Sarasota, FL -- (SBWIRE) -- 03/08/2019 -- Global Pharmacovigilance Outsourcing Market: Overview
The field of Pharmacovigilance globally represents the picture of drug effectiveness, safety, and associated risk detection. It is expected that even life science manufacturers will become more proactive due to the adoption of Pharmacovigilance services, which will stimulate business trends.
Global Pharmacovigilance Outsourcing Market: Growth Factors
Strict enforcement of legislation pertaining to clinical trial management and drugs safety will also influence Pharmacovigilance outsourcing market revenue in the near future. Large numbers of pharmaceutical and biotechnology firms are adopting these services to maintain and manage clinical trial data, which will profitably leverage the business earnings over the years to come. In addition, benefits offered by outsourcing facilities over in-house compliance functions will serve to be another positive impact rendering factor in the PV outsourcing market expansion.
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Issues associated with setting up in-house PV department coupled with various challenges such as high costs to maintain required levels of compliance, and need for qualified and trained in-house resources for the firms will surge the demand for outsourcing PV activities to service providers such as CROs and BPOs, thereby enlarging market scope. However, risks associated with data security such as misusing patient's data for detrimental purposes may hamper the Pharmacovigilance outsourcing market growth during the estimated period.
Furthermore, major pharmaceutical companies are involved in extensive R&D initiatives for the development of innovative therapeutic molecules. This has resulted in an increased rate of drug development. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for Pharmacovigilance outsourcing during the forecast timeline.
Global Pharmacovigilance Outsourcing Market: Segmentation
The global Pharmacovigilance outsourcing market can be classified into Clinical Trial Phase, Service Provider, and Service. Based on the clinical trial phase, the market is sectored into Pre-Clinical, Phase I, Phase II, Phase III, and Phase IV. On the basis of the service provider, the market is divided into Contract Research Organizations, Business Processing Outsourcing, In-House, Contract Outsourcing. Service wise, the market is segmented into pre-marketing and post-marketing services.
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Global Pharmacovigilance Outsourcing Market: Regional Analysis
Based on regions, the global Pharmacovigilance outsourcing market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America is likely to dominate the regional market revenue during the estimated timeframe, owing to the presence of key pharmaceutical and medical devices players in this region contributing towards the overall market growth. The rising level of drug abuse and associated adverse drug reactions is a leading cause of morbidity and death and this will act as a high growth rendering factor for the Pharmacovigilance outsourcing market growth in North America. High investment in the development of new drugs by major players is also responsible to propel the growth platform in this region. Consequentially, as a result of large production of drugs, the number of clinical trials and need for post-marketing surveillance in this region has increased thereby contributing to the overall growth of the industry.
Asia Pacific Pharmacovigilance market is likely to witness lucrative growth over the coming years. The attributing factors toward the Pharmacovigilance outsourcing market growth are stringent regulations regarding health, the rise in a number of clinical trials, and a massive patient base. The region will witness a surge in the number of pre-clinical trials, subject to which Pharmacovigilance outsourcing market from pre-clinical trials will generate massive revenue in the near future. Furthermore, increasing awareness amongst patients, rising investments, and supportive government initiatives for meeting the requirements of the population are the factors driving regional market growth.
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Europe and LATAM markets have huge growth potential in the years ahead.
Global Pharmacovigilance Outsourcing Market: Segmentation
The key players of the Pharmacovigilance outsourcing market are Accenture, Clinquest Group B.V., Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGlobal, ICON plc. Capgemini, ITClinical, iMEDGlobal, Foresight Group International AG, TAKE Solutions Ltd., PAREXEL International Corporation, BioClinica, Wipro Ltd., and United BioSource Corporation.
Global Pharmacovigilance Outsourcing Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa