Global pharmacovigilance outsourcing market was around USD 3.36 billion and is projected to display growth at about 15.6% CAGR during the forecast period.
New York, United States - October 28, 2020 /MarketersMedia/ —
As per the researchers at Zion Market Research, in 2019, the valuation of the global pharmacovigilance outsourcing market was around USD 3.36 billion and is projected to display growth at about 15.6% CAGR during the forecast period. Few of the prominent players active in the global pharmacovigilance outsourcing market are Bioclinica, Accenture, Clintec, CliniRx Tangent Research, Covance, Cognizant, Genpact, Ergomed, IBM, HCL Technologies, iGATE, ICON, Infosys, iMED Global, Medpace Holdings, IQVIA, Oracle, Novartis, PRA Health Sciences, Parexel, Symogen, SIRO Clinpharm, Tata Consultancy Services (TCS), Tech Mahindra, and Syneos Health. These market participants are mainly emphasizing on the tactical agreement, merger, acquisitions, and inclusion of services to the prevailing portfolio to reinforce their market status and profit from market opportunities. To cite, PAREXEL International Corporation, in March 2018, introduced Integrated Medical Writing Solutions that provides a broad array of communication services, required at each drug development phase and commercialization process.
Need For Effective Treatments To Boost The Demand For Pharmacovigilance Outsourcing
The global pharmacovigilance outsourcing market is anticipated to observe a considerable growth in the years to come owing to the rising prominence of market contenders in the healthcare sector about efficient diseases treatment. In addition, the increase in the incidence of chronic diseases is another key reason projected to boost the expansion of the global pharmacovigilance outsourcing market. The requirement for pharmaceutical firms to concentrate on numerous pharmacovigilance activities comprising analysis, evaluation, monitoring, and authorizations of clinical trials along with the assurance of quality of new drug development techniques is also anticipated to help the global pharmacovigilance outsourcing market grow during the coming period.
Pre-Marketing Services Segment To Witness Substantial Growth In The Coming Years
In 2018, the pre-marketing services segment registered a significant revenue share and is expected to display substantial growth during the forecast period as well. The rising spending of pharmaceutical firms in new drug development is projected to fuel market growth. Also, the rising requirement for pre-marketing pharmacovigilance activities to gather data about adverse drug effects from the pre-clinical screening and clinical trial phases I to III is projected to speed up the segmental expansion.
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North America Anticipated To Dominate The Global Market During The Forecast Period
In 2018, the global pharmacovigilance outsourcing market was ruled by North America with the US generating the highest revenue share. This region is anticipated to witness considerable growth during the forecast period owing to the firm base of key biopharma and pharma firms in this region. Further, the rising number of drug approvals and drug discovery is also expected to drive the market growth. Moreover, India's pharmacovigilance outsourcing market is expected to display a healthy CAGR during the forecast period. This expansion can be credited to the favorable and strict rule set on Indian service providers to enhance the pharmacovigilance services’ quality. Accessibility of major service providers presenting several PV functions at low prices together with existence of talented healthcare experts in the nations is further projected to drive the India pharmacovigilance outsourcing market growth during the coming years.
The global pharmacovigilance outsourcing market is segmented as follows:
By Service Provider
Business Processing Outsourcing
Contract Research Organizations
IT Solutions & Services
Knowledge Process Outsourcing Services
Clinical Pharmacovigilance Services
Safety Data Management Services
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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