Global PharmaCovigilances Market Size, Share, Growth Analysis, By Type, By Application, By End-User(Pharmaceutical Companies, Contract Research Organizations and Other Healthcare Providers.) - Industry Forecast 2024-2031

Global Pharmacovigilance Market size was valued at USD 9.07 billion in 2022 and is poised to grow from USD 9.75 billion in 2023 to USD 17.39 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

The global pharmacovigilance market has witnessed substantial growth due to heightened attention to patient safety, escalating regulatory standards, and the expanding pharmaceutical sector. This market analysis offers insights into key trends, drivers, challenges, and regional variations within the global pharmacovigilance market. A pivotal factor propelling its expansion is the escalating demand for monitoring drug safety, particularly in the face of burgeoning drug complexity and the advent of novel therapeutics. Regulatory bodies worldwide are enforcing rigorous guidelines, compelling pharmaceutical firms to adopt robust pharmacovigilance protocols, thus propelling market growth. Moreover, the surge in chronic disease prevalence and medication consumption underscores the criticality of pharmacovigilance. The ramifications of adverse drug reactions and medication errors on patient well-being, healthcare expenditure, and legal obligations highlight the imperative for effective pharmacovigilance systems. Consequently, healthcare providers and regulatory entities stress the necessity for robust pharmacovigilance mechanisms to promptly identify and address adverse events, thereby augmenting patient safety and overall healthcare outcomes.

Top-down and bottom-up approaches were used to estimate and validate the size of the global pharmacovigilance market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Pharmacovigilance Market Segmental Analysis

The global pharmacovigilance market is segmented on the basis of type, application, end-user and region. Based on type, the market can be segmented into In-House Pharmacovigilance and Contract Outsourcing Pharmacovigilance. Based on application, the market is segmented into Spontaneous Reporting, Intensive Monitoring Programs, Post-Marketing Surveillance, Risk Management, Signal Detection and Evaluation, Benefit-Risk Assessment and Safety Database Management. By End - user it can be segmented into Pharmaceutical Companies, Contract Research Organizations (CROs) and Other Healthcare Providers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Pharmacovigilance Market

The upward trend in adverse drug reactions (ADRs) globally propels the pharmacovigilance market forward, spurred by the expanding use of pharmaceuticals which heightens the likelihood of encountering unforeseen adverse events. Pharmacovigilance assumes a pivotal role in monitoring and documenting ADRs, enabling prompt detection, risk assessment, and implementation of necessary interventions to ensure patient safety. The increasing incidence of ADRs underscores the necessity for pharmacovigilance services and solutions, thus propelling the growth of the market.

Restraints in the Global Pharmacovigilance Market

One of the challenges faced by the global pharmacovigilance market stems from the insufficient awareness and infrastructure in developing regions, which struggle to establish and execute robust pharmacovigilance systems. The lack of understanding regarding the importance of pharmacovigilance, coupled with inadequate regulatory structures and resource limitations, obstructs the uptake of efficient pharmacovigilance protocols. Additionally, the dearth of infrastructure, shortage of trained personnel, and inadequate data management systems present further obstacles to the expansion of the pharmacovigilance market in these areas.

Market Trends of the Global Pharmacovigilance Market

In recent years, there has been a notable surge in drug consumption and development, which, when coupled with prolonged use and widespread usage, poses potential risks of adverse effects for patients. Consequently, the increasing demand for medical oversight from regulatory bodies acts as a catalyst for the expansion of the pharmacovigilance market. Furthermore, the pharmaceutical sector has increasingly embraced pharmacovigilance services, driving growth in this sector. For instance, the collaboration between IQVIA and NRx Pharmaceuticals in September 2021 aimed to offer pharmacovigilance services and medical information, ensuring preparedness for potential regulatory actions. These industry trends underscore the growing acknowledgment of the pivotal role pharmacovigilance plays in ensuring drug safety and regulatory adherence.