Pharmacovigilance Market Share, Size, Trends, Industry Analysis Report, 2024 - 2032
Pharmacovigilance Market Share, Size, Trends, Industry Analysis Report, 2024 - 2032

Pharmacovigilance Market Share, Size, Trends, Industry Analysis Report, By Service, By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End-Use, By Region; Segment Forecast, 2024 - 2032

  • Published Date:Jan-2024
  • Pages: 117
  • Format: PDF
  • Report ID: PM2355
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

The global pharmacovigilance market size was valued at USD 7.19 billion in 2023. The market is anticipated to grow from USD 7.72 billion in 2024 to USD 13.75 billion by 2032, exhibiting the CAGR of 7.5% during the forecast period.

Pharmacovigilance is the pharmaceutical study of detecting, assessing, comprehending, and preventing harmful consequences, especially long and short negative impacts of medications or therapy.

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The advent of COVID-19 has created numerous chances for pharmacological firms to develop innovative vaccinations, with multiple therapeutic studies now underway. This element has paved the way for the market, the most miniature crucial stage of every medication production procedure.

The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces Pharmacovigilance Market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.

Industry Dynamics

Growth Drivers
Strict regulatory rules governing drug delivery, as well as an increase in the number of adverse events caused by medicine, are driving up the need for pharmacovigilance solutions, opening up new opportunities for pharmacovigilance market growth.

Furthermore, rising clinical mistakes, developing clinical infrastructures, and high pharmaceutical manufacturing are lowering deadly ADR incidences and positively impacting the pharmacovigilance industry. Furthermore, governmental requirements for clinical study execution, including post-marketing surveillance, are projected to drive demand for pharmacovigilance solutions over the forecast period.

Pharmacovigilance Market

Report Segmentation

The market is primarily segmented based on service provider, product life cycle, type, process flow, therapeutic area, end-use, and region.

By Service Provider

By Product Life Cycle

By Type

By Process Flow

By Therapeutic Area

By End-Use

By Region

  • In-house
  • Contract Outsourcing
  • Pre-clinical
  • Phase I
  • Phase II
  • Phase III
  • Phase IV
  • Spontaneous Reporting
  • Intensified ADR Reporting
  • Targeted Spontaneous Reporting
  • Cohort Event Monitoring
  • EHR Mining
  • Case Data Management
  • Case Logging
  • Case Data Analysis
  • Medical Reviewing & Reporting
  • Signal Detection
  • Adverse Event Logging
  • Adverse Event Analysis
  • Adverse Event Review & Reporting
  • Risk Management System
  • Risk Evaluation System
  • Risk Mitigation System
  • Oncology
  • Neurology
  • Cardiology
  • Respiratory Systems
  • Others
  • Pharmaceuticals
  • Biotechnology Companies
  • Medical Device Manufacturers
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Service Provider

The contract outsourcing market segment is expected to grow at a considerable pace over the forecast period as a result of improved cost-effectiveness and improved drug risk assessment. The management of vast amounts of information, along with tight legislative requirements, contributes to the growing trend for outsourcing. Furthermore, contract outsourcing is growing in Asia Pacific economies, including China and India, where the expense of outsourcing is significantly cheaper than in western economies, which in turn is boosting the segment growth.

Insight by Type

Spontaneous reporting is expected to hold the largest pharmacovigilance market share over the forecast period due to its widespread use in detecting novel, dangerous, and uncommon ADRs and serving as a practical and cost-effective strategy. The widespread use of monitoring data created using this technology by drug businesses and regulating bodies is also accountable for the section's rapid rise.

Insight by End-Use

Pharmaceuticals are expected to grow at a considerable pace in the global market over the forecast period due to increasing drug innovation by these companies. Furthermore, increasing adoption of outsourcing methods by these companies in order to reduce overhead costs and to increase their resources flexibility. In contrast, the hospital's end-use segment is expected to grow at a significant pace over the forecast period due to increasing hospital admission due to adverse drug reactions.

Pharmacovigilance Market seg

Geographic Overview

North America dominated the pharmacovigilance market in 2021 and is expected to maintain its dominance during the forecast period due to the presence of major pharmacovigilance companies in the region. Furthermore, increasing manufacturing of drugs, rising investments in biopharmaceutical research & development, along with the accelerating cancer cases in the region are expected to boost the pharmacovigilance demand during the forecast period.

Asia Pacific market is expected to grow at the fastest pace over the forecast period due to the increasing adoption of these services in developing nations like India and China. Increasing population in these countries is also expected to increase the demand for these services over the forecast period.

Pharmacovigilance Market reg

Competitive Insight

Key players operating in the global pharmacovigilance market include Accenture, ArisGlobal, BioClinica, Inc., Capgemini, Clinquest Group B.V. (Linical Americas). Cognizant, FMD K&L, IBM Corporation, ICON Plc., IQVIA, ITClinical, Laboratory Corporation of America Holdings, Linical Accelovance, PAREXEL International Corporation, TAKE Solutions, United BioSource Corporation, and Wipro Limited.

These companies are involved in strategic partnerships, mergers, and collaborations and invest in new product development to increase their product quality and improve customer safety. For instance, Saama Technologies Inc. released the novel Active Safety Analytics for Pharma solutions in October 2020. ASAP is the first approved pharmacovigilance system to use the FDA's Sentinel Shared Data Format as well as the TreeScan approach for identifying safety indicators.

Pharmacovigilance Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 7.72 Billion

Revenue forecast in 2032

USD 13.75 Billion

CAGR

7.5% from 2024 - 2032

Base year

2023

Historical data

2019 - 2022

Forecast period

2024 - 2032

Quantitative units

Revenue in USD Billion and CAGR from 2024 - 2032

Segments covered

By Service Provider, By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Accenture, ArisGlobal, BioClinica, Inc., Capgemini, Clinquest Group B.V. (Linical Americas). Cognizant, FMD K&L, IBM Corporation, ICON Plc., IQVIA, ITClinical, Laboratory Corporation of America Holdings, Linical Accelovance, PAREXEL International Corporation, TAKE Solutions, United BioSource Corporation, and Wipro Limited.

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