Pharmacovigilance Market Size to Hit US$ 16.23 Bn by 2030

The pharmacovigilance market size is expected to hit US$ 16.23 billion by 2030 and expanding growth at a CAGR of 7.5% from 2021 to 2030.

The pharmacovigilance market size is expected to hit US$ 16.23 billion by 2030 and expanding growth at a CAGR of 7.5% from 2021 to 2030.

Growth Factors

The pharmacovigilance is a process to monitor, detect, and record ill effects of medications and drugs through research and clinical trials. The clinical trial is being carried out in four phases. Those phases are preclinical phase I, phase II, phase III, and phase IV. The pharmacovigilance services can be outsourced or are provided in-house. The pharmacovigilance process is being carried out by pharmaceutical firms and hospitals.

The process of outsourcing is gaining popularity in developing regions such as LAMEA and Asia-Pacific. This factor is also contributing for the growth of the global pharmacovigilance market over the projected period. The growing demand for drugs and medicines is also growing due to growing usage of medications is established nations. Thus, this is driving the demand for pharmacovigilance in the market all around the globe.

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Nowadays, the cases of toxicity of medication and drugs have upsurged at a rapid pace. This has also surged the increase in adverse drug reactions. To authenticate the medicines, the need and requirement of pharmacovigilance is also rising. In addition, the constant efforts of government for the development of the pharmacovigilance process are also creating growth prospects for the market. Furthermore, the rising incidents of chronic disorders and infectious diseases are also boosting the pharmacovigilance market growth.

Moreover, the stringent government regulations and guidelines is creating growth opportunities for the development and expansion of the pharmacovigilance market globally. These strict guidelines enable pharmaceutical companies and hospitals to work efficiently and effectively, without misusing the research of pharmacovigilance.  

Report Highlights:

  • Based on the clinical trial phase, the phase IVsegment dominated the global pharmacovigilance market in 2020 with largest market share. The phase IV is an important stage in the clinical trial process. The data and information collected in this stage is considered as crucial, as it helps in drug testing process.
  • On the basis of service provider, the contract outsourcingsegment holds the largest market share the global pharmacovigilance market in 2020.The contract manufacturing provides benefits such as low expense and high efficiency in the pharmacovigilance market.
  • Based on the end user, the pharmaceutical companies segment dominated the global pharmacovigilance market in 2020 with largest market share. The pharmaceutical companies highly outsource the pharmacovigilance process. It helps them to save time and money.
  • North America is the largest segment for pharmacovigilance market in terms of region.The factors such as existence of major industry players, growing investments in research and development for launch of new products is driving the growth of the pharmacovigilance market in North America.
  • Asia-Pacific region is the fastest growing region in the pharmacovigilance market. The growth of the pharmacovigilance market in Asia-pacific region is attributed to the favorable government regulations and rising consumer awareness about the pharmacovigilance market.

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Future of Pharmacovigilance Market

The benefit of outsourcing the business processes is also driving the growth of the global pharmacovigilance market. The trend of outsourcing helping key market players to grow and develop their business significantly. The outsourcing process helps firms and companies to save their overhead costs. The outsourcing also helps to customize particular services as per client requirements. Moreover, this has enabled market players to evaluate the clinical trial processes in an efficient manner. The process of outsourcing of pharmacovigilance is mostly adopted and accepted by healthcare facilities and pharmaceutical firms. All of these factors are driving the growth of the global pharmacovigilance market and is expected to expand in the near future.  

COVID-19 Impact Analysis:

  • The global pharmacovigilance market got positive response due to the impact of COVID-19 pandemic.
  • The rising coronavirus cases emphasized the importance of clinical trials and research and development initiatives.
  • The outsourcing of pharmacovigilance process also grew during the pandemic. Thus, this factor provided positive outlook on the expansion of the global pharmacovigilance market during 2020.

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Key Developments in the Marketplace:

  • Saama Technologies Inc. released the active safety analytics for pharma products in October 2020. The active safety analytics for pharma products is the first pharmacovigilance system to use the Food and Drug Administration’s Sentinel Common Data Model and TreeScan approach for recognizing safety signals.
  • ResoluteAI, the research platform, declared the launching of a collection of tools to streamline post market surveillance and pharmacovigilance analysis in April 2021.
  • The Medicines and Healthcare Products Regulatory Agency created a new online reporting system in May 2020 to track any negative effects from COVID-19 treatments. This was done in order to develop a knowledge base about how to handle the pandemic sickness safely.

Segments Covered in the Report

By Clinical Trial Phase

  • Preclinical Phase I
  • Phase II
  • Phase III
  • Phase IV

By Service Provider

  • In-house
  • Contract Outsourcing

By End User

  • Hospitals
  • Pharmaceutical Companies
  • Others

By Therapeutic Area

  • Oncology
  • Neurology
  • Cardiology
  • Respiratory Systems
  • Others

By Type

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

By Process Flow

  • 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

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • MEA
  • Rest of the World

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