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March 6, 2020(Newswire.com) - According to the latest report 'Pharmacovigilance Outsourcing Market by Service (Pre-marketing Services, Post-marketing Services), Service Providers (Contract Research Organizations, Business Processing Outsourcing), Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026' , by Global Market Insights, Inc., the market valuation of pharmacovigilance outsourcing will cross $10.5 billion by 2026. The increasing prevalence of adverse effects and safety concerns associated with medical products will drive market growth.
Increasing preference of pharmaceutical and biopharmaceutical companies for outsourcing drug safety activities will lead to substantial pharmacovigilance outsourcing market growth. Companies that do not possess in-house pharmacovigilance units are highly dependent on service providers such as contract research organization (CROs) and business process outsourcing (BPOs).
Furthermore, drug manufacturers in developed countries are focusing on outsourcing pharmacovigilance services to minimize operational expenses and costs. This will serve as an opportunity for CROs in developing countries, thus, driving the market expansion.
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Growing adoption of pharmacovigilance outsourcing trend by life science manufacturers will trigger the market growth. Government bodies such as EMA and the U.S. FDA have augmented safety regulations pertaining to commercialization of drugs. This has led to an increased pressure to manufacture safer drugs. Thus, increasing complexity related to drug safety will further drive the pharmacovigilance outsourcing market growth.
Pre-marketing pharmacovigilance services segment was valued at around USD 950 million in 2019 and is projected to show significant growth till 2026. Segment growth is attributed to increasing demand for these services to report adverse events encountered throughout the clinical trial phases.
Several pharma and biotech companies that are involved in drug manufacturing, outsource pharmacovigilance activities to ensure product quality, efficiency & efficacy as well as to avoid drug approval delays. The aforementioned factors will thus spur the market size.
CROs segment in the pharmacovigilance outsourcing market is estimated to register a growth of 16% through 2026. Factors such as the growing prevalence of chronic diseases, increasing investments in novel drug development and adoption of advanced pharmacovigilance software will upsurge market demand.
Companies such as PAREXEL International Corporation, Cato Research and Medpace Holdings among others provide end-to-end pharmacovigilance services from early phase clinical research to post marketing surveillance. Thus, inclination towards such full service CROs and capabilities will foster segmental growth.
Some of the prominent players operating in pharmacovigilance outsourcing market include Accenture, Axis Clinicals, BioClinica (Cinven), Covance, Clintec, Cognizant and Genpact among others. The companies majorly focus on strategies such as collaborations, mergers, acquisitions and partnerships to sustain market competition.
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Some major findings of the pharmacovigilance outsourcing market report include:
- The World Drug Safety Congress in Europe is aimed at driving more than 550 drug safety, data analytics, pharmacovigilance and other key players in the biopharma field to explore the application of artificial intelligence (AI) and big data in pharmacovigilance, patient centric approaches and benefit-risk management strategies.
- In 2018, the Post-marketing Adverse Drug Experience (PADE) received approval from the U.S. FDA to outsource its activities to third-party vendors, contractors and consultants.
- Pharmacovigilance outsourcing industry players such as Accenture, Infosys, TCS, Axis Clinicals, BioClinica (Cinven) and Covance among others adopt various inorganic growth strategies to capitalize on market opportunities.
Table of Contents (ToC) of the report:
Chapter 3. Pharmacovigilance Outsourcing Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls and challenges
3.4. Growth potential analysis
3.4.1. By service
3.4.2. By service provider
3.5. Regulatory landscape
3.6. Porter's analysis
3.7. Competitive landscape, 2018
3.7.1. Company matrix analysis
3.8. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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