Pharmacovigilance Market: Increasing Adoption of Outsourcing Services is Projected to Boost Market Growth at a Healthy CAGR of 8.6% During the Forecast Period of 2023-2032

February 2024, Market Research Future has published a Report on the Global Pharmacovigilance Market.

Market Highlights

According to MRFR analysis, the Pharmacovigilance Market Size was valued at USD 6.52 Billion in 2022 and is projected to grow from USD 7.23 Billion in 2023 to USD 15.86 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.6% during the forecast period (2023 - 2032).

Pharmacovigilance supports safe and appropriate use of drugs by identifying risk factors for the development of adverse drug reactions (ADR), promoting the detection of previously unknown ADR and their interactions with known ADR.

The market is dominated by numerous established players. The key players are involved in product launches and strategic collaborations to strengthen their market positions. For instance, on May 16, 2019, Accenture launched INTENT to improve the continuity and flow of data across life sciences enterprises, supporting the delivery of ground-breaking treatments for patients.

Segmentation

The Global Pharmacovigilance Market has been segmented based on the clinical trial phase, service provider, type, and end-user.

The market, based on the clinical trial phase, has been divided into phase IV, phase III, phase II, phase I, and pre-clinical. Phase IV segment dominated the pharmacovigilance market as adverse drug reactions are majorly detected in this phase. Whereas, phase III is expected to witness the fastest growth.

The global pharmacovigilance market has been segmented, on the basis of service provider, into in-house and contract outsourcing. Contract outsourcing dominated the global pharmacovigilance market and expected to witness the fastest growth. Contract manufacturing serves multiple customers and thus can acquire raw materials at a reduced cost, benefiting from the economies of scale.  

The market, based on type, has been divided into spontaneous reporting, cohort event monitoring, intensified ADR reporting, targeted spontaneous reporting, and EHR mining. The spontaneous reporting held largest market share in 2018. Spontaneous reporting is a passive approach to pharmacovigilance as it entirely relies on the motivation of individuals to report suspected ADRs to a local or national pharmacovigilance center.

In terms of end-user, the global pharmacovigilance market has been segmented into hospitals, research organizations, pharmaceutical companies, and others. Hospitals take up the largest share due to an increase in the number of hospital admissions due to ADRs.

Explore In-depth Details: Pharmacovigilance Market Research Report

Key Players

Some of the key players in the Global Pharmacovigilance Market are Accenture (Ireland), ArisGlobal (US), BioClinica (US), Capgemini (France), Conquest Group BV (Netherlands), Cognizant (US), IBM Corporation (US), ICON PLC (Ireland), IMEDGlobal (US), ITClinical (Portugal), Laboratory Corporation of America Holdings (US), PAREXEL International Corporation (US), TAKE Solutions Ltd (India), United BioSource Corporation (US), and Wipro Ltd (India).

Regional Analysis

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the high spending by the pharmaceutical industry. The pharmacovigilance market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European Pharmacovigilance market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The Pharmacovigilance market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing prevalence of chronic conditions and rising cases of ADRs and medication errors, the market in Asia-Pacific is expected to be the fastest-growing. The pharmacovigilance market in the Middle East & Africa has been divided into the Middle East and Africa.