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Pharmacovigilance Market

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 7.90 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.

 

Global Pharmacovigilance Market

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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.

 

Global Pharmacovigilance Market  by Segment

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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.

 

Global Pharmacovigilance Market by Region

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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:

  • Type
  • Service Provider
  • Product Life Cycle
  • End User
  • Region
Breakup by Type
  • Spontaneous Reporting
  • Intensified Adverse Drug Reaction (ADR) Reporting
  • Targeted Spontaneous Reporting
  • Cohort Event Monitoring
  • Electronic Health Record (EHR) Mining
  • Others
Breakup by Service Provider
  • In - House
  • Contract Outsourcing
Breakup by Product Life Cycle
  • Pre -Clinical
  • Phase-I
  • Phase -II
  • Phase -III
  • Phase -VI
Breakup by End User
  • Hospitals
  • Pharma and Biotech Companies
  • Contract Research Organizations (CROS)
  • Healthcare Providers
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • Market Drivers and Constraints
  • SWOT Analysis
  • Porter’s Five Forces Model 
  • Key Demand Indicators
  • Key Price Indicators
  • Industry Events, Initiatives, and Trends 
  • Value Chain Analysis
Supplier Landscape
  • Market Structure
  • Company Profiles
    • Financial Analysis
    • Product Portfolio
    • Demographic Reach and Achievements
    • Mergers and Acquisitions
    • Certifications
Companies Covered
  • Drug Safety Solutions Limited
  • Worldwide Clinical Trials
  • Baroclinica
  • United Biosource LLC, Ennov
  • AB Cube France
  • Covance Inc.
  • Accenture
  • PRA Health Sciences, Inc.
  • Ergomed Plc.
  • IQVIA
  • Genpact
  • Cognizant
  • Parexel International Corporation
  • ArisGlobal
  • ICON plc
  • Oracle
  • Syneos Health
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.

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 7.90 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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