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Pharmacovigilance Market to Record a CAGR of 13.8% Over 2024-2032; Growing Demand for Contract Outsourcing by Pharma Companies to Boost Market Growth

June 03, 2024 | Healthcare

The pharmacovigilance market size was valued at USD 7.42 billion in 2023 and is predicted to reach USD 8.32 billion in 2024. The market is anticipated to touch USD 23.45 billion by 2032, recording a CAGR of 13.8% over 2024-2032.


Fortune Business Insights™ presents this information in its latest report titled Pharmacovigilance Market Size, Share & Industry Analysis, By Type (Service and Software), By Deployment (In-house and Outsource), By End-User (Contract Research Organizations (CROs), Pharmaceutical & Biotechnology Companies, and Others), and Regional Forecast, 2024-2032”.


Pharmacovigilance (PV) consists of activities relating to the identification, assessment, understanding, and prevention of the adverse effects caused by medicines. It ensures the safety of drugs and increases their efficiency by constantly evaluating their use in real-world settings. It plays an important role in enhancing the public health outcomes and helping regulatory bodies take crucial decisions to mitigate the harm caused by medications. This factor will boost its demand among healthcare providers.


The COVID-19 pandemic had a positive impact on the pharmacovigilance market growth as the demand for robust vaccines and drugs to mitigate COVID-19-positive cases skyrocketed during this period. The need for these services increased considerably during the initial days of the pandemic to evaluate the efficacy and safety of the newly launched vaccines.


Thermo Fisher Scientific Inc. Introduced New Pharmacovigilance Platform for Clinical Research


Thermo Fisher Scientific Inc. announced that it had unveiled a cutting-edge CorEvitas pharmacovigilance platform for clinical research registries. This new platform will improve CorEvitas clinical research registries that are provided by Thermo Fisher’s PPD clinical research business.


Growing Demand for Contract Outsourcing by Pharma Companies to Boost Market Growth


The market is likely to witness substantial growth as a rising number of pharmaceutical companies are preferring to outsource these services as it provides a wide range of advantages. Pharmaceutical companies can gain access to specialized expertise and vital resources, including safety reporting, specialized management, and regulatory compliance. Moreover, these solutions can help drug makers decrease their costs and overhead expenses, which will further boost their adoption.


However, lack of adequate funding and a severe shortage of skilled professionals that specialize in these services can impede market growth.


Key Market Players to Focus on Diversifying Product Range to Stay Ahead of Competition


Some of the top companies operating in this market include Laboratory Corporation of America Holdings, IQVIA Inc., Cognizant, and Accenture. These companies are dominating the pharmacovigilance market share as they are introducing advanced technologies in their product range. They also have a vast geographical footprint and a diverse range of services and software. The other firms in the market include Parexel International Corporation, Ergomed Group, ICON plc., Quanticate, HCL Technologies Limited, Syneos Health, and many others. These organizations are collaborating with other firms to create a diversified portfolio of services and solutions.


Notable Industry Development:



  • February 2024: Ergomed plc's PrimeVigilance acquired Panacea to expand the global presence of the company in pharmacovigilance, quality assurance, support services regulatory affairs, and auditing to the biotech, pharmaceutical, and medical device sectors.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/pharmacovigilance-pv-market-102746


List of the Companies Profiled in the Report:



  • IQVIA Inc. (U.S.)

  • Laboratory Corporation of America Holdings (U.S.)

  • Parexel International Corporation (U.S.)

  • Accenture (Ireland)

  • Cognizant (U.S.)

  • Ergomed Group (U.K.)

  • Thermo Fisher Scientific Inc. (Pharmaceutical Product Development, LLC) (U.S.)

  • ICON plc. (Ireland)

  • Quanticate (U.K.)


Further Report Findings:



  • North America holds a dominant position in the global market as governments across the region are increasing their healthcare expenditure to improve patient outcomes and make medical services more accessible. Moreover, the region has a huge pharmaceutical market size and an advanced medical infrastructure, which will further create lucrative opportunities for the regional market to grow.

  • Asia Pacific is also expected to witness promising growth during the forecast period as citizens across the region are becoming aware of the importance of Adverse Drug Reaction (ADR) reporting. Moreover, the regional governments are implementing favorable healthcare policies, which will positively influence the adoption of PV services.

  • Based on type, the services segment accounted for a dominant market share in 2023 as a growing number of pharmaceutical companies are outsourcing PV activities to third party service providers. This move helps companies increase their presence in different regions, streamline their operations, and gain access to specialized expertise.


Table of Segmentation



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 13.8% from 2024-2032



Unit



Value (USD Billion)



Segmentation



By Type



  • Service

  • Software



By Deployment 



  • In-house

  •  Outsource



By End User



  • Contract Research Organizations (CROs)

  • Pharmaceutical & Biotechnology Companies

  • Others



By Region



  • North America (By Type, Deployment, End-User, and Country)

    • U.S. (By Type)

    • Canada (By Type)



  • Europe (By Type, Deployment, End-User, and Country/Sub-Region)

    • Germany (By Type)

    • U.K. (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, Deployment, End-User, and Country/Sub-Region)

    • China (By Type)

    • Japan (By Type)

    • India (By Type)

    • Australia (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific (By Type)



  • Latin America (By Type, Deployment, End-User, and Country/Sub-Region)

    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America (By Type)



  • Middle East & Africa (By Type, Deployment, End-User, and Country/Sub-Region)

    • GCC (By Type)

    • South Africa (By Type)Rest of the Middle East & Africa (By Type)




Pharmacovigilance (PV) Market
  • PDF
  • 2023
  • 2019-2022
  • 149

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