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Global Pharmacovigilance Market Share, Size, Analysis, Forecast: By Service Provider: In-House, Contract Outsourcing; By Type; By Product Life Cycle; By Process Flow; By Therapeutic Area; By End Use; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments; 2023-2028
Global Pharmacovigilance Market Outlook
The global pharmacovigilance market size reached a value of approximately USD 7.1 billion in 2022. The market is further expected to grow at a CAGR of 11.3% in the forecast period of 2023-2028 to attain a value of around USD 13.36 billion in 2028.
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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 2023. 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 | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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 Service Provider |
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| Breakup by Type |
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| Breakup by Product Life Cycle |
|
| Breakup by Process Flow |
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| Breakup by Therapeutic Area |
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| Breakup by End Use |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive 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. |
*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
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Pharmacovigilance Market Analysis
8.1 Key Industry Highlights
8.2 Global Pharmacovigilance Historical Market (2018-2022)
8.3 Global Pharmacovigilance Market Forecast (2023-2028)
8.4 Global Pharmacovigilance Market by Service Provider
8.4.1 In-House
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Contract Outsourcing
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Pharmacovigilance Market by Type
8.5.1 Spontaneous Reporting
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Intensified ADR Reporting
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Targeted Spontaneous Reporting
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Cohort Event Monitoring
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 HER Mining
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
8.6 Global Pharmacovigilance Market by Product Life Cycle
8.6.1 Pre-Clinical
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Phase I
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Phase II
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Phase III
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Phase IV
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
8.7 Global Pharmacovigilance Market by Process Flow
8.7.1 Case Data Management
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.1.4 Breakup by Type
8.7.1.4.1 Case Logging
8.7.1.4.2 Case Data Analysis
8.7.1.4.3 Medical Reviewing and Reporting
8.7.2 Signal Detection
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.2.4 Breakup by Type
8.7.2.4.1 Adverse Event Logging
8.7.2.4.2 Adverse Event Analysis
8.7.2.4.3 Adverse Event Review and Reporting
8.7.3 Risk Management System
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.3.4 Breakup by Type
8.7.3.4.1 Risk Evaluation System
8.7.3.4.2 Risk Mitigation System
8.8 Global Pharmacovigilance Market by Therapeutic Area
8.8.1 Oncology
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Neurology
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Cardiology
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Respiratory Systems
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 Others
8.9 Global Pharmacovigilance Market by End Use
8.9.1 Pharmaceuticals
8.9.1.1 Market Share
8.9.1.2 Historical Trend (2018-2022)
8.9.1.3 Forecast Trend (2023-2028)
8.9.2 Biotechnology Companies
8.9.2.1 Market Share
8.9.2.2 Historical Trend (2018-2022)
8.9.2.3 Forecast Trend (2023-2028)
8.9.3 Medical Device Manufacturers
8.9.3.1 Market Share
8.9.3.2 Historical Trend (2018-2022)
8.9.3.3 Forecast Trend (2023-2028)
8.9.4 Others
8.10 Global Pharmacovigilance Market by Region
8.10.1 Market Share
8.10.1.1 North America
8.10.1.2 Europe
8.10.1.3 Asia Pacific
8.10.1.4 Latin America
8.10.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Accenture plc
12.1.1 Company Overview
12.1.2 Product Portfolio
12.1.3 Demographic Reach and Achievement
12.1.4 Certifications
12.2 Linical Americas
12.2.1 Company Overview
12.2.2 Product Portfolio
12.2.3 Demographic Reach and Achievement
12.2.4 Certifications
12.3 IQVIA
12.3.1 Company Overview
12.3.2 Product Portfolio
12.3.3 Demographic Reach and Achievement
12.3.4 Certifications
12.4 Laboratory Corporation of America Holdings
12.4.1 Company Overview
12.4.2 Product Portfolio
12.4.3 Demographic Reach and Achievement
12.4.4 Certifications
12.5 IBM Corporation
12.5.1 Company Overview
12.5.2 Product Portfolio
12.5.3 Demographic Reach and Achievement
12.5.4 Certifications
12.6 Thermo Fisher Scientific Inc.
12.6.1 Company Overview
12.6.2 Product Portfolio
12.6.3 Demographic Reach and Achievement
12.6.4 Certifications
12.7 Wipro Limited
12.7.1 Company Overview
12.7.2 Product Portfolio
12.7.3 Demographic Reach and Achievement
12.7.4 Certifications
12.8 United BioSource LLC
12.8.1 Company Overview
12.8.2 Product Portfolio
12.8.3 Demographic Reach and Achievement
12.8.4 Certifications
12.9 Syneos Health
12.9.1 Company Overview
12.9.2 Product Portfolio
12.9.3 Demographic Reach and Achievement
12.9.4 Certifications
12.10 ICON plc
12.10.1 Company Overview
12.10.2 Product Portfolio
12.10.3 Demographic Reach and Achievement
12.10.4 Certifications
12.11 ArisGlobal LLC
12.11.1 Company Overview
12.11.2 Product Portfolio
12.11.3 Demographic Reach and Achievement
12.11.4 Certifications
12.12 Parexel International Corporation
12.12.1 Company Overview
12.12.2 Product Portfolio
12.12.3 Demographic Reach and Achievement
12.12.4 Certifications
12.13 Linical Co.,Ltd.
12.13.1 Company Overview
12.13.2 Product Portfolio
12.13.3 Demographic Reach and Achievement
12.13.4 Certifications
12.14 Cognizant Technology Solutions Corp
12.14.1 Company Overview
12.14.2 Product Portfolio
12.14.3 Demographic Reach and Achievement
12.14.4 Certifications
12.15 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Pharmacovigilance Market: Key Industry Highlights, 2018 and 2028
2. Global Pharmacovigilance Historical Market: Breakup by Service Provider (USD Million), 2018-2022
3. Global Pharmacovigilance Market Forecast: Breakup by Service Provider (USD Million), 2023-2028
4. Global Pharmacovigilance Historical Market: Breakup by Type (USD Million), 2018-2022
5. Global Pharmacovigilance Market Forecast: Breakup by Type (USD Million), 2023-2028
6. Global Pharmacovigilance Historical Market: Breakup by Product Life Cycle (USD Million), 2018-2022
7. Global Pharmacovigilance Market Forecast: Breakup by Product Life Cycle (USD Million), 2023-2028
8. Global Pharmacovigilance Historical Market: Breakup by Process Flow (USD Million), 2018-2022
9. Global Pharmacovigilance Market Forecast: Breakup by Process Flow (USD Million), 2023-2028
10. Global Pharmacovigilance Historical Market: Breakup by Therapeutic Area (USD Million), 2018-2022
11. Global Pharmacovigilance Market Forecast: Breakup by Therapeutic Area (USD Million), 2023-2028
12. Global Pharmacovigilance Historical Market: Breakup by End Use (USD Million), 2018-2022
13. Global Pharmacovigilance Market Forecast: Breakup by End Use (USD Million), 2023-2028
14. Global Pharmacovigilance Historical Market: Breakup by Region (USD Million), 2018-2022
15. Global Pharmacovigilance Market Forecast: Breakup by Region (USD Million), 2023-2028
16. North America Pharmacovigilance Historical Market: Breakup by Country (USD Million), 2018-2022
17. North America Pharmacovigilance Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Europe Pharmacovigilance Historical Market: Breakup by Country (USD Million), 2018-2022
19. Europe Pharmacovigilance Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Asia Pacific Pharmacovigilance Historical Market: Breakup by Country (USD Million), 2018-2022
21. Asia Pacific Pharmacovigilance Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Latin America Pharmacovigilance Historical Market: Breakup by Country (USD Million), 2018-2022
23. Latin America Pharmacovigilance Market Forecast: Breakup by Country (USD Million), 2023-2028
24. Middle East and Africa Pharmacovigilance Historical Market: Breakup by Country (USD Million), 2018-2022
25. Middle East and Africa Pharmacovigilance Market Forecast: Breakup by Country (USD Million), 2023-2028
26. Global Pharmacovigilance Market Structure
Key Questions Answered in the Report
The market reached a value of USD 7.1 billion in 2022.
The market is estimated to grow at a CAGR of 11.3% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach a value of USD 13.36 billion by 2028.
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.
Analyst Review
The global pharmacovigilance market attained a value of approximately USD 7.1 billion in 2022, driven by rising demand from the pharmaceutical sector. Aided by surging outsourcing services, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 11.3%. The market is projected to reach a value of around USD 13.36 billion in 2028.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on service provider, the market can be divided into in-house and contract outsourcing. On the basis of type, the market can be classified into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and HER mining. The market, based on product life cycle, can be categorised into pre-clinical, phase I, phase II, phase III, and phase IV.
Based on process flow, the market can be categorised into case data management, signal detection, and risk management system. Based on therapeutic area, the market can be categorised into oncology, neurology, cardiology, and respiratory systems, among others. On the basis of end use, the market can be segmented into pharmaceuticals, biotechnology companies, and medical device manufacturers, among others. The major regional markets for pharmacovigilance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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