Future Outlook of the Global Pharmacovigilance Outsourcing Market 2024-2033: Size and Growth Rate Predictions
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Pharmacovigilance Outsourcing Market: What is the Projected CAGR for 2024-2033?
In recent years, the market size of pharmacovigilance outsourcing has seen impressive growth. The projection is that it will expand from $5.25 billion in 2023 to $6.16 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 17.3%. The growth experienced in the previous period is credited to factors such as the escalation in drug development activities, rigorous regulatory requirements, an increase in the occurrence of adverse drug reactions, growing concerns about patient safety, and a rise in outsourcing by small to mid-sized companies.
Expectations suggest a speedy expansion of the pharmacovigilance outsourcing market in the upcoming years, with projections estimating it will reach $11.71 billion by 2028, following a compound annual growth rate (CAGR) of 17.4%. The predicted growth within this period is linked to the evolution of biologics and biosimilars, the heightened interest in personalized medicine, an increase in demand for real-world evidence, growing intricacies of drug safety profiles, and an intensified focus on patient-oriented care. The forecast period is set to witness emerging trends such as the escalating usage of big data analytics, an increase in alliances and collaborations, the incorporation of cloud-based pharmacovigilance solutions, the fusion of pharmacovigilance with digital health platforms, and the progression of specialized pharmacovigilance services for gene therapies.
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What Are the Primary Drivers Supporting the Growth of the pharmacovigilance outsourcing Market?
The upward trend in clinical trials is anticipated to fuel the expansion of the pharmacovigilance outsourcing sector in the future. These research studies are executed to assess the safety, effectiveness, and possible side effects of new treatments, pharmaceuticals, or medical devices. Multiple factors, like an increased emphasis on precision medicine, escalating chronic disease rates, regulatory backing, and research globalization, contribute to the surge in clinical trials. Pharmacovigilance outsourcing enhances drug safety surveillance during these trials, using specialized expertise and resources to ensure regulatory compliance and augment efficiency. Correspondingly, data from the Association of the British Pharmaceutical Industry shows that the number of industry-sponsored clinical trials initiated in the UK rose moderately by 4.3% in November 2023, from 394 trials in 2021 to 411 in 2022. Consequently, the burgeoning number of clinical trials is nudging the growth of the pharmacovigilance outsourcing market onwards.
What Are the Core Segments of the Pharmacovigilance Outsourcing Market?
1) By Type: Adverse Drug Reaction Capture (ADR1), Case Processing, Reporting And Submission, Report Publishing, Quality Check, Risk Management, Knowledge Management, Enabling Architecture
2) By Service Provider: Contract Research Organization, Business Processing Outsourcing
3) By End User: Pharmaceutical Industry, Research Organization, Others End Users
What Trends Are Paving the Way for Change in the Pharmacovigilance Outsourcing Market?
Key players in the pharmacovigilance outsourcing market are focusing their efforts on creating novel solutions like cloud-based data lake platforms. The goal of this innovation is to streamline pharmacovigilance case processing and enhance safety data management processes, thereby improving clinical trial registries and guaranteeing compliance with regulatory standards. This centralized repository can store vast amounts of raw data and manage it effectively. For example, in December 2023, the US firm Thermo Fisher Scientific Inc., renowned for its biotechnological and laboratory equipment, introduced CorEvidence. This product is aimed to refine clinical trial registries and simplify pharmacovigilance case processing by dealing with multiple data sources and improving the coding, classification, and reporting of untoward incidents. The benefits of this system include scalable, compliant, auditable safety management, improved CorEvitas clinical research registries, and backing for long-term safety studies post-authorization in an array of therapeutic fields.
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Which Regions Are Leading the Charge in Pharmacovigilance Outsourcing Market Development?
North America was the largest region in the pharmacovigilance outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacovigilance outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Pharmacovigilance Outsourcing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the pharmacovigilance outsourcing market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Pharmacovigilance Outsourcing Market Include
1. Pharmacovigilance Outsourcing Market Executive Summary
2. Pharmacovigilance Outsourcing Market Segments
3. Pharmacovigilance Outsourcing Market Size And Template Market Growth Rate
4. Key Pharmacovigilance Outsourcing Market Trends
5. Major Pharmacovigilance Outsourcing Market Drivers
……
25. Key Mergers And Acquisitions In The Pharmacovigilance Outsourcing Market
26. Top Pharmacovigilance Outsourcing Companies
27. Pharmacovigilance Outsourcing Market Opportunities And Strategies
28. Pharmacovigilance Outsourcing Market, Conclusions And Recommendations
29. Appendix
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