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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Pharmacovigilance Market Size
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.
Pharmacovigilance Market Report Snapshots
*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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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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