The global pharmacovigilance outsourcing market size was valued at $2,489.10 million in 2022 and is projected to reach $9,654.10 million by 2032 registering a CAGR of 14.60% from 2023 to 2032.
Transfer of drug safety operations and processes by a life science company to a third-party service provider is known as pharmacovigilance outsourcing. Collecting ADR data, case processing, developing risk management plans and risk evaluation mitigation strategies, and preparing and submitting aggregate and expedited pharmacovigilance reports are all routine pharmacovigilance activities that are commonly outsourced.
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Rise in preference for outsourcing services, owing to benefits associated with pharmacovigilance outsourcing services such as cost-effective services and low operational expenses is one of the major factors that boost growth of the pharmacovigilance outsourcing market. In addition, increase in adverse drug reactions and drug toxicity associated with pharmaceutical products further fuel the market growth. Furthermore, high profile drug recalls due to safety concerns also rises the need for medical information by regulatory authorities, which anticipated to drive growth of the market. However, risk associated with data security and shortage of skilled professionals for maintaining compliance, which hampers growth of the market. In contrast, growth opportunities in emerging markets, owing to availability of cost-effective pharmacovigilance outsourcing services provided by leading CROs and BPOs in emerging economies create lucrative opportunities for the pharmacovigilance outsourcing market.
Pharmacovigilance Outsourcing Market Segmentation
The global pharmacovigilance outsourcing market is segmented on the basis of type, service providers, end user, and region. By type, the market is divided into adverse drug reaction capture (ADR), case processing, reporting and submission, report publishing, quality check, risk management, knowledge management, and enabling architecture. On the basis of service provider, it is segmented into contract research organization and business processing outsourcing. By end user, it is divided into pharmaceutical industry, research organization, and others. The others segment is further divided into regulatory organization and hospitals. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on type, the case processing segment dominated the global market in 2022, and is anticipated to continue this trend during the forecast period. The key factors such as continuous increase in cases from various sources resulting from research and development and rise in need to ensure quality of data.
Based on service provider, contract research organization segment dominated the global market in 2022, and is expected to remain dominant throughout the forecast period. This is attributed to various advantages of contract research organization such as cost-effective services, time saving processes, advanced technological needs, and evolving and complex regulatory requirements.
Snapshot of the Asia-Pacific Pharmacovigilance Outsourcing Market
Asia-Pacific offers profitable opportunities for key players operating in the pharmacovigilance outsourcing market and is expected to register fastest growth rate during the forecast period, owing to economic development and low operating costs. The major driving factors for the market growth in this region include rise in focus in biopharmaceutical R&D, huge production of drugs, and surge in prevalence of cancer. In addition, strict regulations for reporting adverse drug reactions, coupled with large number of companies offering pharmacovigilance outsourcing services across the region. Furthermore, increase in funding for clinical trials further propel the regional pharmacovigilance outsourcing market growth.
The key pharmacovigilance outsourcing market players profiled in the report include Accenture PLC., Bioclinica, Capgemini (IGate Corporation), Cognizant Technology Solutions Corporation, Ergomed Plc., Genpact Limited, International Business Machines Corporation, Icon Plc., IQVIA Holdings Inc. (Clintec), and Labcorp Drug Development (Covance).
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global pharmacovigilance outsourcing market along with the current trends and future estimations to explain the imminent investment pockets.
- A comprehensive analysis of the factors that drive and restrict the pharmacovigilance outsourcing market growth is provided in the report.
- Comprehensive quantitative analysis of the industry from 2022 to 2032 is provided to enable the stakeholders to capitalize on the prevailing pharmacovigilance outsourcing market opportunities.
- Extensive analysis of the key segments of the industry helps to understand the application and services of pharmacovigilance outsourcing used across the globe.
- Key market players and their strategies have been analyzed to understand the competitive outlook of the market.
Segments Covered in the Report:
- Adverse Drug Reaction Capture (ADR)
- Case Processing
- Reporting and Submission
- Report Publishing
- Quality Check
- Risk Management
- Knowledge Management
- Enabling Architecture
By Service Provider
- Contract Research Organization
- Business Processing Outsourcing
By End User
- Pharmaceutical Industry
- Research Organization
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
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