Introduction

According to World Health Organization’s (WHO) report of pharmaceuticals consumption, medicines for the treatment of chronic diseases accumulated the larger amount of the total volume of drug utilization in non hospital set ups, resulting in the considerable rise in the number of available medicines to the consumers. Pharmacovigilance outsourcing includes risk management, signal management, data management, and inspection support. The report provides analysis of global pharmacovigilance outsourcing market for the period 2016-2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. The global pharmacovigilance outsourcing market is anticipated to grow at substantial CAGR above 16% throughout the forecast period. Furthermore, Market players are primarily focusing on developing new innovative technologies that will supplement growth of the pharmacovigilance outsourcing market.

Market Dynamics

Growing prominence on new drug development for chronic diseases treatments, remote monitoring for clinical operations, quality assurance, regulatory affairs, statistical analysis and clinical trials, increasing preference of pharma companies towards PV outsourcing facilities and rising number of unfavourable events and other safety concerns related to the medical products are some of the fundamental factors that are driving the global pharmacovigilance outsourcing market growth globally. Growing safety concerns related to the medical products and rising number of adverse measures are the major factors boosting the global pharmacovigilance (PV) outsourcing market growth. Benefits provided by outsourcing facilities for in-house agreement functions is forecasted to drive the global pharmacovigilance outsourcing market over the forecast period. Increasing adoption of pharmacovigilance IT solutions and services are projected to spur the growth of the market over the forecast period. Additionally, due to the numerous advancements in drug development process is boosting the growth of the market. Large numbers of pharma companies are primarily focusing on the outsourcing PV services in order to minimize the operational expenses and reduce the overall cost, thereby fueling the growth of the market. Nevertheless, risks associated with security of data such as mistreatment of patient’s data may hamper the growth of the global pharmacovigilance outsourcing market.