Global Pharmacovigilance Market Size, Trends & Growth Opportunity, Product & Service, By Drug development (Phase1, Phase 2, Phase3, Phase4 or Post marketing Surveillance), By Types of Method (Spontaneous Reporting, Intensified ADR Reporting), By Types of

Global Pharmacovigilance Market Size, Trends & Growth Opportunity, Product & Service, By Drug development (Phase1, Phase 2, Phase3, Phase4 or Post marketing Surveillance), By Types of Method (Spontaneous Reporting, Intensified ADR Reporting), By Types of Services (In House, Contract Outsourcing), By Region & forecast till 2027.

Global Pharmacovigilance Market

Global Pharmacovigilance Market was valued at USD 6.97 billion in 2021 and expected to reach at USD 13.80 billion by 2027 with a CAGR of 7.8% from 2022-2027. Pharmacovigilance (PV) is the assured part of drug discovery and development procedures. The growing incidence of Adverse Drug Reactions (ADRs) is expected to accelerate the need for PV services.

Pharmacovigilance is defined as “the science and practice of monitoring approved pharmaceuticals and experimental products prior to their approval for use in order to discover, evaluate, assess, and avoid adverse drug and vaccination effects and problems”.

Market Drivers

The growing incidences of adverse drug reactions are expected to propel the growth of the pharmacovigilance market going forward. The market is positively impacted by the COVD-19 pandemic. The pharmacovigilance market is expected to grow at a favorable rate owing to the increasing consumption and developments of new drugs, the rise in number of adverse drug reactions and toxicity, and the flourshing trend of outsourcing pharmacovigilance services.

Additionally, rising demand for contract outsourcing and in-house pharmacovigilance is the key factor anticipated to fuel the market growth. One more contributor to this market progress could be the increasing shift toward core business activities from that of non-core by outsourcing pharmacovigilance services.

Moreover, growing cases of lifestyle-related diseases including diabetes, hypertension, and cardiac disorders due to sedentary lifestyles, lack of physical exercise, fluctuating lifestyles, and fast-food consumption, lead to rising in the consumption of drugs. This is the major factor contributing to the growth of the pharmacovigilance market. In addition, growing R&D activities and increasing acceptance of new technologies in clinical research are further contributing to the market growth.

Market Restraints

Unavailability of well-documented post marketing adverse drug reaction reporting is projected to restrain the global pharmacovigilance market. Hence, under-reporting of adverse drug reactions would result in increase in drug toxicity incidences, which, in turn, is likely to augment the global pharmacovigilance market.

Market Segmentation

Global Pharmacovigilance Market is segmented into By Drug Development, By Types of Method, By Types of services & By Region. By Drug Development Market is segmented into Preclinical studies, Phase1, Phase2 Phase3, Phase4 or post marketing surveillance. By Types of Method Market is segmented into Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining. By Types of Services market is segmented into In-House, Contract Outsourcing.

Regional Analysis

Global Pharmacovigilance Market is segmented into five regions such as North America, Europe, Asia Pacific, Latin America, and MEA. North America held the largest revenue share of over 30.0% in 2021 owing to the presence of key pharmaceutical and medical devices players, contributing to the overall revenue in this region. Asia Pacific is expected to register the fastest CAGR of 12.1% during the forecast period owing to the availability of various outsourcing organizations.

Key Players

Key companies across the Pharmacovigilance market include Accenture Plc, Cognizant, Labcrop Drug Development, Icon Plc, Syneon Health, Novartis AG, Parexel International Corporation, Pfizer Inc.

Market Taxonomy

By Drug Development

• Preclinical studies
• Phase1
• Phase2
• Phase3
• Phase4 or post marketing surveillance

• Spontaneous Reporting
• Intensified ADR Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring
• EHR Mining

• In-House,
• Contract Outsourcing.

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa