Pharmacovigilance Market to be Worth $13.90 Billion by 2030: Million Insights

SAN FRANCISCO, Dec. 20, 2022 /PRNewswire/ -- The global pharmacovigilance market size was USD 6.82 billion in 2021 which is projected to expand at a CAGR of 9.3% and reach USD 13.90 billion by 2030. The primary reason for this growth constitutes the rise in oncological, cardiovascular, and respiratory disorders, and diabetes. Therefore, there has been a surge in the consumption of drugs across the world, which resulted in an increased demand for pharmacovigilance.

• Based on service provider insights, the contract outsourcing segment dominated the market with a revenue of 55% in 2021 owing to outsourcing advancements, the emergence of Contract Research Organizations (CROs), and the depletion of complex clinical trials.
• Based on product life insights, the phase IV (post-marketing) segment upheld the market with a 75% share in 2021 due to the identification of drug reactions and the prevalence of safety measures.
• Based on type insights, the spontaneous segment accounted for the largest share of 30% in 2021 on the account of rising awareness of adverse drug reactions, and a surge in surveillance reports.
• Based on therapeutic area insights, the oncology segment upheld the market with a share of 25% in 2021 because of cancer drug monitoring, cancer treatment advancements, adoption of technology, and changes in reporting systems.
• Based on process flow insights, signal detection accounted for a revenue share of 35% in 2021 owing to data quality, knowledge of the database, and manufacture of tools to summarize, visualize, and evaluate data.
• Based on the end-use insights, the pharmaceutical segment upheld the market with the largest revenue share of 40% in 2021 because of the adoption of outsourcing pharmacovigilance process by pharma companies.
• Based on regional insights, North America dominated the market with the largest revenue share of 30% in 2021 owing to the presence of drug abuse, adverse drug reactions, and high investments in drug production.
• Asia Pacific is constituted to grow at a CAGR of 10.8% during the forecast period due to productivity upgradation, sharing of resources, and efficiency in cost strategy.

Read 265 page full market research report for more Insights, "Pharmacovigilance Market Size, Share & Trends Analysis Report By Service Provider, By Product Life Cycle, By Type, By Process Flow, By Therapeutic Area, By End-use, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.

Pharmacovigilance Market Growth & Trends

The market has been positively impacted by the outbreak of COVID-19. A rise in medical monitoring and safety measures of necessary therapies to combat the spread of the infection is likely to up-scale the market growth. Besides, safety database reports are implemented to monitor the risk of adverse drug reactions (ADRs) associated with medications and old drugs thus projected to boost market growth during the forecast period.

The pharmacovigilance market is subjected to operate in a competitive environment due to which there has been an increase in the need for innovative production processes, clinical data supervision, medical communication, and advanced research and development (R&D). Additionally, the adoption of regulatory guidelines for constituting clinical trial conduction as well as post-marketing vigilance is expected to increase the demand for pharmacovigilance during the forecast period.

Pharmacovigilance Market Segmentation

Million Insights has segmented the global pharmacovigilance market on the basis of product life cycle, service provider, type, process flow, therapeutic area, end-use, and region:

Pharmacovigilance Market - Service Provider Outlook (Revenue, USD Million, 2017 - 2030)

• In-house
• Contract Outsourcing

Pharmacovigilance Market - Product Life Cycle Outlook (Revenue, USD Million, 2017 - 2030)

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

Pharmacovigilance Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

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

Pharmacovigilance Market - Process Flow Outlook (Revenue, USD Million, 2017 - 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 Market - Therapeutic Area Outlook (Revenue, USD Million, 2017 - 2030)

• Oncology
• Neurology
• Cardiology
• Respiratory Systems
• Others

Pharmacovigilance Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Pharmaceuticals
• Biotechnology Companies
• Medical Device Manufacturers
• Others

Pharmacovigilance Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
  • U.S.
  • Canada
• Europe
  • U.K
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • Japan
  • China
  • India
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • South Africa
  • Kingdom of Saudi Arabia

List of Key Players of Pharmacovigilance Market

• Accenture
• Cognizant
• Laboratory Corporation of America Holdings
• IBM Corporation
• ArisGlobal
• ICON plc.
• Capgemini
• ITClinical
• FMD K&L
• IQVIA
• TAKE Solutions Ltd.
• PAREXEL International Corporation
• BioClinica Inc.
• Wipro Ltd.
• United BioSource Corporation

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