The global pharmacovigilance market size was US$ 6.79 billion in 2021. The global pharmacovigilance market size is forecast to reach US$ 16.25 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.3% during the forecast period from 2022 to 2030.

Pharmacovigilance involves the detection, assessment, understanding, and prevention of adverse effects related to medicine or vaccination. A medicine or vaccine must undergo rigorous testing for safety and efficacy through clinical trials before it can approve for use. Thus, the main goal of pharmacovigilance is to ensure that health products are used safely and effectively, especially by providing timely information about their safety to patients, healthcare professionals, and the public. Therefore, pharmacovigilance helps protect patients and maintain public health.

Factors Influencing Market Growth

• A strict regulatory framework governing drug delivery, and an increase in the number of adverse events caused by drugs, are creating new growth opportunities for the global pharmacovigilance market.
• Increasing clinical errors, enhanced clinical infrastructure, and pharmaceutical manufacturing are helping to reduce deadly adverse drug reactions, fueling global pharmacovigilance industry growth.
• The government's requirements for post-marketing surveillance, including clinical trial execution, are forecast to drive demand for the global market during the forecast period.
• Insufficient skilled personnel may slow the overall market growth.

Impact Analysis of COVID-19

COVD-19 has a positive impact on the global market. COVID-19 infection affected businesses, communities, industries, and lives worldwide. Although several potential therapies exist to treat a Coronavirus-induced infection, safety reporting and medical monitoring are essential. Medications such as Remdesivir and other old drugs, such as Lopinavir/Ritonavir and hydroxychloroquine (HCQ), were being repurposed in order to treat COVID-19 infections. Several of these medicines have already been submitted to Uppsala Monitoring Centre (UMC) individual case safety reports database called VigiBase for investigation of suspected adverse drug reactions. It illustrates the increased demand for pharmacovigilance services during the COVID-19 pandemic.

Regional Insights

North America held dominant in the pharmacovigilance market in 2021 and is forecast to continue dominating the market over the forecast period. In the region, there are many companies offering pharmacovigilance services. Additionally, rising drug manufacturing, growing investments in biopharmaceutical research & development, and the increasing number of cancer cases in the region are forecast to boost the market growth during the forecast period.

The Asia Pacific market is forecast to grow at a fast rate over the forecast period. These services are becoming increasingly popular in developing nations like India and China. The increasing population in these countries should also increase the demand for these services during the forecast period. Thus, these factors are forecast to fuel the market growth during the forecast period.

Leading Competitors

The leading prominent companies profiled in the global pharmacovigilance market are:

• Accenture plc
• Linical Accelovance
• Cognizant
• Laboratory Corporation of America Holdings
• IBM Corporation
• ArisGlobal
• ICON plc
• Capgemini
• ITClinical
• FMD K&L
• IQVIA
• TAKE Solutions Limited
• PAREXEL International Corporation
• BioClinica Incorporated
• Wipro Limited
• United BioSource Corporation
• Other Prominent Players

Scope of the Report

The global pharmacovigilance market segmentation focuses on Service Provider, Product Life Cycle, Type, Process Flow, Therapeutic Area, End-User, and Region.

Segmentation based on Service Provider

• In-house
• Contract Outsourcing

Segmentation based on Product Life Cycle

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

Segmentation based on Type

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

Segmentation based on Process Flow

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

Segmentation based on Therapeutic Area

• Oncology
• Neurology
• Cardiology
• Respiratory Systems
• Others

Segmentation based on End-User

• Pharmaceuticals
• Biotechnology Companies
• Medical Device Manufacturers
• Others

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America