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The global pharmacovigilance market value was USD 7.90 billion in 2023, driven by the rising drug consumption across the globe. The market size is anticipated to grow at a CAGR of 11.3% during the forecast period of 2024-2032 to achieve a value of USD 20.71 billion by 2032.
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As per the pharmacovigilance market analysis, the global pharmacovigilance market size is being expanded by the heightened adoption of pharmacovigilance for clinical research purposes. Pharmacovigilance can offer intelligence, insights, and expertise, and can monitor essential activities taking place during clinical trial setup and execution. Meanwhile, the stringent regulation standards of various governments aimed towards improving the quality of medications and drugs are expected to be the key trends of the pharmacovigilance market forecast 2024. Moreover, the growing innovations and acquisitions by the pharmaceutical, biotech and MedTech companies to develop treatments to battle epidemics are crucial trends highlighted in the pharmacovigilance market report.
Based on type, spontaneous reporting is anticipated to account for a significant share in the pharmacovigilance market and is likely to grow at a considerable growth rate during the forecast period. The growth of this segment can be attributed to the voluntary nature of the reporting, which is driven by motivated, encouraged consumers, or healthcare professionals focused towards detection and countermeasures against the adverse effects of pharmaceutical drugs or medicines. In addition, the growing awareness among people about the negative effects of certain medical drugs and strong medicines is likely to encourage consumers towards taking countermeasures, thereby expanding the pharmacovigilance market size.
Meanwhile, the contract outsourcing segment is predicted to represent a significant share in the pharmacovigilance (PV) market in the coming years due to trends surrounding the outsourcing of services owing to benefits such as improved risk management, resource flexibility, reduction of upfront investments, and fixed lower costs. The increasing adoption of outsourcing by small pharmaceutical companies to avoid the cost of hiring and training of new workforce is further bolstering the pharmacovigilance outsourcing market. In addition, outsourcing does not have any geographical restrictions which is further contributing to the expansion of pharmacovigilance outsourcing market size.
According to the pharmacovigilance market research, the pharmacovigilance market in North America is driven by the increasing use of medicines for the treatment of chronic conditions in the United States and Canada. The associated risks that accompany the heightened consumption of medicines are likely to propel the demand for pharmacovigilance in the region. Over the forecast period, the favourable regulations by governments and drug authorities, such as the United States Food and Drug Administration (FDA), which are intended towards monitoring and collecting data about the side effects of medical drugs are likely to be the crucial pharmacovigilance market trends.
Pharmacovigilance is defined as the branch of science that deals with the detection, assessment, understanding, and prevention of adverse effects related to pharmaceutical drugs. It focuses on examining and monitoring adverse drug reactions after the administration of medicinal products.
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Based on service provider, the market is bifurcated into:
On the basis of type, the market is categorised into:
By product life cycle, the market is segmented into:
On the basis of process flow, the market is classified into:
The market, on the basis of therapeutic area, is divided into:
Based on end use, the market is segmented into:
The regional markets for pharmacovigilance include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The pharmacovigilance market growth is being propelled by the rising applications of pharmacovigilance in the pharmaceutical industry. The growing prevalence of chronic conditions, such as oncological diseases, diabetes, cardiovascular, and respiratory disorders, among others, have propelled the demand for medicines and medical drugs. This factor has encouraged the use of pharmacovigilance at a worldwide level. Research and development (R&D) activities directed at studying the ill-effects of medicines among the geriatric population and infants are likely to augment the pharmacovigilance market forecast. Therefore, the growing importance of mitigating the adverse effects of drugs is likely to boost the pharmacovigilance market in the forecast period.
The report gives a detailed analysis of the following key players in the global pharmacovigilance market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Service Provider |
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Breakup by Product Life Cycle |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Supplier Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The pharmacovigilance Market was valued at USD 7.90 billion in 2023.
The market is expected to grow at a CAGR of 11.3% from 2024 to 2032 to reach a value of USD 20.71 billion by 2032.
The increasing prevalence of chronic conditions, thriving pharmaceutical sector across the emerging economies, and increasing adoption of pharmacovigilance to facilitate clinical research are the major drivers of the market.
The key trends in the market include the progressive product innovations by pharmaceutical and biotech companies, stringent medication quality control policies of various governments, and increasing geriatric population.
In-house and contract outsourcing are the different service providers in the market.
Spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and HER mining are the various types of pharmacovigilance in the market.
The major therapeutic areas for pharmacovigilance are oncology, neurology, cardiology, and respiratory systems, among others.
Day 0 is the day when any of the third-party personnel becomes aware of any issue.
Accenture plc, Linical Americas, IQVIA, Laboratory Corporation of America Holdings, and IBM Corporation, Thermo Fisher Scientific Inc., Wipro Limited, United BioSource LLC, Syneos Health, ICON plc, ArisGlobal LLC, Parexel International Corporation, Linical Co.,Ltd., and Cognizant Technology Solutions Corp, among others, are the key players of the global pharmacovigilance market, according to the report.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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