Dublin, Jan. 14, 2025 (GLOBE NEWSWIRE) — The “Pharmacovigilance Outsourcing Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
The pharmacovigilance outsourcing market size is expected to see rapid growth in the next few years, growing to $11.71 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth projected for the forecast period can be attributed to the expansion of biologics and biosimilars, a heightened focus on personalized medicine, a growing demand for real-world evidence, the increasing complexity of drug safety profiles, and a stronger emphasis on patient-centric care.
Key trends expected in this period include the increased use of big data analytics, a rise in partnerships and collaborations, the adoption of cloud-based pharmacovigilance solutions, the integration of pharmacovigilance with digital health platforms, and the development of specialized pharmacovigilance services for gene therapies.
The growth of the pharmacovigilance outsourcing market is anticipated to be driven by the increasing number of clinical trials. Clinical trials are research studies designed to assess the safety, effectiveness, and potential side effects of new treatments, drugs, or medical devices. The rise in clinical trials is fueled by factors such as the emphasis on precision medicine, the growing prevalence of chronic diseases, regulatory support, and the globalization of research. Outsourcing pharmacovigilance in clinical trials improves drug safety monitoring by utilizing specialized expertise and resources to ensure regulatory compliance and enhance efficiency. For instance, in November 2023, the Association of the British Pharmaceutical Industry reported a slight increase of 4.3% in the number of industry-sponsored clinical trials in the UK, rising from 394 in 2021 to 411 in 2022. Thus, the growing number of clinical trials is driving the expansion of the pharmacovigilance outsourcing market.
Key players in the pharmacovigilance outsourcing market are focusing on developing innovative solutions, such as cloud-based data lake platforms, to optimize pharmacovigilance case processing and safety data management. These platforms help enhance clinical research registries and ensure regulatory compliance. A cloud-based data lake platform is a centralized repository that stores and manages large volumes of raw data in its native format until needed. For example, in December 2023, Thermo Fisher Scientific Inc., a U.S.-based biotechnology and laboratory equipment company, introduced CorEvidence. This platform is designed to improve clinical research registries by streamlining pharmacovigilance case processing and managing multiple data sources. It optimizes the coding, classification, and reporting of adverse events, offering scalable, compliant, and auditable safety management while supporting long-term post-authorization safety studies across various therapeutic areas.
In November 2023, Permira Advisers LLP, a UK-based investment firm, acquired Ergomed PLC for $0.904 billion. This acquisition is intended to support Ergomed’s growth by leveraging Permira’s expertise, capital, and global network to enhance Ergomed’s commercial, technological, and geographic capabilities and facilitate strategic acquisitions in the contract research organization (CRO) and pharmacovigilance (PV) sectors. Ergomed PLC, based in the UK, offers drug development services, including pharmacovigilance.
Major companies operating in the pharmacovigilance outsourcing market are Accenture, IBM, Tata Consultancy Services, Capgemini, Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., Laboratory Corporation of America Holdings (Labcorp), Wipro, ICON, Syneos Health, Genpact limited, Parexel International, Veeva Systems, Medpace Holdings, ProPharma Group, Pharmalex, PrimeVigilance Ltd., Global Pharma Tek, Veristat, United BioSource, Lambda Therapeutic Research, ArisGlobal and Biomapas.
This report focuses on pharmacovigilance outsourcing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Markets Covered:
- By Type: 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; Others End Users
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $6.16 Billion |
| Forecasted Market Value (USD) by 2028 | $11.71 Billion |
| Compound Annual Growth Rate | 17.4% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Pharmacovigilance Outsourcing Market Characteristics
3. Pharmacovigilance Outsourcing Market Trends and Strategies
4. Pharmacovigilance Outsourcing Market – Macro Economic Scenario
5. Global Pharmacovigilance Outsourcing Market Size and Growth
5.1. Global Pharmacovigilance Outsourcing Market Drivers and Restraints
5.2. Global Pharmacovigilance Outsourcing Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Pharmacovigilance Outsourcing Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Pharmacovigilance Outsourcing Market Segmentation
6.1. Global Pharmacovigilance Outsourcing Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Adverse Drug Reaction Capture (ADR)
- Case Processing
- Reporting and Submission
- Report Publishing
- Quality Check
- Risk Management
- Knowledge Management
- Enabling Architecture
6.2. Global Pharmacovigilance Outsourcing Market, Segmentation by Service Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Contract Research Organization
- Business Processing Outsourcing
6.3. Global Pharmacovigilance Outsourcing Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Pharmaceutical Industry
- Research Organization
- Others End Users
7. Pharmacovigilance Outsourcing Market Regional and Country Analysis
7.1. Global Pharmacovigilance Outsourcing Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Pharmacovigilance Outsourcing Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8-29. Country Specific Pharmacovigilance Outsourcing Market Analysis
30. Pharmacovigilance Outsourcing Market Competitive Landscape and Company Profiles
30.1. Pharmacovigilance Outsourcing Market Competitive Landscape
30.2. Pharmacovigilance Outsourcing Market Company Profiles
30.2.1. Accenture
30.2.2. IBM
30.2.3. Tata Consultancy Services
30.2.4. Capgemini
30.2.5. Cognizant Technology Solutions
31. Pharmacovigilance Outsourcing Market Other Major and Innovative Companies
31.1. IQVIA Holdings Inc.
31.2. Laboratory Corporation of America Holdings (Labcorp)
31.3. Wipro Limited
31.4. ICON
31.5. Syneos Health
31.6. Genpact Limited
31.7. Parexel International
31.8. Veeva Systems Inc.
31.9. Medpace Holdings Inc.
31.10. ProPharma Group
31.11. Pharmalex GmbH
31.12. PrimeVigilance Ltd.
31.13. Global Pharma Tek
31.14. Veristat
31.15. United BioSource
32. Global Pharmacovigilance Outsourcing Market Competitive Benchmarking
33. Global Pharmacovigilance Outsourcing Market Competitive Dashboard
34. Key Mergers and Acquisitions in the Pharmacovigilance Outsourcing Market
35. Pharmacovigilance Outsourcing Market Future Outlook and Potential Analysis
35.1 Pharmacovigilance Outsourcing Market in 2028 – Countries Offering Most New Opportunities
35.2 Pharmacovigilance Outsourcing Market in 2028 – Segments Offering Most New Opportunities
35.3 Pharmacovigilance Outsourcing Market in 2028 – Growth Strategies
For more information about this report visit https://www.researchandmarkets.com/r/x5w4r4
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- Pharmacovigilance Outsourcing Market
