Pharmacovigilance Industry Overview

The global pharmacovigilance market size was estimated at USD 7.32 billion in 2023 and is anticipated to grow at a CAGR of 6.8% from 2024 to 2030. 

The rising incidence of Adverse Drug Reactions (ADRs) owing to drug abuse and the prevalence of diseases that require a combination of drugs are the major growth drivers for the market. In addition, an upward shift in the production of novel drugs and the presence of stringent government regulatory frameworks for drug safety are significantly boosting the market growth. For instance, the U.S. FDA and the EU’s European Medical Agency (EMA) formulate regulatory guidelines for all phases of clinical trials. Moreover, advancements in the development of ADR databases and information systems have enabled accurate reporting of information, which can be further utilized by research professionals for prospective clinical studies, thereby fueling overall growth.

Gather more insights about the market drivers, restrains and growth of the Pharmacovigilance Market

A rise in the incidence of chronic diseases, such as cancers, diabetes, and cardiovascular & respiratory disorders, has led to an increase in drug consumption worldwide. According to a WHO report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in nonhospital setups. Increasing drug development activities in areas such as personalized medicines, biosimilars, orphan drugs, and companion diagnostics, along with adaptive trial designs, is projected to boost the demand for pharmacovigilance services in the coming years.

Furthermore, the increasing incidence of ADR and drug toxicity is fueling the market growth. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in a year are due to ADR in Europe. Furthermore, a February 2022 article published in the Journal of Current Medicine Research and Practice titled "Characterization of Seriousness and Outcome of Adverse Drug Reactions in Patients Receiving Cancer Chemotherapy Drugs - A Prospective Observational Study" revealed that serious Adverse Drug Reactions (ADRs) in the U.S. result in over 100,000 deaths annually and have been a major health concern since the past decade.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

• The global personalized medicine market was valued at USD 529.28 billion in 2023 and is projected to grow at a CAGR of 8.20% from 2024 to 2030.
• The global medical writing market size was valued at USD 3.8 billion in 2022 and is expected to expand at a CAGR of 10.46% from 2023 to 2030.

Pharmacovigilance Market Segmentation

Grand View Research has segmented the global sailboat market based on service provider, product life cycle, type, process flow, therapeutic area, end-use and region:

Pharmacovigilance Product Life Cycle Outlook (Revenue, USD Million, 2018 - 2030)

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

Pharmacovigilance Service Provider Outlook (Revenue, USD Million, 2018 - 2030)

• In-house
• Contract Outsourcing

Pharmacovigilance Type Outlook (Revenue, USD Million, 2018 - 2030)

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

Pharmacovigilance End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Pharmaceuticals
• Biotechnology Companies
• Medical Device Manufacturers
• Others

Pharmacovigilance Therapeutic Area Outlook (Revenue, USD Million, 2018 - 2030)

• Oncology
• Neurology
• Cardiology
• Respiratory Systems
• Others

Pharmacovigilance Process Flow Outlook (Revenue, USD Million, 2018 - 2030)

• Case Data Management
  1. Case Logging
  2. Case Data Analysis
  3. Medical Reviewing & Reporting
• Signal Detection
  1. Adverse Event Logging
  2. Adverse Event Analysis
  3. Adverse Event Review & Reporting
• Risk Management System
  1. Risk Evaluation System
  2. Risk Mitigation System

Pharmacovigilance Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Key Companies profiled:

• Accenture
• IQVIA Inc.
• Cognizant
• Clinquest Group B.V. (Linical Americas)
• IBM
• Laboratory Corporation of America Holdings
• ArisGlobal
• Capgemini
• ITClinical
• ICON plc.
• TAKE Solutions Limited
• Parexel International (MA) Corporation
• Wipro
• United BioSource LLC
• BioClinica Inc. (Clario)
• ClinChoice (formerly FMD K&L)

Key Pharmacovigilance Company Insights

The market is characterized by a few notable players, including Accenture, IQVIA, Cognizant, Aris Global, and IBM Corporation. These manufacturers are actively utilizing strategic initiatives such as mergers and acquisitions to strengthen their market positions. For instance, in October 2023,  IQVIA strategically collaborated with argenx to advance treatment to patients with rare autoimmune diseases through innovative and integrated technology-enabled pharmacovigilance (PV) safety services and solutions.

"We look forward to collaborating closely with IQVIA on this important business need. We aim to innovate in all that we do and IQVIA’s technology-enabled PV services and solutions will allow for efficient data integration as we work to bring new treatment options to autoimmune patients”.

- Tim Van Hauwermeiren, CEO, argenx.

In November 2022, Linical Americas (a U.S. subsidiary of The Linical Group) and Science 37 Holdings, Inc. announced a partnership to enable the deployment of hybrid and fully decentralized trials. This partnership will provide enhanced access to Linical’s offerings.

“By partnering with Linical, we have an important new ally in our mission to accelerate clinical research and enable universal access for patients,” “Our technology-enabled Metasite will empower and enhance Linical’s solutions, helping patient’s access new life-changing treatments quicker, in the largest and most prevalent therapeutic areas.”

- ”David Coman, Chief Executive Officer of Science 37

Recent Developments

“We’ve been exploring several outsourcing models but found a hybrid sourcing model to be the most efficient. Partnering with ICON supports our 2030 strategy as it will help us to bring innovative treatments to patients faster while also supporting a more sustainable business through scalability and flexibility. “ICON’s wealth of services and leading position in clinical development will support LEO Pharma’s R&D strategy building on driving innovation through partnerships and support staying competitive.”

- Jörg Möller, Executive Vice President and head of Global R&D at LEO Pharma

Order a free sample PDF of the Pharmacovigilance Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter