Global Pharmacovigilance Market By Clinical Overview
Pharmacovigilance Market was valued at US$ 8.5 billion in 2024 and is projected to grow at a CAGR of 8.4% to reach US$ 19.1 billion by 2034.
Pharmacovigilance is also called as drug safety which is related to pharmacological science relating to the collection, detection, assessment, monitoring, and prevention of adverse effects with pharmaceutical products. The pharmaceutical majorly focuses on the adverse drug reaction that is related to noxious and unintended, including lack of efficacy. The marketing authorization holding companies for medicine has legal obligations to collect data and cond`uct pharmacovigilance.
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
Global Pharmacovigilance Market By Clinical Dynamics
Rise in consumption of drug and drug development is the major driving factor for the growth of the global market. For instance, in 2017, there were 7,493 drugs in pre-clinical phase. Moreover, the rise in the incidence of ADR and drug toxicity due to which they need for pharmacovigilance increases is another propelling factor for the growth of the target market. The growing trend of the outsourcing pharmacovigilance services is the fuelling factor for the growth of the global market. However, the high-risk associated with data security is the major restraining factor for the growth of the global market. Nevertheless, the increasing focus on personalized medicines can create an opportunity for the growth of the global market.
Global Pharmacovigilance Market By Clinical Segmentation
Pharmacovigilance market is segmented based on the clinical trial phase, service provider, end-user, and region.
Based on the clinical trial phase, the pharmacovigilance market is segmented into preclinical, phase I, phase II, phase III, and phase IV. Based on the service provider, the global market is classified into in-house, contract, and outsourcing. Based on the type of reporting the target market is divided into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining. Based on end-user, the target market is segmented into hospitals, pharmaceutical companies, and others.
Region Insights:
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
On the region, the pharmacovigilance market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America region is expected to dominate the global market over the forecast period due to the concentration of the drug manufacturing companies. The pharmaceutical companies in the North America region is investing heavily in drug development, the usage of the pharmacovigilance is more in this region. The Asia Pacific is expected to show significant growth during the forecast period because of the rise in several vendors providing cost-effective pharmacovigilance services.
Report Scope:
|
Attribute |
Details |
|
Market Size 2024 |
US$ 8.5 billion |
|
Projected Market Size 2034 |
US$ 19.1 billion |
|
CAGR Growth Rate |
8.4% |
|
Base year for estimation |
2023 |
|
Forecast period |
2024 – 2034 |
|
Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
|
Market Segmentation |
By Clinical Trial Phase - Preclinical, Phase I, Phase II, Phase III, and Phase IV By Service Provider - In-house, Contract, and Outsourcing By Type of Reporting - Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, and EHR Mining By End User - Hospitals, Pharmaceutical Companies, and Others |
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Pharmacovigilance Market report based on clinical trial phase, service provider, end-user, and region.
Pharmacovigilance Market, By Region:
- North America
- Middle East & Africa
- Middle East & Africa Pharmacovigilance Market, By Clinical Trial Phase
- Middle East & Africa Pharmacovigilance Market, By Service Provider
- Middle East & Africa Pharmacovigilance Market, By Types of Reporting
- Middle East & Africa Pharmacovigilance Market, By End-user
- Middle East & Africa Pharmacovigilance Market, By Country
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Latin America Pharmacovigilance Market, By Clinical Trial Phase
- Latin America Pharmacovigilance Market, By Service Provider
- Latin America Pharmacovigilance Market, By Types of Reporting
- Latin America Pharmacovigilance Market, By End-user
- Latin America Pharmacovigilance Market, By Country
- Brazil
- Mexico
- Rest of Latin America
- Asia Pacific
- Asia Pacific Pharmacovigilance Market, By Clinical Trial Phase
- Asia Pacific Pharmacovigilance Market, By Service Provider
- Asia Pacific Pharmacovigilance Market, By Types of Reporting
- Asia Pacific Pharmacovigilance Market, By End-user
- Asia Pacific Pharmacovigilance Market, By Country
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Europe
- Europe Pharmacovigilance Market, By Clinical Trial Phase
- Europe Pharmacovigilance Market, By Service Provider
- Europe Pharmacovigilance Market, By Types of Reporting
- Europe Pharmacovigilance Market, By End-user
- Europe Pharmacovigilance Market, By Country
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- North America Pharmacovigilance Market, By Clinical Trial Phase
- North America Pharmacovigilance Market, By Service Provider
- North America Pharmacovigilance Market, By Types of Reporting
- North America Pharmacovigilance Market, By End-user
- North America Pharmacovigilance Market, By Country
- U.S.
- Canada
- Middle East & Africa
Global Pharmacovigilance Market By Clinical Key Players
The key players operating the pharmacovigilance market include Accenture, Cognizant, Laboratory Corporation of America Holdings, IBM Corporation, ArisGloba, Foresight Group International AG, ICON PLC., Capgemini, United BioSource Corporation, and Wipro Ltd. Prominent players operating in the target market are focusing on strategic partnerships as well as the launching of the Clinical Trial Phases to gain a competitive edge in the target market. For instance, in 2017, the BioCelerate and Accenture collaborate to innovating advanced biopharmaceutical by increasing insights into R&D.
Global Pharmacovigilance Market By Clinical Key Issues Addressed
Recent Development:
- In December 2023, Thermo Fisher Scientific Inc., the world leader in serving science, announced the launch of CorEvidence, a proprietary cloud-based data lake platform optimizing pharmacovigilance case processing and safety data management processes. The new platform enhances CorEvitas clinical research registries offered by Thermo Fisher's PPD clinical research business. CorEvidence's first application supports enhanced pharmacovigilance workflow and deliverable management. It is designed to handle multiple data sources and streamline coding, classification and reporting of adverse events and safety events of interest for committed post-authorization safety studies.
- In October 2023, Bharat Serums and Vaccines Limited(BSV) launched the new communication tool-“BSV AER”. This mobile-based application offers a platform designed to streamline the reporting of potential adverse events that may occur by the use of BSV products. BSV AER is directly connected to BSV’s pharmacovigilance system, allowing healthcare professionals, consumers, and compony personnel to report these electronically from their smartphones from any location within India and is free of cost to its users.
- In April 2023, PharmaLex group, The German company will go forward with merger with Cpharm, a provider of pharmacovigilance services in Australia and New Zealand. This will lead to expansion of drug and device vigilance capabilities in the region along with offering complementary services and expanding the services portfolio of both the companies.
Global Pharmacovigilance Market By Clinical Company Profile
- Accenture
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cognizant
- Laboratory Corporation of America Holdings
- IBM Corporation
- ArisGloba
- Foresight Group International AG
- ICON PLC
- Capgemini
- United BioSource Corporation
- Wipro Ltd.
“*” marked represents similar segmentation in other categories in the respective section.
Global Pharmacovigilance Market By Clinical Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Preview
- Executive Summary
- Key Findings—Global Outlook for Pharmacovigilance Strategies
- Key Questions this Study will Answer
- Market Snippet, By Clinical Trial Phase
- Market Snippet, By Service Provider
- Market Snippet, By Type of Reporting
- Market Snippet, By End-user
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Market Segmentation, By Clinical Trial Phase, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Preclinical
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Phase I
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Phase II
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Phase III
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Phase IV
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Market Segmentation, By Service Provider, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- In- house
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Contract Outsourcing
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Pharmacovigilance Market, By Type of Reporting, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Spontaneous Reporting
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Intensified ADR Reporting
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Targeted Spontaneous Reporting
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Cohort Event Monitoring
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- HER Mining
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 203
- Overview
- Market Segmentation, By End-user, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Hospitals
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Pharmaceutical Companies
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Pharmacovigilance and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Market, By Region, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Pharmacovigilance and Forecast (US$ Mn), By Clinical Trial Phase, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Service Provider, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Type of Reporting, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By End-user, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Pharmacovigilance and Forecast (US$ Mn), By Clinical Trail Phase, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Service Provider, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Type of Reporting, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By End-user, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Country, 2020 – 2030
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Pharmacovigilance and Forecast (US$ Mn), By Clinical Trail Phase, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Service Provider, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Type of Reporting, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By End-user, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Country, 2020 – 2030
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Pharmacovigilance and Forecast (US$ Mn), By Clinical Trail Phase, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Service Provider, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Type of Reporting, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By End-user, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Pharmacovigilance and Forecast (US$ Mn), By Clinical Trail Phase, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Service Provider, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Type of Reporting, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By End-user, 2020 – 2030
- Market Pharmacovigilance and Forecast (US$ Mn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Accenture
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cognizant
- Laboratory Corporation of America Holdings
- IBM Corporation
- ArisGloba
- Foresight Group International AG
- ICON PLC
- Capgemini
- United BioSource Corporation
- Wipro Ltd.
- Accenture
- The Last Word
- Future Impact
- About Us
- Contact
FAQs
Pharmacovigilance market is segmented based on the clinical trial phase, service provider, end-user, and region.
Rise in consumption of drug and drug development is the major driving factor for the growth of the global market.
The North America region is expected to dominate the global market over the forecast period due to the concentration of the drug manufacturing companies.
Prominent players operating in the target market are focusing on strategic partnerships as well as the launching of the Clinical Trial Phases to gain a competitive edge in the target market. For instance, in 2017, the BioCelerate and Accenture collaborate to innovating advanced biopharmaceutical by increasing insights into R&D.