Pharmacovigilance Market Size Worth USD 13.60 billion by 2032 | CAGR: 6.9%

The global pharmacovigilance market size is expected to reach USD 13.60 billion by 2032, according to a new study by Polaris Market Research. The report “Pharmacovigilance Market Size, Share, Trends, Industry Analysis Report:  By Service (In–house and Contract Outsourcing), Product Life Cycle, Type, Process Flow, Therapeutic Area, End Use, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024 - 2032)” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global pharmacovigilance market is experiencing growth due to increasing rates of adverse drug reactions (ADRs) and the rising adoption of pharmacovigilance software by outsourcing firms. Additionally, government regulatory bodies such as the EMEA and U.S. FDA have strengthened regulations for post- and pre-commercialization drug safety, placing greater emphasis on biotechnology and pharmacovigilance companies to develop safe drugs and monitor their post-sales outcomes. For instance, in November 2021, Deloitte and Sanofi partnered to develop ConvergeHEALTH Safety, an advanced software service platform powered by artificial intelligence (AI) for the intake of adverse event cases. This collaboration aims to revolutionize pharmacovigilance through innovative technology. Thus, the use of Artificial Intelligence in pharmacovigilance is propelling the growth of the pharmacovigilance market.

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Spontaneous reporting is crucial in pharmacovigilance as it facilitates early detection of adverse events associated with drugs and medical products. This is essential for early interventions to safeguard patient safety. Regulatory requirements necessitate Pharmacovigilance firms to establish strong pharmacovigilance systems, including efficient spontaneous reporting mechanisms. Compliance demonstrates their dedication to public health and helps to boost their standing in the market.

Pharmacovigilance Market Report Highlights

• The pharmacovigilance companies segment is anticipated to experience substantial growth with a significant CAGR in the global market due to the increase in drug innovation by pharmacovigilance companies.
•  The oncology segment accounted for the largest revenue share of the market in 2023 due to the rising side effects of cancer therapy being one of the most important issues faced by cancer patients during their illness.
• In 2023, North America dominated the global pharmacovigilance market due to the presence of major pharmacovigilance companies in the region.
• The pharmacovigilance market in Japan is projected for substantial growth because of the increased prevalence of chronic diseases in the region.
• The global key market players are Laboratory Corporation of America Holdings; Cognizant; Thermo Fisher Scientific Inc; ICON plc.; Accenture; IQVIA; Aris Global; IBM Corporation; United BioSource LLC; PAREXEL International Corporation; TAKE Solutions; and Pharmacovigilance Development Group, Inc.

Polaris Market Research has segmented the pharmacovigilance market report based on procedure, gender, age group, and region:

By Service Outlook

• In­-house
• Contract Sourcing

By Product Life Cycle Outlook

• Pre-clinical
• Phase I
• Phase II
• Phase III
• Phase IV

By Type Outlook

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

 By Process Flow Outlook

• Case Data Management
  • Case Logging
  • Case Data Analysis
  • Medical Reviewing and Reporting
• Signal Detection
  • Adverse Event Logging
  • Adverse Event Analysis
  • Adverse Event Review & Reporting
• Risk Management System
  • Risk Evaluation System
  • Risk Mitigation System

By Therapeutic Area Outlook

• Oncology
• Neurology
• Cardiology
• Respiratory Systems
• Others

By End Use Outlook

• Pharmaceuticals
• Biotechnology Companies
• Medical Device Manufacturers
• Others

By Regional Outlook

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China 
  • Japan 
  • India 
  • Malaysia 
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

Pharmacovigilance Report Scope