The latest report by IMARC Group, titled “Pharmacovigilance Market Report by Service Provider (In-house, Contract Outsourcing), Product Life Cycle (Pre-clinical, Phase I, Phase II, Phase III, Phase IV), Type (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining), Process Flow (Case Data Management, Signal Detection, Risk Management System), Therapeutic Area (Oncology, Neurology, Cardiology, Respiratory Systems, and Others), End Use (Pharmaceuticals Companies, Biotechnology Companies, Medical Device Companies, and Others), and Region 2025-2033,” finds that the global pharmacovigilance market size reached USD 8.5 Billion in 2024. Pharmacovigilance (PV) is the pharmacological science of studying the detection, assessment, and prevention of unfavorable effects of pharmaceutical medicines. It plays a critical role in identifying previously unknown ADR (adverse drug reactions) and drug toxicity, determining changes in frequency or severity, and assessing the risks and benefits of drugs to determine required actions. It also assures the accuracy of communicated information to healthcare professionals and patients. As a result, PV is widely used to comprehend the effects of drugs on individuals across the globe.
Global Pharmacovigilance Market Trends:
The market is primarily driven by the rising prevalence of chronic diseases, such as diabetes, hypertension, oncological diseases, and cardiac disorders, resulting in the increasing consumption of drugs worldwide. In addition, the introduction of advanced platforms to ensure automated ADR reporting is contributing to market growth. Moreover, the sudden outbreak of coronavirus disease (COVID-19) and the consequent necessity for vaccination has also created several opportunities for the market players. This, coupled with the widespread adoption of new technologies in clinical research, such as the incorporation of virtual services in the clinical trial protocol, is augmenting the market growth. Besides this, leading companies are undertaking various initiatives to conduct clinical trials and generate awareness about the proper utilization of medicines, which is facilitating the market growth. Along with this, extensive research and development (R&D) activities conducted by major pharmaceutical and biotechnological companies to develop new drugs are providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach USD 16.3 Billion by 2033, exhibiting a CAGR of 7.5% during the forecast period (2025-2033).
Market Summary:
- Based on the service provider, the market has been bifurcated into in-house and contract outsourcing.
- On the basis of the product life cycle, the market has been classified into pre-clinical, phase l, phase ll, phase lll, and phase lV.
- Based on the type, the market has been segmented into spontaneous reporting, intensified ADR reporting, targeted spontaneous reporting, cohort event monitoring, and EHR mining.
- On the basis of the process flow, the market has been divided into case data management (case logging, case data analysis, medical reviewing and reporting), single detection (adverse event logging, adverse event analysis, adverse event review, and reporting), risk management system (risk evaluation system, and risk mitigation system)
- Based on the therapeutic area, the market has been segregated into oncology, neurology, cardiology, respiratory systems, and others.
- On the basis of the end use, the market has been segmented into pharmaceutical, biotechnology, medical device and other companies.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with some of the key players being Accenture plc, ArisGlobal LLC, BioClinica Inc. (Cinven Partners LLP), Capgemini SE, Cognizant, International Business Machines Corporation, ICON plc., IQVIA Inc., ITClinical, Parexel International Corporation, and Wipro Limited.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2024 |
Historical Period |
2019-2024 |
Forecast Period |
2025-2033 |
Units |
Billion USD |
Segment Coverage |
Service Provider, Product Life Cycle, Type, Process Flow, Therapeutic Area, End Use, Region |
Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered |
Accenture plc, ArisGlobal LLC, BioClinica Inc. (Cinven Partners LLP), Capgemini, Cognizant, International Business Machines Corporation, ICON plc., IQVIA Inc., ITClinical, Parexel International Corporation and Wipro Limited |
Customization Scope |
10% Free Customization |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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