Global Pharmacovigilance Market Report and Forecast 2023-2031
Global Pharmacovigilance Market Outlook
The global pharmacovigilance market value was USD 7.10 billion in 2022, 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 2023-2031 to achieve a value of USD 18.61 billion by 2031.
Pharmacovigilance: Introduction
Pharmacovigilance, also known as drug safety, refers to the collection, analysis, monitoring, and prevention of adverse effects associated with pharmaceutical products. The primary objective of pharmacovigilance is to ensure the safe and effective use of medications by identifying, evaluating, and minimizing potential risks. The global pharmacovigilance market encompasses various activities, such as adverse event reporting, signal detection, risk management, and regulatory compliance, carried out by pharmaceutical companies, contract research organizations (CROs), and regulatory agencies.
Pharmacovigilance Market Scenario
The global pharmacovigilance market has experienced significant growth in recent years, driven by factors such as the increasing prevalence of chronic diseases, rising drug consumption, growing concerns about drug safety, and stringent regulatory requirements. Moreover, the expanding drug development pipeline, increasing number of clinical trials, and the emergence of advanced pharmacovigilance technologies have contributed to the market's expansion.
North America: The largest market for pharmacovigilance, driven by factors such as the advanced healthcare infrastructure, a strong focus on research and development, and the presence of major pharmaceutical companies and CROs.
Europe: The second-largest market, with increasing demand for pharmacovigilance services due to growing concerns about drug safety and stringent regulatory requirements.
Asia-Pacific: Expected to witness the highest growth rate due to factors such as a rapidly aging population, increasing prevalence of chronic diseases, and growing investments in healthcare infrastructure.
Pharmacovigilance Market Segmentations
Market Breakup by Type
- Spontaneous Reporting
- Intensified Adverse Drug Reaction (ADR) Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Electronic Health Record (EHR) Mining
- Others
- In - House
- Contract Outsourcing
- Pre -Clinical
- Phase-I
- Phase -II
- Phase -III
- Phase -VI
- Hospitals
- Pharma and Biotech Companies
- Contract Research Organizations (CROS)
- Healthcare Providers
- Others
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Others
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Australia
- Others
- Latin America
- Brazil
- Argentina
- Mexico
- Others
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- South Africa
- Others
Key Trends in the Pharmacovigilance Market
Some key trends of the market are as follows:
- Outsourcing of pharmacovigilance activities: Pharmaceutical companies are increasingly outsourcing pharmacovigilance activities to contract research organizations (CROs) to reduce costs, streamline operations, and access specialized expertise, driving market growth.
- Adoption of advanced technologies: The integration of advanced technologies such as artificial intelligence (AI), machine learning, and data analytics has improved the efficiency and effectiveness of pharmacovigilance processes, contributing to market expansion.
- Growing emphasis on risk management and post-marketing surveillance: The increasing focus on risk management and post-marketing surveillance has led to a greater demand for pharmacovigilance services, particularly in the area of signal detection and risk evaluation.
Pharmacovigilance Market: Competitor Landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
- Drug Safety Solutions Limited
- Worldwide Clinical Trials
- Baroclinica
- United Biosource LLC, Ennov
- AB Cube France
- Covance Inc.
- Accenture
- PRA Health Sciences, Inc.
- Ergomed Plc.
- IQVIA
- Genpact
- Cognizant
- Parexel International Corporation
- ArisGlobal
- ICON plc
- Oracle
- Syneos Health
- 1 Preface
- 1.1 Objectives of the Study
- 1.2 Key Assumptions
- 1.3 Report Coverage – Key Segmentation and Scope
- 1.4 Research Methodology
- 2 Executive Summary
- 3 Global Pharmacovigilance Market Overview
- 3.1 Global Pharmacovigilance Market Historical Value (2016-2022)
- 3.2 Global Pharmacovigilance Market Forecast Value (2023-2031)
- 4 Global Pharmacovigilance Market Landscape
- 4.1 Global Pharmacovigilance Developers Landscape
- 4.1.1 Analysis by Year of Establishment
- 4.1.2 Analysis by Company Size
- 4.1.3 Analysis by Region
- 4.2 Global Pharmacovigilance Product Landscape
- 4.2.1 Analysis by Type
- 4.2.2 Analysis by Service Provider
- 4.2.3 Analysis by End User
- 5 Global Pharmacovigilance Market Dynamics
- 5.1 Market Drivers and Constraints
- 5.2 SWOT Analysis
- 5.3 Porter’s Five Forces Model
- 5.4 Key Demand Indicators
- 5.5 Key Price Indicators
- 5.6 Industry Events, Initiatives, and Trends
- 5.7 Value Chain Analysis
- 6 Global Pharmacovigilance Market Segmentation
- 6.1 Global Pharmacovigilance Market by Type
- 6.1.1 Market Overview
- 6.1.2 Spontaneous Reporting
- 6.1.3 Intensified Adverse Drug Reaction (ADR) Reporting
- 6.1.4 Targeted Spontaneous Reporting
- 6.1.5 Cohort Event Monitoring
- 6.1.6 Electronic Health Record (EHR) Mining
- 6.1.7 Others
- 6.2 Global Pharmacovigilance Market by Service Provider
- 6.2.1 Market Overview
- 6.2.2 In - House
- 6.2.3 Contract Outsourcing
- 6.3 Global Pharmacovigilance Market by Product Life Cycle
- 6.3.1 Market Overview
- 6.3.2 Pre -Clinical
- 6.3.3 Phase-I
- 6.3.4 Phase -II
- 6.3.5 Phase -III
- 6.3.6 Phase -VI
- 6.4 Global Pharmacovigilance Market by End User
- 6.4.1 Market Overview
- 6.4.2 Hospitals
- 6.4.3 Pharma and Biotech Companies
- 6.4.4 Contract Research Organizations (CROS)
- 6.4.5 Healthcare Providers
- 6.4.6 Others
- 6.5 Global Pharmacovigilance Market by Region
- 6.5.1 Market Overview
- 6.5.2 North America
- 6.5.3 Europe
- 6.5.4 Asia Pacific
- 6.5.5 Latin America
- 6.5.6 Middle East and Africa
- 7 North America Pharmacovigilance Market
- 7.1 Market Share by Country
- 7.2 United States of America
- 7.3 Canada
- 8 Europe Pharmacovigilance Market
- 8.1 Market Share by Country
- 8.2 United Kingdom
- 8.3 Germany
- 8.4 France
- 8.5 Italy
- 8.6 Others
- 9 Asia Pacific Pharmacovigilance Market
- 9.1 Market Share by Country
- 9.2 China
- 9.3 Japan
- 9.4 India
- 9.5 ASEAN
- 9.6 Australia
- 9.7 Others
- 10 Latin America Pharmacovigilance Market
- 10.1 Market Share by Country
- 10.2 Brazil
- 10.3 Argentina
- 10.4 Mexico
- 10.5 Others
- 11 Middle East and Africa Pharmacovigilance Market
- 11.1 Market Share by Country
- 11.2 Saudi Arabia
- 11.3 United Arab Emirates
- 11.4 Nigeria
- 11.5 South Africa
- 11.6 Others
- 12 Patent Analysis
- 12.1 Analysis by Type of Patent
- 12.2 Analysis by Publication year
- 12.3 Analysis by Issuing Authority
- 12.4 Analysis by Patent Age
- 12.5 Analysis by CPC Analysis
- 12.6 Analysis by Patent Valuation
- 12.7 Analysis by Key Players
- 13 Grants Analysis
- 13.1 Analysis by year
- 13.2 Analysis by Amount Awarded
- 13.3 Analysis by Issuing Authority
- 13.4 Analysis by Grant Application
- 13.5 Analysis by Funding Institute
- 13.6 Analysis by NIH Departments
- 13.7 Analysis by Recipient Organization
- 14 Funding Analysis
- 14.1 Analysis by Funding Instances
- 14.2 Analysis by Type of Funding
- 14.3 Analysis by Funding Amount
- 14.4 Analysis by Leading Players
- 14.5 Analysis by Leading Investors
- 14.6 Analysis by Geography
- 15 Partnership and Collaborations Analysis
- 15.1 Analysis by Partnership Instances
- 15.2 Analysis by Type of Partnership
- 15.3 Analysis by Leading Players
- 15.4 Analysis by Geography
- 16 Regulatory Framework
- 16.1 Regulatory Overview
- 16.1.1 US FDA
- 16.1.2 EU EMA
- 16.1.3 INDIA CDSCO
- 16.1.4 JAPAN PMDA
- 16.1.5 Others
- 17 Supplier Landscape
- 17.1 Drug Safety Solutions Limited
- 17.1.1 Financial Analysis
- 17.1.2 Product Portfolio
- 17.1.3 Demographic Reach and Achievements
- 17.1.4 Mergers and Acquisitions
- 17.1.5 Certifications
- 17.2 Worldwide Clinical Trials
- 17.2.1 Financial Analysis
- 17.2.2 Product Portfolio
- 17.2.3 Demographic Reach and Achievements
- 17.2.4 Mergers and Acquisitions
- 17.2.5 Certifications
- 17.3 Baroclinica
- 17.3.1 Financial Analysis
- 17.3.2 Product Portfolio
- 17.3.3 Demographic Reach and Achievements
- 17.3.4 Mergers and Acquisitions
- 17.3.5 Certifications
- 17.4 United Biosource LLC, Ennov
- 17.4.1 Financial Analysis
- 17.4.2 Product Portfolio
- 17.4.3 Demographic Reach and Achievements
- 17.4.4 Mergers and Acquisitions
- 17.4.5 Certifications
- 17.5 AB Cube France
- 17.5.1 Financial Analysis
- 17.5.2 Product Portfolio
- 17.5.3 Demographic Reach and Achievements
- 17.5.4 Mergers and Acquisitions
- 17.5.5 Certifications
- 17.6 Covance Inc.
- 17.6.1 Financial Analysis
- 17.6.2 Product Portfolio
- 17.6.3 Demographic Reach and Achievements
- 17.6.4 Mergers and Acquisitions
- 17.6.5 Certifications
- 17.7 Accenture
- 17.7.1 Financial Analysis
- 17.7.2 Product Portfolio
- 17.7.3 Demographic Reach and Achievements
- 17.7.4 Mergers and Acquisitions
- 17.7.5 Certifications
- 17.8 PRA Health Sciences, Inc.
- 17.8.1 Financial Analysis
- 17.8.2 Product Portfolio
- 17.8.3 Demographic Reach and Achievements
- 17.8.4 Mergers and Acquisitions
- 17.8.5 Certifications
- 17.9 Ergomed Plc.
- 17.9.1 Financial Analysis
- 17.9.2 Product Portfolio
- 17.9.3 Demographic Reach and Achievements
- 17.9.4 Mergers and Acquisitions
- 17.9.5 Certifications
- 17.10 IQVIA
- 17.10.1 Financial Analysis
- 17.10.2 Product Portfolio
- 17.10.3 Demographic Reach and Achievements
- 17.10.4 Mergers and Acquisitions
- 17.10.5 Certifications
- 17.11 Genpact
- 17.11.1 Financial Analysis
- 17.11.2 Product Portfolio
- 17.11.3 Demographic Reach and Achievements
- 17.11.4 Mergers and Acquisitions
- 17.11.5 Certifications
- 17.12 Cognizant
- 17.12.1 Financial Analysis
- 17.12.2 Product Portfolio
- 17.12.3 Demographic Reach and Achievements
- 17.12.4 Mergers and Acquisitions
- 17.12.5 Certifications
- 17.13 Parexel International Corporation
- 17.13.1 Financial Analysis
- 17.13.2 Product Portfolio
- 17.13.3 Demographic Reach and Achievements
- 17.13.4 Mergers and Acquisitions
- 17.13.5 Certifications
- 17.14 ArisGlobal
- 17.14.1 Financial Analysis
- 17.14.2 Product Portfolio
- 17.14.3 Demographic Reach and Achievements
- 17.14.4 Mergers and Acquisitions
- 17.14.5 Certifications
- 17.15 ICON plc
- 17.15.1 Financial Analysis
- 17.15.2 Product Portfolio
- 17.15.3 Demographic Reach and Achievements
- 17.15.4 Mergers and Acquisitions
- 17.15.5 Certifications
- 17.16 Oracle
- 17.16.1 Financial Analysis
- 17.16.2 Product Portfolio
- 17.16.3 Demographic Reach and Achievements
- 17.16.4 Mergers and Acquisitions
- 17.16.5 Certifications
- 17.17 Syneos Health
- 17.17.1 Financial Analysis
- 17.17.2 Product Portfolio
- 17.17.3 Demographic Reach and Achievements
- 17.17.4 Mergers and Acquisitions
- 17.17.5 Certifications
- 18 Global Pharmacovigilance Market - Distribution Model (Additional Insight)
- 18.1 Overview
- 18.2 Potential Distributors
- 18.3 Key Parameters for Distribution Partner Assessment
- 19 Key Opinion Leaders (KOL) Insights (Additional Insight)
- 20 Company Competitiveness Analysis (Additional Insight)
- 20.1 Very Small Companies
- 20.2 Small Companies
- 20.3 Mid-Sized Companies
- 20.4 Large Companies
- 20.5 Very Large Companies
- 21 Payment Methods (Additional Insight)
- 21.1 Government Funded
- 21.2 Private Insurance
- 21.3 Out-of-Pocket
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook