Global Pharmacovigilance Market Report and Forecast 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.

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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

Pharmacovigilance Market Report Snapshots

Pharmacovigilance Market Size

Pharmacovigilance Companies