Rise in preference for outsourcing services and increase in adverse drug reactions and drug toxicity drive the growth of the global pharmacovigilance outsourcing market.
PORTLAND, Ore., Aug. 25, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Pharmacovigilance Outsourcing Market by Type (Adverse Drug Reaction Capture (ADR), Case Processing, Reporting and Submission, Report Publishing, Quality Check, Risk Management, Knowledge Management, and Enabling Architecture), Service Provider (Contract Research Organizations and Business Processing Outsourcing), and End User (Pharmaceutical Industry, Research Organizations, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the pharmacovigilance outsourcing industry generated $2.48 billion in 2020, and is projected to reach $9.65 billion by 2030, registering a CAGR of 14.6% from 2021 to 2030.
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Prime determinants of growth
Rise in preference for outsourcing services and increase in in adverse drug reactions and drug toxicity drive the growth of the global pharmacovigilance outsourcing market. However, lack of skilled professional and risks related to data security hinder the market growth. On the other hand, growing prospects in the emerging economies present new opportunities in the coming years.
Covid-19 Scenario
- During the initial phase of coronavirus, the unavailability of proper medication leads to the utilization of different types of drugs. Which in turn, led to increased demand for pharmacovigilance outsourcing, owing to surge in incidences of adverse drug reactions.
- The demand is likely to grow significantly as the research for new and more effective drugs is still going on.
The contract research organization segment to maintain its leadership status throughout the forecast period
Based on service provider, the contract research organization segment contributed to the highest market share in 2020, accounting for nearly one-third of the global pharmacovigilance outsourcing market, and is expected to maintain its leadership status throughout the forecast period. Furthermore, the segment is projected to manifest the highest CAGR of 14.8% from 2021 to 2030. 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.
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The pharmaceutical industry segment to maintain its lead position during the forecast period
Based on end user, the pharmaceutical industry segment accounted for the highest market share, holding more than four-fifths of the global pharmacovigilance outsourcing market in 2020, and is expected to maintain its lead position during the forecast period. This is attributed to increase in adoption of outsourcing services by pharmaceutical industry to avoid high upfront investments and fixed overhead costs, rise in resource flexibility, and secure additional capacity. However, the research organization segment is estimated to grow at the largest CAGR of 15.7% from 2021 to 2030.
North America to continue its highest contribution by 2030
Based on region, North America held the highest market share in terms of revenue with more than two-fifths of the global pharmacovigilance outsourcing market in 2020, and is estimated to continue its highest contribution by 2030. This is attributed to the presence of major pharma and medical device companies in the region. However, Asia-Pacific is projected to register the fastest CAGR of 16.5% during the forecast period. This is due to strict regulations for reporting adverse drug reactions coupled with large number of companies offering pharmacovigilance outsourcing services across the region.
Leading market players
- Accenture PLC.
- Bioclinica
- Capgemini (IGate Corporation)
- Cognizant Technology Solutions Corporation
- Ergomed Plc.
- Genpact Limited
- International Business Machines Corporation
- Icon Plc.
- IQVIA Holdings Inc. (Clintec)
- Labcorp Drug Development (Covance).
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