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Pharmacovigilance Outsourcing Market - Global Industry Analysis

Pharmacovigilance Outsourcing Market - By Service Provider (Business Processing Outsourcing and Contract Research Organizations), By Service (Post-marketing Services (IT Solutions & Services and Knowledge Process Outsourcing Services) and Pre-marketing Services (Case-Processing Services, Clinical Pharmacovigilance Services, Medical Review, and Safety Data Management Services)), and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026

Published Date: 11-Jun-2020 Category: Technology & Media Report Format : PDF Pages: 110 Report Code: ZMR-3881 Status : Published

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.

Description

The global Pharmacovigilance Outsourcing market garnered revenue worth nearly 3.36(USD Billion) in 2019 and is set to record the CAGR of about 15.6% over the period from 2020 to 2026. The report offers assessment and analysis of the Pharmacovigilance Outsourcing market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).

Introduction

Pharmacovigilance outsourcing is the transfer of drug safety operations and processes to a third party service provider by the 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.

Apparently, 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 of preparing standard operating procedures as well as other controlled quality documents. In addition to this, it also include 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 comprise 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 & preventive action policies.

Details of the Report:

Report Metric

Details

Base Year

2019

Historical Data

2017 and 2018

Forecast period

2020-2026

Market Representation

Earnings provided in terms of USD Billion and CAGR estimated from 2020 to 2026

Segments Analyzed

By Service, By Service Provider, and By Region

Regions Analyzed

North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa

Market Growth Drivers

Demand for strong compliance system and expertise for pharmacovigilance or need for talented professionals to maintain pharmacovigilance infrastructure has increased the maintenance cost of infrastructure supporting pharmacovigilance. This is likely to boost the demand for outsourcing pharmacovigilance activities with the view to minimize the maintenance costs of the firm.

Moreover, even with large-scale funding of pharmacovigilance operations, a firm may lack the ability to improve quality of its pharmacovigilance activities as well as compliance due to lack of availability of expert staff to perform its in-house pharmacovigilance functions. This, in turn, will steer the growth of the pharmacovigilance outsourcing market over the years to come.

Additionally, service providers are highlighting on developing & maintaining updated knowledge pertaining to pharmacovigilance activities through hiring of experienced pharmacovigilance experts. Such moves also assist them in regulating the costs. Apart from this, they bring process agendas, execute rigorously industry-tested procedures, gain huge knowledge & expertise through performing of similar services for other clients, and provide just-in-time delivery of value- based pharmacovigilance outsourcing solutions. This can allow the organizations to focus more on their core strategic goals and help them in saving the costs associated with deployment & maintenance of pharmacovigilance systems. All these aforementioned factors will enlarge the business scope over the forthcoming years.

Pharmacovigilance outsourcing providers can assist the firms in addressing the issues pertaining to the growing size and complexity of regulations, augment scalability to fit rising product portfolios, and support the firms in achieving the economies of scale along with assisting them in accomplishing their cost target. Pharmacovigilance outsourcing can free firm’s management to focus diligently on firm’s core capabilities and business performance. All these above-mentioned aspects will steer the market growth trends in the forecasting years.

North America To Contribute Majorly Towards Global Market Share By 2026

The regional market growth during forecast timeline can be attributed to the presence of giant biopharmaceutical and pharmaceutical firms in the countries like the U.S. Furthermore, the surge in the proportion of drug discoveries and drug approvals by U.S. FDA will also drive the market growth in the region over the coming years.

Key players profiled in the report include Genpact, Bioclinica, Tata Consultancy Services (TCS), Accenture, PRA Health Sciences, Clintec, SIRO Clinpharm, CliniRx Tangent Research, Covance, Infosys, Tech Mahindra, Cognizant, Ergomed, IBM, HCL Technologies, iGATE, ICON, iMED Global, Medpace Holdings, IQVIA, Oracle, Novartis, Parexel, Symogen, and Syneos Health.

The global pharmacovigilance outsourcing market is segmented as follows:

By Service Provider

  • Business Processing Outsourcing
  • Contract Research Organizations

By Service

  • Post-marketing Services
    • IT Solutions & Services
    • Knowledge Process Outsourcing Services
  • Pre-marketing Services
    • Case-Processing Services
    • Clinical Pharmacovigilance Services
    • Medical Review
    • Safety Data Management Services

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report Description and Scope
    • 1.2. Research Scope
    • 1.3. Research Methodology
      • 1.3.1. Market Research Process
      • 1.3.2. Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1. Pharmacovigilance Outsourcing Market, 2016–2026(USD Billion)
    • 2.2. Pharmacovigilance Outsourcing Market: Snapshot
  • Chapter 3. Global Pharmacovigilance Outsourcing Market– Industry Analysis
    • 3.1. Pharmacovigilance Outsourcing Market: Market Dynamics
    • 3.2. Market Drivers
      • 3.2.1. Need for reduction in costs of in-house pharmacovigilance system maintenance
      • 3.2.2. High requirement to reduce infrastructural costs
    • 3.3. Porter’s Five Forces Analysis
    • 3.4. Market Attractiveness Analysis
      • 3.4.1. Market attractiveness analysis By Service Provider
      • 3.4.2. Market attractiveness analysis By Service
  • Chapter 4. Global Pharmacovigilance Outsourcing Market– Competitive Landscape
    • 4.1. Company market share analysis
      • 4.1.1. Global Pharmacovigilance Outsourcing Market: company market share, 2019
    • 4.2. Strategic development
      • 4.2.1. Acquisitions & mergers
      • 4.2.2. New Product launches
      • 4.2.3. Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4. Research and development and Regional expansion
    • 4.3. Price trend analysis
  • Chapter 5. Global Pharmacovigilance Outsourcing Market–Service Provider Analysis
    • 5.1. Global Pharmacovigilance Outsourcing Market overview: By Service Provider
      • 5.1.1. Global Pharmacovigilance Outsourcing Market share, By Service Provider,2019 and 2026
    • 5.2. Business Processing Outsourcing
      • 5.2.1. Global Pharmacovigilance Outsourcing Market by Business Processing Outsourcing, 2016–2026(USD Billion)
    • 5.3. Contract Research Organizations
      • 5.3.1. Global Pharmacovigilance Outsourcing Market by Contract Research Organizations, 2016–2026(USD Billion)
  • Chapter 6. Global Pharmacovigilance Outsourcing Market– Service Analysis
    • 6.1. Global Pharmacovigilance Outsourcing Market overview: By Service
      • 6.1.1. Global Pharmacovigilance Outsourcing Market share, By Service , 2019 and 2026
    • 6.2. Post-marketing Services
      • 6.2.1. Global Pharmacovigilance Outsourcing Market By Post-marketing Services, 2016–2026(USD Billion)
    • 6.3. Pre-marketing Services
      • 6.3.1. Global Pharmacovigilance Outsourcing Market By Pre-marketing Services, 2016–2026(USD Billion)
  • Chapter 7. Company Profiles
    • 7.1. Bioclinica
      • 7.1.1. Overview
      • 7.1.2. Financials
      • 7.1.3. Product Portfolio
      • 7.1.4. Business Strategy
      • 7.1.5. Recent Developments
    • 7.2. Accenture
      • 7.2.1. Overview
      • 7.2.2. Financials
      • 7.2.3. Product Portfolio
      • 7.2.4. Business Strategy
      • 7.2.5. Recent Developments
    • 7.3. Clintec
      • 7.3.1. Overview
      • 7.3.2. Financials
      • 7.3.3. Product Portfolio
      • 7.3.4. Business Strategy
      • 7.3.5. Recent Developments
    • 7.4. CliniRx Tangent Research
      • 7.4.1. Overview
      • 7.4.2. Financials
      • 7.4.3. Product Portfolio
      • 7.4.4. Business Strategy
      • 7.4.5. Recent Developments
    • 7.5. Covance
      • 7.5.1. Overview
      • 7.5.2. Financials
      • 7.5.3. Product Portfolio
      • 7.5.4. Business Strategy
      • 7.5.5. Recent Development
    • 7.6. Cognizant
      • 7.6.1. Overview
      • 7.6.2. Financials
      • 7.6.3. Product Portfolio
      • 7.6.4. Business Strategy
      • 7.6.5. Recent Development
    • 7.7. Genpact
      • 7.7.1. Overview
      • 7.7.2. Financials
      • 7.7.3. Product Portfolio
      • 7.7.4. Business Strategy
      • 7.7.5. Recent Development
    • 7.8. Ergomed
      • 7.8.1. Overview
      • 7.8.2. Financials
      • 7.8.3. Product Portfolio
      • 7.8.4. Business Strategy
      • 7.8.5. Recent Development
    • 7.9. IBM
      • 7.9.1. Overview
      • 7.9.2. Financials
      • 7.9.3. Product Portfolio
      • 7.9.4. Business Strategy
      • 7.9.5. Recent Development
    • 7.10. HCL Technologies
      • 7.10.1. Overview
      • 7.10.2. Financials
      • 7.10.3. Product Portfolio
      • 7.10.4. Business Strategy
      • 7.10.5. Recent Development
    • 7.11. iGATE
      • 7.11.1. Overview
      • 7.11.2. Financials
      • 7.11.3. Product Portfolio
      • 7.11.4. Business Strategy
      • 7.11.5. Recent Development
    • 7.12. ICON
      • 7.12.1. Overview
      • 7.12.2. Financials
      • 7.12.3. Product Portfolio
      • 7.12.4. Business Strategy
      • 7.12.5. Recent Development
    • 7.13. Infosys
      • 7.13.1. Overview
      • 7.13.2. Financials
      • 7.13.3. Product Portfolio
      • 7.13.4. Business Strategy
      • 7.13.5. Recent Development
    • 7.14. iMED Global
      • 7.14.1. Overview
      • 7.14.2. Financials
      • 7.14.3. Product Portfolio
      • 7.14.4. Business Strategy
      • 7.14.5. Recent Development
    • 7.15. IQVIA
      • 7.15.1. Overview
      • 7.15.2. Financials
      • 7.15.3. Product Portfolio
      • 7.15.4. Business Strategy
      • 7.15.5. Recent Development
    • 7.16. Medpace Huldings
      • 7.16.1. Overview
      • 7.16.2. Financials
      • 7.16.3. Product Portfolio
      • 7.16.4. Business Strategy
      • 7.16.5. Recent Development
    • 7.17. Oracle
      • 7.17.1. Overview
      • 7.17.2. Financials
      • 7.17.3. Product Portfolio
      • 7.17.4. Business Strategy
      • 7.17.5. Recent Development
    • 7.18. Novartis
      • 7.18.1. Overview
      • 7.18.2. Financials
      • 7.18.3. Product Portfolio
      • 7.18.4. Business Strategy
      • 7.18.5. Recent Development
    • 7.19. PRA Health Sciences
      • 7.19.1. Overview
      • 7.19.2. Financials
      • 7.19.3. Product Portfolio
      • 7.19.4. Business Strategy
      • 7.19.5. Recent Development
    • 7.20. Parexel
      • 7.20.1. Overview
      • 7.20.2. Financials
      • 7.20.3. Product Portfolio
      • 7.20.4. Business Strategy
      • 7.20.5. Recent Development
    • 7.21. Symogen
      • 7.21.1. Overview
      • 7.21.2. Financials
      • 7.21.3. Product Portfolio
      • 7.21.4. Business Strategy
      • 7.21.5. Recent Development
    • 7.22. SIRO Clinpharm
      • 7.22.1. Overview
      • 7.22.2. Financials
      • 7.22.3. Product Portfolio
      • 7.22.4. Business Strategy
      • 7.22.5. Recent Development
    • 7.23. Tata Consultancy Services (TCS)
      • 7.23.1. Overview
      • 7.23.2. Financials
      • 7.23.3. Product Portfolio
      • 7.23.4. Business Strategy
      • 7.23.5. Recent Development
    • 7.24. Tech Mahindra
      • 7.24.1. Overview
      • 7.24.2. Financials
      • 7.24.3. Product Portfolio
      • 7.24.4. Business Strategy
      • 7.24.5. Recent Development
    • 7.25. Syneos Health
      • 7.25.1. Overview
      • 7.25.2. Financials
      • 7.25.3. Product Portfolio
      • 7.25.4. Business Strategy
      • 7.25.5. Recent Development

List of Figures

1. Market research process
2. Market research methodology
3. Global Pharmacovigilance Outsourcing Market, 2016–2026(USD Billion)
4. Porter’s Five Forces Analysis
5. Global Pharmacovigilance Outsourcing Market attractiveness, By Service Provider
6. Global Pharmacovigilance Outsourcing Market attractiveness, By Service 
7. Global Pharmacovigilance Outsourcing Market share, By Service Provider, 2019 and 2026 (USD Billion)
8. Global Pharmacovigilance Outsourcing Market by Business Processing Outsourcing, 2016–2026(USD Billion)
9. Global Pharmacovigilance Outsourcing Market by Contract Research Organizations,2016–2026(USD Billion)
10. Global Pharmacovigilance Outsourcing Market Share by Service ,2019 and 2026 (USD Billion)
11. Global Pharmacovigilance Outsourcing Market by Post-marketing Services, 2016–2026(USD Billion)
12. Global Pharmacovigilance Outsourcing Market by Pre-marketing Services, 2016–2026(USD Billion)
13. Global Pharmacovigilance Outsourcing Market share, by Region, 2019 and 2026
14. North America Pharmacovigilance Outsourcing Market, 2016–2026(USD Billion)
15. Europe Pharmacovigilance Outsourcing Market, 2016–2026(USD Billion)
16. Asia Pacific Pharmacovigilance Outsourcing Market, 2016–2026(USD Billion)
17. Latin America Pharmacovigilance Outsourcing Market, 2016–2026(USD Billion)
18. The Middle East and Africa Pharmacovigilance Outsourcing Market, 2016–2026(USD Billion)


List of Tables

1. Global Pharmacovigilance Outsourcing Market: snapshot
2. Drivers of the Pharmacovigilance Outsourcing Market: impact analysis
3. North America Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
4. North America Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
5. The U.S. Pharmacovigilance Outsourcing Market revenue, By Service Provider, 2016–2026(USD Billion)
6. The U.S. Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
7. Rest of North America Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
8. Rest of North America Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
9. Europe Pharmacovigilance Outsourcing Market revenue, By Service Provider, 2016–2026(USD Billion)
10. Europe Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
11. UK Pharmacovigilance Outsourcing Market revenue, By Service Provider ,2016–2026(USD Billion)
12. UK Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
13. France Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
14. France Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
15. Germany Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
16. Germany Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
17. Rest of Europe Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
18. Rest of Europe Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
19. Asia Pacific Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
20. Asia Pacific Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
21. China Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
22. China Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
23. Japan Pharmacovigilance Outsourcing Market revenue, By Service Provider, 2016–2026(USD Billion)
24. Japan Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
25. India Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
26. India Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
27. Rest of Asia Pacific Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
28. Rest of Asia Pacific Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
29. Latin America Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
30. Latin America Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
31. Brazil Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
32. Brazil Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
33. Rest of Latin America Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
34. Rest of Latin America Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
35. The Middle East and Africa Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
36. The Middle East and Africa Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
37. Saudi Arabia Pharmacovigilance Outsourcing Market revenue, By Service Provider, 2016–2026(USD Billion)
38. Saudi Arabia Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
39. South Africa Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
40. South Africa Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
41. Rest of the Middle East & Africa Pharmacovigilance Outsourcing Market revenue, By Service Provider,2016–2026(USD Billion)
42. Rest of the Middle East & Africa Pharmacovigilance Outsourcing Market revenue, By Service , 2016–2026(USD Billion)
 
 

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FrequentlyAsked Questions

The key growth drivers that will leverage the market growth include reduction in costs of in-house pharmacovigilance system maintenance & saving infrastructural costs.

The CAGR of the industry is expected to be nearly over 15.6% during the forecast timespan.

North American region will contribute remarkably towards the global market share over the estimated timeline.

The key market participants include Genpact, Bioclinica, Tata Consultancy Services (TCS), Accenture, PRA Health Sciences, Clintec, SIRO Clinpharm, CliniRx Tangent Research, Covance, Infosys, Tech Mahindra, Cognizant, Ergomed, IBM, HCL Technologies, iGATE, ICON, iMED Global, Medpace Holdings, IQVIA, Oracle, Novartis, Parexel, Symogen, and Syneos Health.

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