Pharmacovigilance Market Size, Share, Forecast, & Trends Analysis by Offering (Software, Services ), Phase, Therapeutic Area, End User - Global Forecast to 2031
Pharmaceutical Product Development, Inc.(A Subsidiary of Thermo Fisher Scientific Inc.)
Capgemini SE
Syneos Health
ArisGlobal
Ennov
EXTEDO GmbH
Oracle Corporation
Sparta Systems Inc
United BioSource, LLC(UBC)
AB Cube S.A.S.
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Pharmacovigilance Market Size, Share, Forecast, & Trends Analysis by Offering (Software [Adverse Event Reporting, Issue Tracking, Drug Safety Audit], Services [Spontaneous Reporting, Case Logging]), Phase, Therapeutic Area, End User-Global Forecast to 2031
The pharmacovigilance market is projected to reach $18.05 billion by 2031 at a CAGR of 10.7% from 2024 to 2031.
Succeeding extensive secondary and primary research and in-depth analysis of the pharmacovigilance market scenario, the report comprises the analysis of key industry drivers, restraints, challenges, and opportunities. The growth of the pharmacovigilance market is mainly driven by the rising incidence of drug toxicity, stringent regulatory frameworks, increasing pharmaceutical research spending, rising need for new drug development, and the increasing focus on medical device safety. However, the high costs of pharmacovigilance services limit their adoption among small & mid-sized companies, restraining the growth of this market.
Furthermore, the introduction of technologically advanced software, growing awareness regarding adverse drug reactions, therapeutic approaches requiring a combination of drugs, and the increasing outsourcing of pharmacovigilance services are expected to generate growth opportunities for the stakeholders in this market. However, data security risks and the shortage of skilled pharmacovigilance professionals pose major challenges for market growth.
The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over four years (2020-2024). The key players operating in the pharmacovigilance market are IQVIA (U.S.), Cognizant Technology Solutions Corporation (U.S.), Linical Co., Ltd (U.S.), International Business Machines Corporation (U.S.), Laboratory Corporation of America Holdings (U.S.), ICON plc (Ireland), Parexel International (U.S.), Wipro Limited (India), Sanofi S.A. (France), Pharmaceutical Product Development Inc. (a subsidiary of Thermo Fisher Scientific Inc.) (U.S.), Capgemini SE (France), Syneos Health (U.S.), ArisGlobal (U.S.), Ennov (France), EXTEDO GmbH (Germany), Oracle Corporation (U.S.), Sparta Systems Inc. (U.S.), United BioSource, LLC (UBC) (U.S.), and AB Cube S.A.S. (France).
Based on offering, in 2024, the services segment is expected to account for the largest share of over 97.6% of the pharmacovigilance market. The services segment is further segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, EHR mining, and other services based on type. The increasing number of molecules in clinical development and the growing importance of drug safety are driving the outsourcing of pharmacovigilance services. Additionally, the need for regulatory compliance, rising drug complexity, globalization of clinical trials, and increasing awareness about drug safety are further contributing to the segment's growth.
Based on drug development phase, the Phase IV segment is projected to witness the highest growth rate during the forecast period 2024-2031. The study design and sample sizes are larger and more complex in Phase IV as the drug is tested post-approval; hence, the demand for pharmacovigilance services is higher in Phase IV due to the need for efficient management and data analysis. Additionally, the high complexity of Phase IV is increasing the adoption of pharmacovigilance services for the efficient management of clinical trials.
Based on therapeutic area, in 2024, the oncology segment is expected to account for the largest share of the pharmacovigilance market. According to GLOBOCAN, the prevalence of cancer is expected to reach 32.64 million in 2045 from 19.98 million in 2022. The rising prevalence of cancer is increasing the demand for newer therapies and drugs, driving the adoption of pharmacovigilance software and services. Additionally, the availability of funding for oncology, life sciences & healthcare research, the increasing demand for personalized therapies, and the high cancer incidence necessitating newer therapies to be launched in the market are contributing to segment growth.
Based on end user, in 2024, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of the pharmacovigilance market. The large market share of this segment is attributed to the increasing R&D investments by pharmaceutical & biotechnology companies and rising funding for pharmaceutical research. Additionally, changing regulations across the pharmaceutical industry are increasing the adoption of pharmacovigilance tools to support regulatory submissions for drug approval, timely & accurate reporting of ADRs, and ensuring compliance with changing regulatory requirements.
An in-depth analysis of the geographical scenario of the global pharmacovigilance market provides detailed qualitative and quantitative insights into the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region.
In 2024, North America is expected to account for the largest share of over 44.3% of the pharmacovigilance market. The large share of the regional market is attributed to the presence of key players, advanced infrastructure and resources supporting research & development, the large number of clinical trials and drug approvals, and increased reporting of adverse drug events in the region.
Scope of the Report:
Pharmacovigilance Market Assessment-by Offering
Software
Software, by Deployment Mode
On-premise
Cloud-based
Software, by Functionality
Issue Tracking Software
Adverse Event Reporting Software
Fully Integrated Software
Drug Safety Audit Software
Other Functionalities
Services
Services, by Service Provider
In-house
Contract Outsourcing
Services, by Type
Spontaneous Reporting
Intensified ADR Reporting
Targeted Spontaneous Reporting
Cohort Event Monitoring
EHR Mining
Other Services
Services, by Process
Core Services
Consulting Services
Services, by Process Outflow
Case Data Management
Case Logging
Case Data Analysis
Medical Review & Reporting
Signal Detection
Adverse Event Logging
Adverse Event Analysis
Adverse Event Review & Reporting
Risk Management System
Risk Evaluation System
Risk Mitigation System
Note: Other Functionalities comprise reporting and analytics, case management, and signal management.
Note: Other Services comprise case processing, signal management, regulatory intelligence, and consulting services.
Pharmacovigilance Market Assessment-by Drug Development Phase
Phase IV
Phase III
Phase II
Phase I
Preclinical Studies
Pharmacovigilance Market Assessment-by Therapeutic Area
Oncology
Cardiology/Vascular Diseases
Infectious Diseases
Immunology
Neurology
Other Therapeutic Areas
Pharmacovigilance Market Assessment-by End User
Pharmaceutical & Biotechnology Companies
Medical Device Manufacturers
Government Agencies
Other End Users
Note: Other End Users comprise CROs and BPOs.
Pharmacovigilance Market Assessment-by Geography
North America
U.S.
Canada
Europe
Germany
France
U.K
Italy
Spain
Belgium
Netherlands
Sweden
Denmark
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
TABLE OF CONTENTS
1. Introduction
1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency & Limitations
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation Process
2.2.1. Secondary Research
2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing & Forecasting
2.3.1. Market Size Estimation Approach
2.3.2. Growth Forecast Approach
2.3.3. Market Share Analysis
2.4. Assumptions for the Study
3. Executive Summary
4. Market Insights
4.1. Overview
4.2. Drivers
4.2.1. Rising Incidence of Drug Toxicity
4.2.2. Stringent Regulatory Frameworks
4.2.3. Increasing Pharmaceutical Research Spending
4.2.4. Rising Need for the Development of New Drugs
4.2.5. Growing Focus on Medical Device Safety
4.3. Restraints
4.3.1. High Costs of Pharmacovigilance Services
4.4. Opportunities
4.4.1. Introduction of Technologically Advanced Software
4.4.2 Growing Awareness Regarding the Reporting of Adverse Drug Reactions
4.4.3. Therapeutic Approaches Requiring Drug Combinations
4.4.4. Increasing Outsourcing of Pharmacovigilance Services
4.5. Challenges
4.5.1. Data Security Risks
4.5.2. Shortage of Skilled Pharmacovigilance Professionals