Market Snapshot:
A pharmacovigilance outsourcing enables the clients to interact with one service provider for all the Pharmacovigilance (PV) and regulatory requirements, which translates into a cost and time-effective strategy. Pharmacovigilance outsourcing (PVO) transfers the execution of drug safety functions and processes to a third-party provider. These include primary PV activities like case processing, as well as governance activities like compliance management. These services are majorly outsourced by small and mid-size pharmaceutical and biotechnology companies with an aim to save costs and focus on the company’s core activities.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Market Drivers
- Cost-effective Pharmacovigilance Services in Developing Countries
- High Profile Drug Recalls due to Safety Concerns
Market Trend
- Increasing the Emphasis of Players in the Healthcare Sector Regarding the Treatment of Disease
Restraints
- The Risk associated with Data Security
Opportunities
High Potential in Developing Countries and Increasing Adverse Drug Reactions Associated with Pharmaceutical Products Used in the Prevention and Treatment of Various Diseases
Pharmacovigilance Outsourcing Market Segmentation:
Scope | Sub-Segments |
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Application / End User | detection,, assessment,, understanding, prevention of adverse effects and medicine/vaccine related |
Type | Drug safety surveillance., Drug abuse and adverse effects monitoring. and Safety monitoring of new products. |
Services | Pre-marketing Pharmacovigilance Services (Clinical Pharmacovigilance Services, Case-Processing Services, Safety Data Management Services, Medical Review) Post-marketing Pharmacovigilance Services (Pharmacovigilance Knowledge Process Outsourcing Services, IT Solutions, and Services) |
Service Providers | Contract Research Organizations,Business Processing Outsourcing |
Clinical Trial Phase | Pre-Clinical,Phase I,Phase II,Phase III,Phase IV |
Players Covered in the Study are:
Accenture plc (Ireland), Clinquest Group B.V (Netherlands), Cognizant (United States), Laboratory Corporation of America Holdings (United States), IBM (United States), ArisGlobal LLC (United States), ITClinical (Portugal), Foresight Group International AG (Switzerland) and Take Solutions Ltd. (India)
The Global Pharmacovigilance Outsourcing market is gaining huge competition due to involvement of United States companies that constantly invest in research & development to meet market expectation with new innovation.
Industry Insights:
In Dec. , 2023 – Accenture (NYSE: ACN) has signed an agreement to acquire Customer Management IT and SirfinPA, a pair of jointly-owned Italian technology consultancies supporting the public sector and specializing in justice and public safety. The acquisition aligns with Accenture’s focus on helping Italian public service organizations build their digital core and deliver enhanced services to the citizens they serve.
In February 2022, Cognizant entered into a partnership with Medable Inc. to jointly deliver clinical research solutions based on Medable's software-as-a-service platform for decentralized clinical trials. Source:
Key Target Audience
Pharmacovigilance Outsourcing Providers, Potential Investors, Research and Development Firm and End-User Industries
What can be explored with Pharmacovigilance Outsourcing study:
Where Pharmacovigilance Outsourcing industry stands in scaling its end use implementations
What concrete benefits would result from scaled initiatives by Players
Where Players should focus their investments cycle
Key success factors and recommendations for upscaling future growth.
Target Market / Country and Key Business Segments
Available Customization:
List of players that can be included in the study on immediate basis are Bioclinica (United States) and Parexel International (United States).