions, the integration of pharmacovigilance with digital health platforms, and the development of specialized pharmacovigilance services for gene therapies.
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Scope Of Pharmacovigilance Outsourcing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Pharmacovigilance Outsourcing Market Overview
Market Drivers –
The rising number of clinical trials is expected to propel the growth of the pharmacovigilance outsourcing market going forward. Clinical trials are research studies conducted to evaluate the safety, efficacy, and potential side effects of new treatments, drugs, or medical devices. Clinical trials are rising due to several reasons, including the growing focus on precision medicine, the rising incidence of chronic diseases, regulatory support, and the globalization of research. Pharmacovigilance outsourcing in clinical trials enhances drug safety monitoring by leveraging specialized expertise and resources to ensure compliance with regulatory requirements and improve efficiency. For instance, in November 2023, according to the Association of the British Pharmaceutical Industry, a UK-based trade association, the total number of industry-sponsored clinical trials initiated in the UK increased slightly by 4.3%, rising from 394 trials in 2021 to 411 in 2022. Therefore, the rising number of clinical trials is driving the growth of the pharmacovigilance outsourcing market.
Market Trends –
Major companies operating in the pharmacovigilance outsourcing market are focusing on developing innovative solutions, such as a cloud-based data lake platform, to optimize pharmacovigilance case processing and safety data management processes for enhancing clinical research registries and ensuring compliance with regulatory requirements. A cloud-based data lake platform is a centralized repository that allows you to store and manage large amounts of raw data in its native format until it’s needed. For instance, in December 2023, Thermo Fisher Scientific Inc., a US-based biotechnology and laboratory equipment company, launched CorEvidence, designed to enhance clinical research registries. It is designed to streamline pharmacovigilance case processing by handling multiple data sources and optimizing the coding, classification, and reporting of adverse events. Its significance lies in providing scalable, compliant, and auditable safety management, enhancing CorEvitas clinical research registries, and supporting long-term post-authorization safety studies across multiple therapeutic areas.
The pharmacovigilance outsourcing market covered in this report is segmented –
1) By Type: Adverse Drug Reaction Capture (ADR), Case Processing, Reporting And Submission, Report Publishing, Quality Check, Risk Management, Knowledge Management, Enabling Architecture
2) By Service Provider: Contract Research Organization, Business Processing Outsourcing
3) By End User: Pharmaceutical Industry, Research Organization, Others End Users
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Regional Insights –
North America was the largest region in the pharmacovigilance outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacovigilance outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the pharmacovigilance outsourcing market are ACCENTURE PLC, International Business Machines Corporation (IBM), Tata Consultancy Services, Capgemini SE, Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., Laboratory Corporation of America Holdings (LabCorp), Wipro Limited, ICON PLC, Syneos Health, Genpact limited, Parexel International Corp, Veeva Systems Inc., Medpace Holdings Inc., ProPharma Group, Pharmalex GmbH, PrimeVigilance Ltd., Global Pharma Tek, Veristat LLC, United BioSource LLC, Lambda Therapeutic Research, ArisGlobal, Biomapas
Table of Contents
1. Executive Summary
2. Pharmacovigilance Outsourcing Market Report Structure
3. Pharmacovigilance Outsourcing Market Trends And Strategies
4. Pharmacovigilance Outsourcing Market – Macro Economic Scenario
5. Pharmacovigilance Outsourcing Market Size And Growth
…..
27. Pharmacovigilance Outsourcing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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