Pharmacovigilance Outsourcing Market Expected to Witness the Highest Growth 2024
Category: #health  By Partha Ray  Date: 2019-08-06
  • share
  • Twitter
  • Facebook
  • LinkedIn

Pharmacovigilance Outsourcing Market Expected to Witness the Highest Growth 2024

MarketStudyReport.com Adds New Pharmacovigilance Outsourcing Market 2018 – 2024 research report providing information and data By Service, By Service Providers, Industry Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast spreading across 230 Pages with table and figures in it.

India pharmacovigilance outsourcing market accounted for 19.5% revenue share and is anticipated to have exponential growth during the forecast timeframe. Presence of large number of companies providing drug safety outsourcing services will trigger the industry growth in India. Also, favorable government initiatives coupled with developing regulatory landscape will escalate the industry growth in near future.

Request a sample of this premium report at: https://www.marketstudyreport.com/request-a-sample/1434127/

Availability of cost-effective pharmacovigilance outsourcing services provided by leading CROs and BPOs in emerging economies such as India will prove beneficial for the industry growth. CROs and BPOs have skilled and staff dedicated on providing pharmacovigilance outsourcing services at a lower cost. Multinational pharmaceutical companies as well as the start-up biotechnology companies prefer pre and post marketing pharmacovigilance services that are available at comparatively lower cost. Low cost of outsourcing services will ensure high demand thereby, propelling the industry growth. However, outsourcing the pharmacovigilance activities may involve risk as clients will have no control over quality of drug safety analysis and platforms being utilized for assessing the ARDs that will restrain industry growth to some extent.

Germany pharmacovigilance outsourcing market was valued at USD 185.4 million in 2017, as a result of the presence of well-established players providing pharmacovigilance activities to major pharmaceutical companies. Germany based BPOs are well-known for knowledge processing IT services and with enormous client-base these companies acquire majority of the market share. Aforementioned factor along with growing cases of ADRs will favor the industry growth.

Pharmacovigilance Outsourcing Market will exceed USD 7.5 billion by 2024; as per a new research report. Pharmacovigilance outsourcing industry is anticipated to have considerable growth during the forecast timeframe owing to increasing preference by pharmaceutical and biopharmaceutical companies for outsourcing drug safety activities. Pharmaceutical companies that don?t have expertise in drug safety activities rely on CROs and BPOs for pharmacovigilance. Outsourcing pharmacovigilance activities helps the pharmaceutical, biotechnology and biopharmaceutical companies to gain professional and accurate insights on ADRs for a particular drug before it is marketed. Also, many companies carry out post marketing surveillance for drugs from CROs such as IQVIA. Therefore, high demand for partial and bundled outsourcing activities by companies such as Astra Zeneca will favor the industry growth in foreseeable future.

Pre-marketing pharmacovigilance outsourcing services segment was valued at USD 713.1 million in 2017 and is expected to have considerable revenue size over the forthcoming years. Pre-marketing pharmacovigilance outsourcing services include reporting adverse events encountered during the clinical trials. Many pharmaceutical companies involved in drug manufacturing, outsource drug safety activities associated with clinical trials to avoid the delays in drug approval process that should augment the segmental growth in near future.

CROs segment will grow at 15.9% by 2024 and has numerous growth opportunities that will flourish the segment even in future. CROs are firms that typically have gained expertise in providing efficient and accurate pharmacovigilance outsourcing services that will increase the demand for drug safety outsourcing. Moreover, majority of the revenue generated by CROs is due to the customized pharmacovigilance outsourcing services utilizing technologically advanced platform for drugs developed will favor segmental growth.

Request a discount on standard prices of this premium report at: https://www.marketstudyreport.com/check-for-discount/1434127/       

Some of the eminent industry players operating in pharmacovigilance outsourcing industry include Accenture, Bioclinica, Clintec, Cognizant, Covance, Ergomed, Genpact, IBM Corporation, ICON, iGATE Corporation, iMED Global Corporation, Infosys, IQVIA, MarksMan Healthcare, Medpace Holdings, Novartis, Oracle Corporation, Parexel, PRA Health Sciences, SIRO Clinpharm, Symogen, Syneos Health, Tata Consultancy Services (TCS) and Tech Mahindra. These key industry players implement strategic initiatives such as mergers and acquisitions, development of new services that help them in sustaining market competition. For instance, in February 2016, Cognizant Technology Solutions Corporation engaged into new digital healthcare development platform to expand its business services. The firm introduced Cognizant Health TranZform, a new healthcare platform developed by Orion Health for empowering operational efficiency and making sound decisions regarding cost and quality of patient?s care and thus driving customer engagement. This strategic initiative will boost Cognizant?s revenue.

Table of content:

Chapter 1. Methodology

Chapter 2. Executive Summary

Chapter 3. Pharmacovigilance Outsourcing Industry Insights

Chapter 4. Pharmacovigilance Outsourcing Market, By Service

Chapter 5. Pharmacovigilance Outsourcing Market, By Service Provider

Chapter 6. Pharmacovigilance Outsourcing Market, By Region

Chapter 7. Company Profiles

More Details on this Report At: https://www.marketstudyreport.com/reports/pharmacovigilance-outsourcing-market       

Related Report:

Global Pharmacovigilance (Pv) Software Industry Market Research Report

Based on the Pharmacovigilance (Pv) Software industrial chain, this report mainly elaborates the definition, types, applications and major players of Pharmacovigilance (Pv) Software market in details. Deep analysis about market status (2014-2019), enterprise competition pattern, advantages and disadvantages of enterprise products, industry development trends (2019-2024), regional industrial layout characteristics and macroeconomic policies, industrial policy has also be included. From raw materials to downstream buyers of this industry will be analyzed scientifically, the feature of product circulation and sales channel will be presented as well. In a word, this report will help you to establish a panorama of industrial development and characteristics of the Pharmacovigilance (Pv) Software market.

https://www.marketstudyreport.com/reports/global-pharmacovigilance-pv-software-industry-market-research-report?utm_source=RR-PSR

About Us:

Marketstudyreport.com allows you to manage and control all corporate research purchases to consolidate billing and vendor management. You can eliminate duplicate purchases and customize your content and license management.

Contact Us:

Market Study Report LLC

4 North Main Street,

Selbyville, Delaware 19975

USA

Phone: 1-302-273-0910

US Toll Free: 1-866-764-2150

Email: [email protected]

Website: https://www.marketstudyreport.com

Blog: https://www.marketstudyreport.com/blog

 

 

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

...

Read More

More News By Partha Ray

License Management Software Market Size Soaring at 8.7% CAGR to Reach 670 million USD by 2024
License Management Software Market Size Soaring at 8.7% CAGR to Reach 670 million USD by 2024
By Partha Ray

This report provides a strategic analysis of the Global License Management Software market and the growth estimates for the forecasted period. This report also provides market sizing and forecasts for the Global License Management Software market.The...

6.3%+ growth for Photo Printing Kiosk Market Size to reach 2030 million USD by 2024
6.3%+ growth for Photo Printing Kiosk Market Size to reach 2030 million USD by 2024
By Partha Ray

Global Photo Printing Kiosk market report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.The Photo Printing Kiosk market research study ...

7.5%+ growth for Artificial Turf Market Size to reach 3180 million USD by 2024
7.5%+ growth for Artificial Turf Market Size to reach 3180 million USD by 2024
By Partha Ray

A new research document with title Global Artificial Turf Market Report covering detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions like North America, Europe and Asia-Pacific...