Pharmacovigilance
Pharmacovigilance Market by Type (Cohort Event Monitoring, EHR Mining, Intensified ADR Reporting), Product Life Cycle (Phase I, Phase II, Phase III), Delivery Mode, Process Flow, Therapeutic Area, End-user - Global Forecast 2025-2030
SKU
MRR-43676CF420A3
Region
Global
Publication Date
February 2025
Delivery
Immediate
2024
USD 10.24 billion
2025
USD 11.84 billion
2030
USD 24.76 billion
CAGR
15.85%

The Pharmacovigilance Market size was estimated at USD 10.24 billion in 2024 and expected to reach USD 11.84 billion in 2025, at a CAGR 15.85% to reach USD 24.76 billion by 2030.

Pharmacovigilance Market
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Pharmacovigilance is a crucial scientific discipline focused on the assessment, detection, understanding, and prevention of adverse effects or any other drug-related problems. Its scope involves monitoring drug safety, reporting adverse reactions, and implementing risk management plans. The necessity of pharmacovigilance arises from the potential risks associated with pharmaceuticals, emphasizing patient safety and wellbeing. It finds application across pharmaceutical companies, regulatory bodies, and healthcare institutions primarily aiming at ensuring drug safety post-market release. The end-use scope of pharmacovigilance expands to include drug manufacturers, contract research organizations (CROs), and various healthcare providers. Key growth factors positively influencing this market include stringent government regulations for drug approvals, increasing incidences of adverse drug reactions (ADRs), and technological advancements enhancing data capturing and analytical methods. Opportunities within this market are substantial, especially in the realms of personalized medicine and biologics, which demand ultra-careful safety evaluations due to their complexity and individualized nature. Additionally, emerging markets in regions such as Asia-Pacific offer substantial growth potential due to the increasing pharmaceutical manufacturing and R&D activities. Challenges impacting the pharmacovigilance market include high costs associated with setting up and maintaining robust pharmacovigilance systems, varying regulatory standards across regions, and data privacy concerns. Innovations in this space could focus on advanced data analytics, leveraging artificial intelligence and machine learning for predictive monitoring and streamlined ADR reporting. Also, blockchain technology could play a role in ensuring data integrity and transparency in drug safety monitoring. Businesses aiming for growth should consider investing in these technologies to enhance efficiency and accuracy in pharmacovigilance activities. The nature of the market is increasingly collaborative, with stakeholders ranging from pharmaceutical companies to IT service providers working together to enhance drug safety outcomes globally.

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Market Dynamics

The market dynamics represent an ever-changing landscape of the Pharmacovigilance Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Increasing regulatory requirements for comprehensive drug safety monitoring and post-market surveillance
    • Advancements in AI, machine learning, and big data analytics driving improved adverse event detection
    • Rising global incidence of ADRs and growing public awareness fueling demand for pharmacovigilance services
  • Market Restraints
    • High operational costs and resource-intensive nature of implementing robust pharmacovigilance systems
  • Market Opportunities
    • Emerging markets in Asia-Pacific and Latin America offering growth opportunities due to healthcare investments
    • Potential for cloud-based real-time safety monitoring solutions enhancing pharmacovigilance processes
  • Market Challenges
    • Difficulty in integrating diverse data sources and ensuring interoperability across global systems

Market Segmentation Analysis

  • Type: Growing adoption of EHR mining to identify potential ADRs by analyzing patient data

    Cohort event monitoring involves actively following a group of patients over time to detect ADRs systematically. This approach provides detailed insights into the incidence and nature of adverse events but can be resource-intensive. EHR mining leverages electronic health records to identify potential ADRs by analyzing patient data. This method offers a comprehensive view of real-world drug effects and can detect patterns not apparent in clinical trials. Intensified ADR reporting focuses on high-risk medicines or patient populations to obtain more detailed safety information. This targeted approach enhances the capture of significant safety signals and helps understand specific treatments' risk-benefit profiles.

    Spontaneous reporting is a voluntary system where healthcare professionals and patients report suspected ADRs. It is a cornerstone of pharmacovigilance, providing critical early warning signals, though it is limited by underreporting and data quality issues. Targeted spontaneous reporting refines the traditional model by focusing on specific drugs or ADRs of interest to improve data quality and relevance. It aims to overcome spontaneous reporting's limitations by encouraging more precise and contextual submissions.

  • End-user: Rising application of pharmacovigilance in medical device manufacturers to efficiently capture safety data and adverse event reports

    Biotechnology companies are primarily focused on developing innovative biological products and therapies. Pharmacovigilance for biotechnology companies involves closely monitoring adverse reactions, as their products often involve complex biologics that can have unpredictable interactions. The rapid innovation in this sector requires robust safety monitoring mechanisms to comply with regulatory standards and maintain public trust. Pharmacovigilance for medical device manufacturers is becoming increasingly important, especially with the advent of combination products that integrate drugs and devices. These manufacturers must implement systems to efficiently capture safety data and adverse event reports. Integrating digital health technologies and connected devices further necessitates advanced real-time monitoring solutions to ensure patient safety.

    Pharmaceutical companies are deeply embedded in pharmacovigilance practices required to monitor, assess, and report adverse drug reactions throughout a product's lifecycle. Pharmaceutical companies invest in comprehensive PV systems to collect and analyze post-marketing surveillance data, ensuring compliance with stringent global regulatory requirements. These efforts safeguard patient health and uphold the company's reputation amid widespread public scrutiny.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Pharmacovigilance Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

PESTLE Analysis

The PESTLE analysis offers a comprehensive tool for understanding and analyzing the external macro-environmental factors that impact businesses within the Pharmacovigilance Market. This framework examines Political, Economic, Social, Technological, Legal, and Environmental factors, providing companies with insights into how these elements influence their operations and strategic decisions. By using PESTLE analysis, businesses can identify potential opportunities and threats in the market, adapt to changes in the external environment, and make informed decisions that align with current and future conditions. This analysis helps companies anticipate shifts in regulation, consumer behavior, technology, and economic conditions, allowing them to better navigate risks and capitalize on emerging trends.

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Pharmacovigilance Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Pharmacovigilance Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Recent Developments

  • ProductLife Group's acquisition of Callisto enhances regulatory services and pharmacovigilance in the UK and EU

    ProductLife Group (PLG) announced the acquisition of UK-based consultancy Callisto, enhancing its regulatory services throughout the UK and EU. This strategic move follows PLG’s recent acquisition of Integrity, consolidating its market presence. Callisto, with operations in the UK and Ireland, specializes in Regulatory Affairs, Pharmacovigilance, and GMDP services. The transaction integrates Callisto’s 37-person team, leveraging synergies across both organizations. [Published On: October 30, 2024]

  • EVERSANA and Oracle collaborate to transform proactive pharmacovigilance with AI-driven innovations

    EVERSANA's partnership with Oracle Argus Cloud enhances its pharmacovigilance platform, adding AI-driven automation, workflow optimization, and touchless processing to streamline drug safety monitoring. This collaboration addresses increasing caseloads and regulatory changes by transitioning pharmacovigilance from reactive to proactive monitoring, potentially reducing case processing costs by 50%. With EVERSANA promoted by Oracle to global clients, the alliance aims for better outcomes and prioritizes patient safety. [Published On: October 10, 2024]

  • Kenya and Malawi develop a partnership to advance pharmacovigilance and increase drug safety in Africa

    The partnership between Kenya's Pharmacy and Poisons Board (PPB) and Malawi's Southern Region Pharmacovigilance Centre signifies a strategic move to strengthen regional drug safety. This collaboration involved a two-week knowledge-sharing initiative, during which experts exchanged best practices in pharmacovigilance. The anticipated outcome is improved drug safety surveillance systems, enabling quicker identification and management of adverse drug reactions. This alliance highlights the PPB's commitment to ensuring safe, effective medicines across Africa. [Published On: July 29, 2024]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Pharmacovigilance Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Pharmacovigilance Market, highlighting leading vendors and their innovative profiles. These include Accenture, PLC, Bristol-Myers Squibb Company, Capgemini SE, ClinChoice, F. Hoffmann-La Roche AG, GlaxoSmithKline PLC, HCL Technologies Limited, ICON PLC, Infosys Limited, International Business Machines Corporation, IQVIA Inc., ITclinical, Laboratory Corporation of America Holdings, Linical Co., Ltd., Novartis AG, Oracle Corporation, Parexel International, Pfizer Inc., Quanticate International limited, Sanofi S.A., Syneos Health, TAKE Solutions Limited, TATA Consultancy Services Limited, and Wipro Limited.

Market Segmentation & Coverage

This research report categorizes the Pharmacovigilance Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Type
    • Cohort Event Monitoring
    • EHR Mining
    • Intensified ADR Reporting
    • Spontaneous Reporting
    • Targeted Spontaneous Reporting
  • Product Life Cycle
    • Phase I
    • Phase II
    • Phase III
    • Phase IV
    • Pre-clinical
  • Delivery Mode
    • In-house
    • Outsourced
  • Process Flow
    • Case Data Management
      • Case Data Analysis
      • Case Logging
      • Medical Reviewing & Reporting
    • Risk Management System
      • Risk Evaluation System
      • Risk Mitigation System
    • Signal Detection
      • Adverse Event Analysis
      • Adverse Event Logging
      • Adverse Event Review & Reporting
  • Therapeutic Area
    • Cardiovascular
    • Infectious Diseases
    • Neurology
    • Oncology
    • Respiratory
  • End-user
    • Biotechnology Companies
    • Medical Device Manufacturers
    • Pharmaceuticals
  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Pharmacovigilance Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Pharmacovigilance Market, by Type
  7. Pharmacovigilance Market, by Product Life Cycle
  8. Pharmacovigilance Market, by Delivery Mode
  9. Pharmacovigilance Market, by Process Flow
  10. Pharmacovigilance Market, by Therapeutic Area
  11. Pharmacovigilance Market, by End-user
  12. Americas Pharmacovigilance Market
  13. Asia-Pacific Pharmacovigilance Market
  14. Europe, Middle East & Africa Pharmacovigilance Market
  15. Competitive Landscape
  16. List of Figures [Total: 29]
  17. List of Tables [Total: 421 ]
  18. List of Companies Mentioned [Total: 24]
360iResearch Analyst Ketan Rohom
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Frequently Asked Questions
  1. How big is the Pharmacovigilance Market?
    Ans. The Global Pharmacovigilance Market size was estimated at USD 10.24 billion in 2024 and expected to reach USD 11.84 billion in 2025.
  2. What is the Pharmacovigilance Market growth?
    Ans. The Global Pharmacovigilance Market to grow USD 24.76 billion by 2030, at a CAGR of 15.85%
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