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The Global Pharmacovigilance Market Size is valued at 8.76 billion in 2023 and is predicted to reach 19.50 billion by the year 2031 at a 10.77% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing number of people living with chronic diseases is predicted to drive the expansion of this market. Rising medication use, drug development rates, and outsourcing all contribute to a developing pharmacovigilance business.
- The pharmacovigilance industry is expected to grow steadily, driven by increased patient demand for drugs and increasing concerns about drug safety.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- A severe lack of qualified healthcare workers hinders the implementation of pharmacovigilance methods.
The pharmacovigilance market refers to the global industry of monitoring and assessing the safety and efficacy of drugs and medical products after being approved. The market includes various services and solutions, such as adverse event reporting, signal detection, risk management, regulatory compliance, and post-market surveillance.
In recent years, the pharmacovigilance market has experienced substantial growth due to the rising prevalence of chronic diseases, rising demand for personalized medicines, and growing regulatory requirements for drug safety. Advancements also drive the market in healthcare technologies, such as artificial intelligence, big data analytics, and blockchain, which have enhanced the efficiency and accuracy of pharmacovigilance processes.
Despite the increasing focus on drug safety, there is still a lack of awareness about pharmacovigilance among healthcare professionals and the general public. This could result in underreporting adverse drug reactions and delays in detecting safety signals.
Recent Developments:
- In January 2024, ICON plc, a frontrunner in healthcare intelligence and clinical research, released a whitepaper titled "Optimising biotech funding. The present scenario and potential R&D tactics biotech companies might implement to entice and make the most of investment capital are discussed here.
- In November 2023, IBM announced that it had inked three MoUs with three entities linked to the Department of Computers and the Internet (MeitY) to support and accelerate innovation in quantum technology, AI, and semiconductors for the benefit of the Indian government.
Competitive Landscape:
Some of the pharmacovigilance market players are:
- Accenture
- Cognizant
- Laboratory Corporation of America Holdings
- IBM Corporation
- ArisGlobal
- ICON plc.
- Capgemini
- ITClinical
- FMD K&L
- IQVIA
- TAKE Solutions Ltd.
- PAREXEL International Corporation
- BioClinica Inc.
- Wipro Ltd.
- United BioSource Corporation
Market Segmentation:
The pharmacovigilance market is segmented based on the service provider, product life cycle, type, process flow, therapeutic area, and end-use. Based on the service provider, the market is segmented as in-house and contract outsourcing. Based on the product life cycle, the market is segmented into pre-clinical, phase I, phase II, phase III and phase IV. Based on type, the market is segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring and EHR mining.
Based on process flow, the market is segmented into case data management, case logging, case data analysis, medical reviewing & reporting signal detection, adverse event logging, adverse event analysis, adverse event review & reporting, risk management system, risk evaluation system and risk mitigation system. Based on therapeutic areas, the market is segmented into oncology, neurology, cardiology, and respiratory systems. Based on end-use, the market is segmented into pharmaceuticals, biotechnology companies, medical device manufacturers and others.
Based On The Service Provider, The Contract Outsourcing Segment Is A Major Contributor To The Pharmacovigilance Market
Contract outsourcing is one of the dominant segments in the pharmacovigilance market, and it is anticipated to continue dominating the demand in the coming years. Contract outsourcing involves outsourcing pharmacovigilance services to third-party service providers, such as contract research organizations (CROs) and business process outsourcing (BPO) companies. Factors such as cost-effectiveness, improved efficiency, and access to specialized expertise drive the contract outsourcing segment. Outsourcing pharmacovigilance services enables pharmaceutical companies to focus on their core competencies while leveraging the expertise of specialized service providers to manage the complexities of drug safety.
Moreover, outsourcing pharmacovigilance services helps companies to reduce costs associated with hiring and training personnel, managing infrastructure, and maintaining compliance with regulatory requirements. This has led to an increasing trend of outsourcing pharmacovigilance services to third-party service providers, especially among small and mid-sized pharmaceutical companies.
Spontaneous Reporting Segment Witness Growth At A Rapid Rate
Spontaneous reporting is an essential component of pharmacovigilance, and it is expected to continue dominating the pharmacovigilance market in the coming years. The spontaneous reporting segment is driven by various factors, such as the widespread use of drugs and medical products, increasing awareness about drug safety, and the need for early detection and management of ADRs. Spontaneous reporting plays a crucial role in identifying and assessing the safety of drugs and medical products after being approved.
The Asia Pacific Pharmacovigilance Market Holds A Significant Revenue Share In The Region
The Asia-Pacific pharmacovigilance market is expected to register the highest market share in revenue shortly. The Asia-Pacific region is anticipated to dominate the pharmacovigilance market in the coming years. The region is expected to exhibit the highest growth rate due to various factors, such as the increasing demand for pharmaceuticals, rising prevalence of chronic diseases, growing regulatory requirements, and rising awareness about drug safety and adverse effects.
Countries like China and India have been experiencing significant growth in their pharmaceutical industries, leading to increased demand for pharmacovigilance services. Moreover, the growing emphasis on patient safety and the need for regulatory compliance has further boosted the demand for pharmacovigilance solutions in the region. Besides, North America is currently the largest market for pharmacovigilance and is anticipated to continue dominating the market in the coming years. Various factors, including many pharmaceutical companies, advanced healthcare infrastructure, and increasing demand for personalized medicine, drive the North American pharmacovigilance market. The region has stringent regulatory requirements for drug safety, leading to the establishment of a well-developed pharmacovigilance infrastructure.
Pharmacovigilance Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 8.76 Bn |
|
Revenue forecast in 2031 |
USD 19.50 Bn |
|
Growth rate CAGR |
CAGR of 10.77% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2024 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Service Provider, Product Life Cycle, Type, Process Flow, Therapeutic Area, And End-Use |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Accenture; LinicalAccelovance; Cognizant; Laboratory Corporation of America Holdings; IBM Corporation; ArisGlobal; ICON plc.; Capgemini; ITClinical; FMD K&L; IQVIA; TAKE Solutions Ltd.; PAREXEL International Corporation; BioClinica Inc.; Wipro Ltd.; and United BioSource Corporation |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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