The global pharmacovigilance market size is projected to reach USD 11.78 billion by 2030, according to a new report by Grand View Research, Inc. It is anticipated to witness growth at a CAGR of 6.8% from 2024 to 2030. The key factor responsible for the market growth is the growing incidence of Adverse Drug Reactions (ADR). ADR imposes a significant load on healthcare systems and is one of the evident grounds for morbidity in developed nations. As per the National Center for Biotechnology Information (NCBI), about 1 in 20 hospitalizations in Europe yearly are owing to ADR. Pharmacovigilance (PV) services play a vital role in the clinical trial phase by aiding manufacturers in recognizing the negative consequences associated with the drug.

 

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

 

The all-in-one platform is driving the market forward. Furthermore, organizational initiatives support the growth of emerging markets like Brazil. For instance, a collaborative Patient Safety and PV program was introduced in Brazil, involving the pharmaceutical industry, academia, clinical practice, and health authorities. Offered by FIPFARMA (Fundação Instituto de Pesquisas Farmacêuticas) and Pharmacy College (Universidade de São Paulo), the program conducted a 30-hour online course in two cohorts (2020 and 2022). It covered crucial topics, such as Healthcare and Pharmacovigilance Overview, Drug Safety & Management, and Patient Safety Culture. Workshops addressed real Challenges Healthcare Professionals (HCPs) faced and encouraged collaborative problem-solving.


Video conferences effectively engaged and educated HCPs, facilitating knowledge sharing and promoting a mindset shift. This initiative positively impacted participants and enhanced PV practices in Brazil. Key pharma companies in developed nations are concentrating on outsourcing PV services to decrease costs and reduce operational expenses. This is expected to create an opportunity for Contact Research Organizations (CROs) in developing territories to acquire more industry share. Manufacturers are renovating their product development procedures to fulfill the growing patient needs worldwide. These factors are predicted to augment the demand for PV services over the forecast period.


Pharmacovigilance Market Report Highlights

 

• Phase IV dominated the market with a revenue share of over 75.85% in 2023. This was driven by increased ADR incidents and post-marketing surveillance

• Contract outsourcing accounted for over 60.63% market share in the service provider segment in 2023, as pharmaceutical organizations aimed to reduce operational costs by outsourcing services

• The spontaneous reporting type segment led the market with a revenue share of over 30.22% in 2023. Its applications include efficient and cost-effective detection of new, serious, and rare ADRs

• Oncology held the largest share of over 26.95% in the therapeutic area segment in 2023, fueled by biopharmaceutical companies’ research efforts in chronic cancer treatments

• Case data management is anticipated to grow at the fastest CAGR of 7.3% in the process flow segment during the forecast period

• Biotechnology companies are expected to have the fastest CAGR of 8.0% in the end-use segment. This is due to their focus on R&D for novel products, such as biologics, therapies, and gene therapies

• North America held the largest revenue share of over 32.55% in 2023 due to investments in new drug development, favorable regulations, and a strong presence of research units and clinical trials
• Companies are adopting strategies like new product launches, collaborations, and acquisitions to gain a competitive advantage

 

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


Segments Covered in the Report

 

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

    • 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

 

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

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

    • Russia

    • Rest of Europe

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of Latin America

  • The Middle East and Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait

    • Rest of MEA