Pharmacovigilance Market Size, Share & Trends Analysis Report By Service Provider, By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End-use, By Region And Segment Forecasts From 2022 To 2030

Report ID: MN17613653  |  Published: November 2022  |  No of Pages: 265
Format: Electronic (PDF)  |  Industry: Healthcare IT

The global pharmacovigilance market size is anticipated to be worth USD 13.9 billion by 2030 and reveal a CAGR of 9.3%. An essential factor likely to drive the industry’s growth includes a surge in the presence of chronic diseases like diabetes, respiratory, cardiovascular, and oncological disorders. These diseases have resulted in the rise of drug consumption globally, which is likely to increase the demand for the latest drug development through clinical trials.

The COVID-19 pandemic positively impacted the industry owing to an increase in the demand for medical monitoring and safety reporting of potential therapies for the purpose of overcoming the spread of the virus. The use of medications and old drugs like remdesivir, lopinavir, and hydroxychloroquine (HCQ) is constituted to be suitable for diagnosis. Besides, the risk of adverse drug reactions (ADRs) associated with some medicines has been successfully submitted to safety database reports like VigiBase which is controlled by UMC. All these factors have resulted in the increasing demand for pharmacovigilance, which is likely to boost the industry during the forecast period.

The prevalence of a competitive environment for the inauguration of new molecules resulted in a huge surge in the demand for advanced production processes, management of clinical data, improved research and development (R&D), and medical communication. Besides, regulatory practices for the conduction of clinical trials and post-marketing vigilance are projected to increase the demand and drive the industry’s growth in the forecast period. For instance, the formulation of regulatory guidelines by the U.S. Food and Drug Administration (FDA), and the European Medicines Agency (EMA) has resulted in the inspection of several clinical trials to keep a check on the development of ADRs.

In terms of segment, the phase IV (post-marketing) segment dominated the market owing to the provision of safety measures that tend to function as solutions for the conduction of drug clinical trials. Phase IV is an essential stage for clinical trials with the aim to detect ADRs, which is an essential benefit to drive the industry’s growth during the forecast period. Hence, the data collected at this stage is constituted to be of high relevance for drug inspection, thus intended to up-scale the industry.

In terms of regional growth, North America dominated the pharmacovigilance market due to the prevalence of medical and pharmaceutical devices players which is likely to boost the industry in the forecast period. Additionally, the emergence of drug abuse levels as well as drug reactions owing to a surge in drug development is constituted to drive the industry’s growth. Besides, Asia Pacific is expected to reveal a CAGR of 10.8% in the forecast period since there has been an increase in outsourcing organizations, productivity improvement, resource sharing, and cost efficiency.

The industry is anticipated to grow during the forecast period owing to the development of branded and the latest drugs. Hence, key players are focused on the adoption strategies like collaborations, product development, partnerships, and alliances to elevate market penetration. For instance, Accenture and UCB declared their collaboration in December 2019 to escalate data processing, and enhance patient safety. The purpose of this collaboration was to expand and strengthen their respective businesses in the market, which intended to boost the industry in the forecast period.

Pharmacovigilance Market Report Key Takeaways

  • In 2021, the contract outsourcing segment accounted for the largest revenue share at 55%. Factors like outsourcing benefits, the emergence of Contract Research Organizations (CROs), and the complexity reduction of clinical trials are likely to drive the segment’s growth
  • In 2021, the phase IV (post-marketing) segment dominated the market with a 75% share. The provision of safety measures, and the detection of drug reactions are essential factors driving the segment’s growth
  • In 2021, the spontaneous segment upheld the market with the largest share of 30% owing to the increasing awareness of serious and rare ADRs. A surge in the use of surveillance reports by regulatory authorities and pharmaceutical sectors is also likely to boost the segment
  • In 2021, the oncology segment accounted for a 25% share owing to the safety supervision of cancer drugs which tends to boost the segment. Additionally, advancements in cancer treatments, the emergence of innovative technology, and modifications in reporting systems are likely to drive the segment’s growth
  • In 2021, the signal detection segment upheld the market with a revenue share of 35%. Database knowledge, quality of the data, and designing of tools for visualizing, summarizing, and evaluating data are essential factors responsible for the growth of the segment
  • In 2021, the pharmaceutical segment dominated the market with the largest revenue share of 40%. Pharmacovigilance outsourcing is initiated by pharma organizations to overcome high investments and fixed overhead costs, enhance resource flexibility, and establish additional capacity, all of which are likely to drive the segment’s growth
  • In 2021, North America dominated the pharmacovigilance market with the largest revenue share of 30%. A rise in the drug abuse level, adverse drug reactions, an increase in investment in drug development, and a surge in drug production are factors that are likely to boost the regional growth
  • Asia Pacific is projected to register at a CAGR of 10.8% in the forecast period due to the presence of outsourcing companies, upgraded productivity, resource sharing, and cost efficiency


Pharmacovigilance Market Segments

  • Pharmacovigilance Service Provider Outlook (Revenue, USD Million, 2017 - 2030)
    • In-house
    • Contract Outsourcing
  • Pharmacovigilance Product Life Cycle Outlook (Revenue, USD Million, 2017 - 2030)
    • Pre-clinical
    • Phase I
    • Phase II
    • Phase III
    • Phase IV
  • Pharmacovigilance Type Outlook (Revenue, USD Million, 2017 - 2030)
    • Spontaneous Reporting
    • Intensified ADR Reporting
    • Targeted Spontaneous Reporting
    • Cohort Event Monitoring
    • EHR Mining
  • Pharmacovigilance Process Flow Outlook (Revenue, USD Million, 2017 - 2030)
    • Case Data Management
      • Case Logging
      • Case Data Analysis
      • Medical Reviewing & Reporting
    • Signal Detection
      • Adverse Event Logging
      • Adverse Event Analysis
      • Adverse Event Review & Reporting
    • Risk Management System
      • Risk Evaluation System
      • Risk Mitigation System
  • Pharmacovigilance Therapeutic Area Outlook (Revenue, USD Million, 2017 - 2030)
    • Oncology
    • Neurology
    • Cardiology
    • Respiratory Systems
    • Others
  • Pharmacovigilance End-use Outlook (Revenue, USD Million, 2017 - 2030)
    • Pharmaceuticals
    • Biotechnology Companies
    • Medical Device Manufacturers
    • Others
  • Pharmacovigilance Regional Outlook (Revenue, USD Million, 2017 - 2030)
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K
      • Germany
      • France
      • Italy
      • Spain
      • Russia
    • Asia Pacific
      • Japan
      • China
      • India
    • Latin America
      • Brazil
      • Mexico
    • Middle East and Africa
      • South Africa
      • Kingdom of Saudi Arabia
  • List of Key Players in Pharmacovigilance Market
    • Accenture
    • Cognizant
    • Laboratory Corporation of America Holdings
    • IBM Corporation
    • ArisGlobal
    • ICON plc.
    • Capgemini
    • ITClinical
    • FMD K&L
    • IQVIA
    • TAKE Solutions Ltd.
    • PAREXEL International Corporation
    • BioClinica Inc.
    • Wipro Ltd.
    • United BioSource Corporation
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