Global Pharmacovigilance Market Size 2024, Forecast To 2033
11 Mar, 2024
The pharmacovigilance market has experienced rapid growth, rising from $7.63 billion in 2023 to $8.67 billion in 2024, indicating a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period is attributed to the increasing incidence of adverse drug reactions (ADRs), rising research and development (R&D) activities, growing drug development rates, a heightened focus on personalized medicine, and the rising prevalence of chronic diseases. Looking ahead, the market is expected to reach $14.11 billion in 2028, with a CAGR of 12.9%. The anticipated growth is linked to factors such as rising healthcare expenditure, increasing government support, and an aging population. Key trends in this period include increasing investments, the use of artificial intelligence, innovative platforms, cloud-based systems, and strategic mergers and acquisitions.
Global Pharmacovigilance Market Key Driver
The pharmacovigilance market is expected to grow, propelled by increasing research and development (R&D) activities in the pharmaceutical sector. R&D investments enable the development of new and innovative drugs with improved safety profiles, emphasizing early identification of potential safety concerns during the drug development process. As highlighted by a study from IQVIA in February 2022, venture capital deal activity and investments in the United States have seen substantial growth, with over 2,000 agreements and $47 billion in deal value expected in 2021. The 15 top pharmaceutical corporations are projected to invest a record $133 billion in R&D in 2021, marking a 44% increase over previous years. The surge in R&D activities, contributing to advancements in adverse event monitoring and signal detection technologies, supports the growth of the pharmacovigilance market. Market size values for 2023, 2024, and 2028 capture the impact of increased R&D efforts on the pharmacovigilance market.
Get A Free Sample Of The Global Pharmacovigilance Market ReportGlobal Pharmacovigilance Market Segments
The pharmacovigilance market covered in this report is segmented –
1) By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining
2) By Service Provider: In-House, Contract Outsourcing
3) By Process Flow: Case Data Management, Signal Detection, Risk Management System
4) By Clinical Trial Phases: Preclinical, Phase I, Phase II, Phase III, Phase IV
5) By End User: Hospitals, Pharmaceutical Companies, Other End Users
By Geography:The regions covered in the pharmacovigilance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the pharmacovigilance market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast region. The regions covered in the pharmacovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Pharmacovigilance Industry Players
IQVIA, Cognizant, ICON Plc, Accenture plc, PAREXEL International Corporation., United BioSource LLC, ArisGlobal, Quanticate, Wipro Limited, Linical Americas, Novotech CRO, Wuxi Apptec, Simcere Pharmaceutical Group, Lee's Pharmaceutical Holdings, Luye Pharma Group, EXTEDO, Arriello, PrimeVigilance, Axios International, C3i Solutions, Alcon, Secure AI Labs, OmniSol dot Tech, Canna Call Company, Veripad, Prevnos Inc., Lifescient, Inc, BeiGene, QuintilesIMS, Labcorp Drug Development, Pharmaceutical Product Development Inc., PRA Health Sciences, Synowledge LLC, RAPAhub, illuminate health, Invenio Medical, ClinChoice Inc., MSD, Novasyte, Fortrea Holdings Inc, Syneos Health Clinical, Zoetis Inc., Telerx Marketing Inc., Gilead Sciences, Inc., Elanco, Abbott Laboratories, Spimaco, Teva Pharmaceutical Industries Ltd., DSV Healthcare
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Pharmacovigilance Market Overview
Pharmacovigilance refers to the science and practices involved in the identification, evaluation, comprehension, and mitigation of side effects and other medical/vaccination-related issues. It is used to determine whether a drug's advantages outweigh its hazards, and it doesn't end once the drugs are approved.
Pharmacovigilance Global Market Report 2023 provides data on the global pharmacovigilance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The pharmacovigilance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.