Pharmacovigilance Market - By Type (Software, Service {By Process, By Activity [Spontaneous Reporting, Intensified Adverse Drug Reaction Reporting, Cohort Event Monitoring]}), By Clinical Trial Phase, Service Provider, By End-use, & Forecast, 2023 - 2032

Pharmacovigilance Market - By Type (Software, Service {By Process, By Activity [Spontaneous Reporting, Intensified Adverse Drug Reaction Reporting, Cohort Event Monitoring]}), By Clinical Trial Phase, Service Provider, By End-use, & Forecast, 2023 - 2032

Global Pharmacovigilance Market is expected to showcase remarkable growth over 2023-2032, driven by the increasing demand for drug safety monitoring and the need for data-driven insights to ensure patient safety. In addition, increasing demand for new and innovative drugs, in line with stringent regulatory requirements for drug approval, will fuel market growth over the next ten years.

The rising incidence rate of adverse drug reactions (ADR) and drug toxicity is encouraging the demand for pharmacovigilance. The safety and effectiveness of these treatments need to be closely monitored, given their increasing diversity and availability. The importance of pharmacovigilance in ensuring that the advantages of medicines outweigh any possible hazards is pushing product adoption. Moreover, the consistent surge in the global population and increased prevalence of chronic diseases have also propelled the need for drug safety. According to CDC, around 877.500 Americans die of heart strokes each year.

The growing disease burden and the increasing focus of key market players on promising partnerships and mergers to stay ahead in the industry will favor market growth. For instance, in April 2023, PharmaLex, a German pharmaceutical firm, announced a strategic merger with Cpharm, a pharmacovigilance provider in Australia and New Zealand. With this alliance, the companies aim to offer end-to-end solutions in the Australian market and expand their medical services & customer base.

The pharmacovigilance market is bifurcated in terms of type, clinical trial phase, service provider, end-use, and region.

Based on the clinical trial phase, the phase 2 segment is expected to reach over $410 million by the end of 2032. This second stage of trials is conducted to evaluate the safety and efficacy of a drug candidate in a larger group of patients with the target disease or condition. The rising number of clinical trials worldwide is fueling the need for robust pharmacovigilance systems to monitor and ensure patient safety during these trials.

With respect to end-use, the pharmacovigilance market value from the medical device companies segment was over $2.5 billion in 2022. Pharmacovigilance service providers supply medical device safety profiles to companies, ranging from the processing and reporting of single adverse incidents through the withdrawal of products from the market as part of a Field Safety Corrective Action. The greater emphasis of regulatory bodies on post-market surveillance and safety monitoring of medical devices is bolstering product uptake.

Asia Pacific pharmacovigilance market is expected to exhibit an appreciable CAGR between 2023 and 2032, attributed to the availability of numerous outsourcing organizations. The increasing productivity, cost efficiency, and resource sharing are expected to drive regional demand for pharmacovigilance in the upcoming years. Additionally, the expanding population base with increased drug intake and healthcare demand are also complementing the regional market growth.