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Global Pharmacovigilance Market Size Study, by Type (Service, Software), by Deployment (In-house, Outsource), by End User (Contract Research Organizations, Pharmaceutical & Biotechnology Companies, Others), and Regional Forecasts 2022-2032

July 2024 | 200 pages | ID: GF94DFB33C6BEN
Bizwit Research & Consulting LLP

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Global Pharmacovigilance Market is valued at approximately USD 7.42 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 13.8% over the forecast period 2024-2032. Pharmacovigilance (PV) is a critical discipline that involves the detection, assessment, understanding, and prevention of adverse effects or any other drug-related problems. This field ensures the safety and efficacy of medications through continuous monitoring and evaluation, spanning preclinical, clinical, and post-marketing phases. By meticulously collecting, analyzing, and interpreting data from healthcare providers, patients, and regulatory authorities, PV plays a pivotal role in identifying potential risks associated with drugs. The growing number of Adverse Drug Reactions (ADRs) has underscored the need for enhanced drug safety monitoring, driving the demand for advanced PV services and technologies.

The increasing number of reported ADR cases has significantly boosted the demand for effective services to track, analyze, and manage drug safety data. For instance, Australia's Therapeutic Goods Administration reported 125,873 adverse event notifications in 2021-22, a significant increase from the previous year. This surge in ADR reporting to regulatory agencies worldwide is expected to propel the market growth.

Furthermore, pharmaceutical companies and healthcare organizations are heavily investing in PV solutions to ensure compliance, enhance patient safety, and mitigate risks associated with drug-related adverse events. The rise in R&D initiatives, decentralized clinical trials, and product launches in the drug and vaccine sectors has further fueled the need for comprehensive safety monitoring. The COVID-19 pandemic highlighted the importance of PV, with increased utilization of services and advancements in data collection for drug safety during this period. The trend continued in subsequent years, with notable growth in clinical trials and novel vaccine launches.

The adoption of artificial intelligence (AI) in PV is a prominent trend, significantly enhancing the efficiency and effectiveness of drug safety monitoring processes. AI enables rapid identification of potential adverse events from vast data sources, improving decision-making for regulatory agencies, PV professionals, and pharmaceutical companies. Major players are increasingly integrating AI-powered solutions into their service offerings, further propelling market growth.

The rising public awareness about drug safety and the potential risks associated with medications is another key driver for market expansion. Government initiatives and campaigns are playing a crucial role in educating the public and promoting the reporting of adverse drug reactions. Additionally, the increasing demand for outsourcing PV services by pharmaceutical companies is expected to drive robust market growth, as outsourcing provides access to specialized expertise and resources, reduces costs, and enhances operational efficiency. However, challenges such as inadequate funding and a shortage of skilled professionals pose significant barriers to market growth. Addressing these constraints through investment in training initiatives and sustainable funding mechanisms is essential for fostering the market's growth.

The key regions considered for the Global Pharmacovigilance Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Global Pharmacovigilance Market in terms of revenue. The market growth in the region is being attributed to factors including high healthcare expenditure, advanced infrastructure, and the presence of key market players. The region is expected to maintain its dominance, supported by stringent regulatory environments and the expansion of emerging players. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by supportive government initiatives, stringent regulations, and the launch of new drugs and vaccines.

Major market players included in this report are:
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.)
Syneos Health (U.S.)
HCL Technologies Limited (India)
ProPharma Group (U.S.)
Lupin Limited (India)
Fortrea (U.S.)
Veristat (U.S.)

The detailed segments and sub-segment of the market are explained below:
By Type:
Service
Software

By Deployment:
In-house
Outsource

By End User:
Contract Research Organizations (CROs)
Pharmaceutical & Biotechnology Companies
Others

By Region:
North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico
Rest of Latin America


Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:
Historical year – 2022
Base year – 2023
Forecast period – 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
CHAPTER 1. GLOBAL PHARMACOVIGILANCE MARKET EXECUTIVE SUMMARY

1.1. Global Pharmacovigilance Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
  1.3.1. By Type
  1.3.2. By Deployment
  1.3.3. By End User
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

CHAPTER 2. GLOBAL PHARMACOVIGILANCE MARKET DEFINITION AND RESEARCH ASSUMPTIONS

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
  2.3.1. Inclusion & Exclusion
  2.3.2. Limitations
  2.3.3. Supply Side Analysis
    2.3.3.1. Availability
    2.3.3.2. Infrastructure
    2.3.3.3. Regulatory Environment
    2.3.3.4. Market Competition
    2.3.3.5. Economic Viability (Consumer’s Perspective)
  2.3.4. Demand Side Analysis
    2.3.4.1. Regulatory frameworks
    2.3.4.2. Technological Advancements
    2.3.4.3. Environmental Considerations
    2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

CHAPTER 3. GLOBAL PHARMACOVIGILANCE MARKET DYNAMICS

3.1. Market Drivers
  3.1.1. Rise in Adverse Drug Reactions (ADRs)
  3.1.2. Increased Pharmaceutical Investments in PV Solutions
  3.1.3. Application of Artificial Intelligence in PV
3.2. Market Challenges
  3.2.1. Inadequate Funding
  3.2.2. Shortage of Skilled Professionals
3.3. Market Opportunities
  3.3.1. Growing Outsourcing Practices
  3.3.2. Increasing Public Awareness Initiatives

CHAPTER 4. GLOBAL PHARMACOVIGILANCE MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
  4.1.6. Futuristic Approach to Porter’s 5 Force Model
  4.1.7. Porter’s 5 Force Impact Analysis
4.2. PESTEL Analysis
  4.2.1. Political
  4.2.2. Economical
  4.2.3. Social
  4.2.4. Technological
  4.2.5. Environmental
  4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

CHAPTER 5. GLOBAL PHARMACOVIGILANCE MARKET SIZE & FORECASTS BY TYPE 2022-2032

5.1. Segment Dashboard
5.2. Global Pharmacovigilance Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  5.2.1. Service
  5.2.2. Software

CHAPTER 6. GLOBAL PHARMACOVIGILANCE MARKET SIZE & FORECASTS BY DEPLOYMENT 2022-2032

6.1. Segment Dashboard
6.2. Global Pharmacovigilance Market: Deployment Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  6.2.1. In-house
  6.2.2. Outsource

CHAPTER 7. GLOBAL PHARMACOVIGILANCE MARKET SIZE & FORECASTS BY END USER 2022-2032

7.1. Segment Dashboard
7.2. Global Pharmacovigilance Market: End User Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  7.2.1. Contract Research Organizations (CROs)
  7.2.2. Pharmaceutical & Biotechnology Companies
  7.2.3. Others

CHAPTER 8. GLOBAL PHARMACOVIGILANCE MARKET SIZE & FORECASTS BY REGION 2022-2032

8.1. North America Pharmacovigilance Market
  8.1.1. U.S. Pharmacovigilance Market
    8.1.1.1. Type breakdown size & forecasts, 2022-2032
    8.1.1.2. Deployment breakdown size & forecasts, 2022-2032
    8.1.1.3. End User breakdown size & forecasts, 2022-2032
  8.1.2. Canada Pharmacovigilance Market
8.2. Europe Pharmacovigilance Market
  8.2.1. U.K. Pharmacovigilance Market
  8.2.2. Germany Pharmacovigilance Market
  8.2.3. France Pharmacovigilance Market
  8.2.4. Spain Pharmacovigilance Market
  8.2.5. Italy Pharmacovigilance Market
  8.2.6. Rest of Europe Pharmacovigilance Market
8.3. Asia-Pacific Pharmacovigilance Market
  8.3.1. China Pharmacovigilance Market
  8.3.2. India Pharmacovigilance Market
  8.3.3. Japan Pharmacovigilance Market
  8.3.4. Australia Pharmacovigilance Market
  8.3.5. South Korea Pharmacovigilance Market
  8.3.6. Rest of Asia Pacific Pharmacovigilance Market
8.4. Latin America Pharmacovigilance Market
  8.4.1. Brazil Pharmacovigilance Market
  8.4.2. Mexico Pharmacovigilance Market
  8.4.3. Rest of Latin America Pharmacovigilance Market
8.5. Middle East & Africa Pharmacovigilance Market
  8.5.1. Saudi Arabia Pharmacovigilance Market
  8.5.2. South Africa Pharmacovigilance Market
  8.5.3. Rest of Middle East & Africa Pharmacovigilance Market

CHAPTER 9. COMPETITIVE INTELLIGENCE

9.1. Key Company SWOT Analysis
  9.1.1. Company
  9.1.2. Company
  9.1.3. Company
9.2. Top Market Strategies
9.3. Company Profiles
  9.3.1. IQVIA Inc.
    9.3.1.1. Key Information
    9.3.1.2. Overview
    9.3.1.3. Financial (Subject to Data Availability)
    9.3.1.4. Product Summary
    9.3.1.5. Market Strategies
  9.3.2. Laboratory Corporation of America Holdings
  9.3.3. Parexel International Corporation
  9.3.4. Accenture
  9.3.5. Cognizant
  9.3.6. Ergomed Group
  9.3.7. Thermo Fisher Scientific Inc. (Pharmaceutical Product Development, LLC)
  9.3.8. ICON plc.
  9.3.9. Quanticate
  9.3.10. Syneos Health
  9.3.11. HCL Technologies Limited
  9.3.12. ProPharma Group
  9.3.13. Lupin Limited
  9.3.14. Fortrea
  9.3.15. Veristat

CHAPTER 10. RESEARCH PROCESS

10.1. Research Process
  10.1.1. Data Mining
  10.1.2. Analysis
  10.1.3. Market Estimation
  10.1.4. Validation
  10.1.5. Publishing
10.2. Research Attributes

LIST OF TABLES

TABLE 1. Global Pharmacovigilance Market, Report Scope
TABLE 2. Global Pharmacovigilance Market Estimates & Forecasts by Region 2022-2032 (USD Billion)
TABLE 3. Global Pharmacovigilance Market Estimates & Forecasts by Type 2022-2032 (USD Billion)
TABLE 4. Global Pharmacovigilance Market Estimates & Forecasts by Deployment 2022-2032 (USD Billion)
TABLE 5. Global Pharmacovigilance Market Estimates & Forecasts by End User 2022-2032 (USD Billion)
TABLE 6. Global Pharmacovigilance Market by Segment, Estimates & Forecasts, 2022-2032 (USD Billion)
TABLE 7. Global Pharmacovigilance Market by Region, Estimates & Forecasts, 2022-2032 (USD Billion)
TABLE 8. Global Pharmacovigilance Market by Segment, Estimates & Forecasts, 2022-2032 (USD Billion)
TABLE 9. Global Pharmacovigilance Market by Region, Estimates & Forecasts, 2022-2032 (USD Billion)
TABLE 10. Global Pharmacovigilance Market by Segment, Estimates & Forecasts, 2022-2032 (USD Billion)
TABLE 11. Global Pharmacovigilance Market by Region, Estimates & Forecasts, 2022-2032 (USD Billion)
TABLE 12. Global Pharmacovigilance Market by Segment, Estimates & Forecasts, 2022-2032 (USD Billion)
TABLE 13. Global Pharmacovigilance Market by Region, Estimates & Forecasts, 2022-2032 (USD Billion)
TABLE 14. U.S. Pharmacovigilance Market Estimates & Forecasts, 2022-2032 (USD Billion)
TABLE 15. U.S. Pharmacovigilance Market Estimates & Forecasts by Segment 2022-2032 (USD Billion)
TABLE 16. U.S. Pharmacovigilance Market Estimates & Forecasts by Segment 2022-2032 (USD Billion)
TABLE 17. Canada Pharmacovigilance Market Estimates & Forecasts, 2022-2032 (USD Billion)
TABLE 18. Canada Pharmacovigilance Market Estimates & Forecasts by Segment 2022-2032 (USD Billion)
TABLE 19. Canada Pharmacovigilance Market Estimates & Forecasts by Segment 2022-2032 (USD Billion)
…..
This list is not complete, final report does contain more than 100 tables. The list may be updated in the final deliverable.

LIST OF FIGURES

FIG 1. Global Pharmacovigilance Market, Research Methodology
FIG 2. Global Pharmacovigilance Market, Market Estimation Techniques
FIG 3. Global Market Size Estimates & Forecast Methods.
FIG 4. Global Pharmacovigilance Market, Key Trends 2023
FIG 5. Global Pharmacovigilance Market, Growth Prospects 2022-2032
FIG 6. Global Pharmacovigilance Market, Porters 5 Force Model
FIG 7. Global Pharmacovigilance Market, PESTEL Analysis
FIG 8. Global Pharmacovigilance Market, Value Chain Analysis
FIG 9. Global Pharmacovigilance Market by Segment, 2022 & 2032 (USD Billion)
FIG 10. Global Pharmacovigilance Market by Segment, 2022 & 2032 (USD Billion)
FIG 11. Global Pharmacovigilance Market by Segment, 2022 & 2032 (USD Billion)
FIG 12. Global Pharmacovigilance Market by Segment, 2022 & 2032 (USD Billion)
FIG 13. Global Pharmacovigilance Market by Segment, 2022 & 2032 (USD Billion)
FIG 14. Global Pharmacovigilance Market, Regional Snapshot 2022 & 2032
FIG 15. North America Pharmacovigilance Market 2022 & 2032 (USD Billion)
FIG 16. Europe Pharmacovigilance Market 2022 & 2032 (USD Billion)
FIG 17. Asia Pacific Pharmacovigilance Market 2022 & 2032 (USD Billion)
FIG 18. Latin America Pharmacovigilance Market 2022 & 2032 (USD Billion)
FIG 19. Middle East & Africa Pharmacovigilance Market 2022 & 2032 (USD Billion)
FIG 20. Global Pharmacovigilance Market, Company Market Share Analysis (2023)
…..
This list is not complete, final report does contain more than 50 figures. The list may be updated in the final deliverable.


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