Pharmacovigilance (PV) Market

Pharmacovigilance (PV) Market

Growth Factors of Pharmacovigilance (PV) Market

The pharmacovigilance (PV) market size was valued at USD 7.42 billion in 2023, and the market is now projected to grow from USD 8.32 billion in 2024 to USD 23.45 billion by 2032, exhibiting a CAGR of 13.8 13.8% during the forecast period of 2024-2032.

The global pharmacovigilance (PV) market growth due to COVID-19 in 2020 increased the popularity of service and better aspects of drug safety data. With higher rates of clinical trials and vaccines, major players experienced revenue increases in years 2021. Drug safety monitoring increased over the years as an aspect of product sales by 2022. Therefore, consistent research and development investments and new product launches in the drugs and vaccines segment will drive the markets’ growth from 2024 to 2032.

Increasing knowledge among global citizens and healthcare practitioners on ADR reporting has the added effect of improving the market growth as the patients and physicians report better. Preliminary campaigns including the MedSafety Week held in November 2023 ensure that people receive information on medication safety and reporting side effects. These activities are anticipated to contribute towards the growth of the global pharmacovigilance (PV) market share.

Furthermore, the application of AI in pharmacovigililation improves the process of drug safety reporting because the AI-based tool can look for an adverse event in large amounts of data. AI enhances effectiveness by redirecting PV professionals’ tasks involving value, thus providing better tools for decision-making. This strategy is being adopted by major players as more solution providers offer artificial intelligence solutions making the market broader.

Comprehensive Analysis of Pharmacovigilance (PV) Market

Due to its ability to segment the market, the pharmacovigilance (PV) market and healthcare industry have significant growth rates in its current period. This market expansion could also offer a comprehensive regional overview concerning the supply and demand dynamics affecting the pharmaceuticals market. Such segmentations are carried out systematically in a manner that separates them by type, by deployment and by end user. The type include, Service and Software. The deployment include, In-house and Outsource. However, the end users include, Contract Research Organizations (CROs), Pharmaceutical & Biotechnfology Companies, and Others.

North America had the largest market share and it could reach USD 3.01 billion in 2023. The region stands as the market leader due to the large market size of pharmaceuticals, high spending on health, well-developed infrastructure and ranked market participants with modern services and software for monitoring drug safety. Also, the increase in the number of regulations, especially in the U.S., will help propel the demand for these services. Furthermore, the expansion of the emerging players in the specific region for service provision will also augment the development of the region.

The key players in the market are involved in the healthcare industry to guarantee industrial prospectus growth and to determine market trends. These players include, IQVIA Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), Parexel International Corporation (U.S.), Accenture (Ireland), Cognizant (U.S.), Ergomed Group (U.K.), Thermo Fisher Scientific Inc. (Pharmaceutical Product Development, LLC) (U.S.), ICON plc (Ireland), and Quanticate (U.K.). These market players ensure that there is a level playing ground for the competition.

In February 2024, A newly launched technology platform named PrimeVigilance of Ergomed plc a global PV and regulatory service provider bought Panacea to expand the company’s operations in PV, regulatory affairs, QA, auditing and support solutions for the pharmaceutical, biotech and med-device industries.

Segmentation Table

Global Pharmacovigilance (PV) Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 13.8% from 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Type, Deployment, End-user, and Region

By Type - Service

- Software

By Deployment - In-house

- Outsource

By End-user - Contract Research Organizations (CROs)

- Pharmaceutical & Biotechnology Companies

- Others

By Region - North America (By Type, Deployment, End-User, and Country)

• U.S. (By Type)
• Canada (By Type)

- Europe (By Type, Deployment, End-User, and Country/Sub-Region)

• Germany (By Type)
• U.K. (By Type)
• France (By Type)
• Italy (By Type)
• Spain (By Type)
• Rest of Europe (By Type)

- Asia Pacific (By Type, Deployment, End-User, and Country/Sub-Region)

• China (By Type)
• Japan (By Type)
• India (By Type)
• Australia (By Type)
• Southeast Asia (By Type)
• Rest of Asia Pacific (By Type)

- Latin America (By Type, Deployment, End-User, and Country/Sub-Region)

• Brazil (By Type)
• Mexico (By Type)
• Rest of Latin America (By Type)

- Middle East and Africa (By Type, Deployment, End-User, and Country/Sub-Region)

• GCC (By Type)
• South Africa (By Type)
• Rest of the Middle East & Africa (By Type)