Global Pharmacovigilance Market Consumer Trends, Product Types, Applications and End-use, Market Revenue Size & Shares, Global Market Growth Rate, and Forecast till 2029

Pharmacovigilance Market Overview :

The Pharmacovigilance Market was valued at $42.4 billion in 2021 & is projected to reach $84.9 billion by 2028. It is expected to grow at an 8.3% CAGR between 2021 and 2028.

Request Covid - 19 Impact

The Pharmacovigilance Market report includes global consumer trends, product types, applications, and end-use revenue and value, segment, region, and country revenue share, global market growth rate, Compounded Annual Growth Rate, and forecast till 2029.

In the Pharmacovigilance Market report, various aspects and scenarios, current and future, have been examined and understood thoroughly to arrive at all findings.

The Pharmacovigilance Market report offers in-depth insights into the global pharmacovigilance market and focuses on findings related to available product types, applications, challenges, and current consumer trends.

Sales and growth factors are also mentioned in detail, along with key industry trends, restraints, Y-O-Y growth, CAGR, as well as future forecast & opportunity map analysis. In addition, PEST analysis, Porter’s Five Forces analysis, and value chain analysis have been analyzed and presented in the report's final version.

Data has been validated thoroughly through inputs and opinions of industry experts and supporting data and information added in the report to further strengthen all findings.

The company profile section contains details of key players, including their revenues, strategies, recent developments, business segments, acquisitions, and mergers, revenue and change in growth rate (percentage), product launch announcements, etc.

The global pharmacovigilance market report has been segmented on the basis of the clinical trial phase, type, service provider, end-user, and regions and countries.

The increasing prevalence of various chronic diseases such as oncological diseases, diabetes, and cardiovascular and respiratory disorders has been resulting in rising demand for related and associated drugs and treatments globally.

The increasing need for drugs and pharmaceuticals, and the growing need for new and more effective drugs and treatments are leading to new drug development via extensive clinical trials.

Pharmacovigilance is a crucial part of drug discovery and development procedures.

Patient safety and outcomes are a primary area of concern, and the increasing incidence of Adverse Drug Reactions (ADRs) is expected to accelerate demand for pharmacovigilance services.

Pharmacovigilance Market Dynamics:

The current environment for introducing new molecules into the market is very favorable and competitive.

This is resulting in rising demand for improved manufacturing operations, pharmacovigilance, streamlined R&D, improved clinical data management, and medical writing. Drug manufacturers are increasingly focusing on outsourcing as a more viable channel to cut costs.

Outsourcing has several benefits and advantages, and aids companies in maximizing internal resource flexibility, meeting timelines, and achieving better outcomes in the short- as well as long-term.

Governments of various countries are investing efforts in order to improve the management of pharmacovigilance practices. Awareness regarding the risk strategies and drug safety that falls under pharmacovigilance is being addressed more robustly. 

Pharmacovigilance Market Regional Analysis:

The North American market is expected to account for the highest revenue share in the global market and is expected to continue with its dominance over the next 10 years.

This is attributable to the robust presence of key players operating in the region, a well-established pharmaceutical industry, clubbed with the need for drug safety.

In addition, the increasing prevalence of various diseases and disorders, infectious diseases including the recent outbreak of coronavirus (coronavirus), rising investments in novel drug development, high production of drugs, need for clinical trials, and post-marketing monitoring is other major factors driving North America market growth.

Asia Pacific market is expected to register the highest growth rate owing to the easy availability of numerous outsourcing companies, cost efficiency, and availability of professionals at reasonable rates.

Furthermore, the rising number of investments by major players in this region and government initiatives and support for meeting the requirement based on the population are other major factors expected to boost Asia Pacific market growth.

Pharmacovigilance Market Segmentation:

Segmentation by Clinical Trial Phase:

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

Segmentation by Type:

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

Segmentation by Service Provider:

• In-house
• Contract Outsourcing

Segmentation by End User:

• Hospitals
• Research Organizations
• Industrial

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa