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Global Pharmacovigilance Market Size, Share, Analysis, Forecast: By Type: Spontaneous Reporting, Intensified Adverse Drug Reaction (ADR) Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, Others; By Service Provider; By Product Life Cycle; By End User; Regional Analysis; Supplier Landscape; 2024-2032
Global Pharmacovigilance Market Outlook
The global pharmacovigilance market value was USD 7.10 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 18.61 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.
Growing Demand for Spontaneous Reporting to Bolster the Growth of the Pharmacovigilance Market
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.
North America to Account for a Significant Share in the Market
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: Market Segmentation
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:
- In-House
- Contract Outsourcing
On the basis of type, the market is categorised into:
- Spontaneous Reporting
- Intensified ADR Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- HER Mining
By product life cycle, the market is segmented into:
- Pre-Clinical
- Phase I
- Phase II
- Phase III
- Phase IV
On the basis of process flow, the market is classified into:
- Case Data Management
- Case Logging
- Case Data Analysis
- Medical Reviewing and Reporting
- Signal Detection
- Adverse Event Logging
- Adverse Event Analysis
- Adverse Event Review and Reporting
- Risk Management System
- Risk Evaluation System
- Risk Mitigation System
The market, on the basis of therapeutic area, is divided into:
- Oncology
- Neurology
- Cardiology
- Respiratory Systems
- Others
Based on end use, the market is segmented into:
- Pharmaceuticals
- Biotechnology Companies
- Medical Device Manufacturers
- Others
The regional markets for pharmacovigilance include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Demand for Pharmacovigilance from the Pharmaceutical Sector to Boost the Market Growth
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.
Key Players in the Global Pharmacovigilance Market
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:
- Accenture plc
- Linical Americas
- IQVIA
- Laboratory Corporation of America Holdings
- IBM Corporation
- Thermo Fisher Scientific Inc.
- Wipro Limited
- United BioSource LLC
- Syneos Health
- ICON plc
- ArisGlobal LLC
- Parexel International Corporation
- Linical Co.,Ltd.
- Cognizant Technology Solutions Corp
- Others
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.
Key Highlights of the Report
| 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 |
|
| Breakup by End User |
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| Breakup by Region |
|
| Market Dynamics |
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| Supplier Landscape |
|
| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Pharmacovigilance Market Overview
3.1 Global Pharmacovigilance Market Historical Value (2017-2023)
3.2 Global Pharmacovigilance Market Forecast Value (2024-2032)
4 Global Pharmacovigilance Market Landscape
4.1 Global Pharmacovigilance Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Pharmacovigilance Product Landscape
4.2.1 Analysis by Type
4.2.2 Analysis by Service Provider
4.2.3 Analysis by End User
5 Global Pharmacovigilance Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Pharmacovigilance Market Segmentation
6.1 Global Pharmacovigilance Market by Type
6.1.1 Market Overview
6.1.2 Spontaneous Reporting
6.1.3 Intensified Adverse Drug Reaction (ADR) Reporting
6.1.4 Targeted Spontaneous Reporting
6.1.5 Cohort Event Monitoring
6.1.6 Electronic Health Record (EHR) Mining
6.1.7 Others
6.2 Global Pharmacovigilance Market by Service Provider
6.2.1 Market Overview
6.2.2 In - House
6.2.3 Contract Outsourcing
6.3 Global Pharmacovigilance Market by Product Life Cycle
6.3.1 Market Overview
6.3.2 Pre -Clinical
6.3.3 Phase-I
6.3.4 Phase -II
6.3.5 Phase -III
6.3.6 Phase -VI
6.4 Global Pharmacovigilance Market by End User
6.4.1 Market Overview
6.4.2 Hospitals
6.4.3 Pharma and Biotech Companies
6.4.4 Contract Research Organizations (CROS)
6.4.5 Healthcare Providers
6.4.6 Others
6.5 Global Pharmacovigilance Market by Region
6.5.1 Market Overview
6.5.2 North America
6.5.3 Europe
6.5.4 Asia Pacific
6.5.5 Latin America
6.5.6 Middle East and Africa
7 North America Pharmacovigilance Market
7.1 Market Share by Country
7.2 United States of America
7.3 Canada
8 Europe Pharmacovigilance Market
8.1 Market Share by Country
8.2 United Kingdom
8.3 Germany
8.4 France
8.5 Italy
8.6 Others
9 Asia Pacific Pharmacovigilance Market
9.1 Market Share by Country
9.2 China
9.3 Japan
9.4 India
9.5 ASEAN
9.6 Australia
9.7 Others
10 Latin America Pharmacovigilance Market
10.1 Market Share by Country
10.2 Brazil
10.3 Argentina
10.4 Mexico
10.5 Others
11 Middle East and Africa Pharmacovigilance Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.4 Nigeria
11.5 South Africa
11.6 Others
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Funding Analysis
14.1 Analysis by Funding Instances
14.2 Analysis by Type of Funding
14.3 Analysis by Funding Amount
14.4 Analysis by Leading Players
14.5 Analysis by Leading Investors
14.6 Analysis by Geography
15 Partnership and Collaborations Analysis
15.1 Analysis by Partnership Instances
15.2 Analysis by Type of Partnership
15.3 Analysis by Leading Players
15.4 Analysis by Geography
16 Regulatory Framework
16.1 Regulatory Overview
16.1.1 US FDA
16.1.2 EU EMA
16.1.3 INDIA CDSCO
16.1.4 JAPAN PMDA
16.1.5 Others
17 Supplier Landscape
17.1 Drug Safety Solutions Limited
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
17.1.5 Certifications
17.2 Worldwide Clinical Trials
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.2.5 Certifications
17.3 Baroclinica
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.3.5 Certifications
17.4 United Biosource LLC, Ennov
17.4.1 Financial Analysis
17.4.2 Product Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.4.5 Certifications
17.5 AB Cube France
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.5.5 Certifications
17.6 Covance Inc.
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.6.5 Certifications
17.7 Accenture
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.7.5 Certifications
17.8 PRA Health Sciences, Inc.
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.8.5 Certifications
17.9 Ergomed Plc.
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.9.5 Certifications
17.10 IQVIA
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.10.5 Certifications
17.11 Genpact
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisitions
17.11.5 Certifications
17.12 Cognizant
17.12.1 Financial Analysis
17.12.2 Product Portfolio
17.12.3 Demographic Reach and Achievements
17.12.4 Mergers and Acquisitions
17.12.5 Certifications
17.13 Parexel International Corporation
17.13.1 Financial Analysis
17.13.2 Product Portfolio
17.13.3 Demographic Reach and Achievements
17.13.4 Mergers and Acquisitions
17.13.5 Certifications
17.14 ArisGlobal
17.14.1 Financial Analysis
17.14.2 Product Portfolio
17.14.3 Demographic Reach and Achievements
17.14.4 Mergers and Acquisitions
17.14.5 Certifications
17.15 ICON plc
17.15.1 Financial Analysis
17.15.2 Product Portfolio
17.15.3 Demographic Reach and Achievements
17.15.4 Mergers and Acquisitions
17.15.5 Certifications
17.16 Oracle
17.16.1 Financial Analysis
17.16.2 Product Portfolio
17.16.3 Demographic Reach and Achievements
17.16.4 Mergers and Acquisitions
17.16.5 Certifications
17.17 Syneos Health
17.17.1 Financial Analysis
17.17.2 Product Portfolio
17.17.3 Demographic Reach and Achievements
17.17.4 Mergers and Acquisitions
17.17.5 Certifications
18 Global Pharmacovigilance Market - Distribution Model (Additional Insight)
18.1 Overview
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
21.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
Key Questions Answered in the Report
The pharmacovigilance Market was valued at USD 7.10 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 18.61 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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