PharmaCovigilances Market Size, Share, Growth Analysis, By Type(In-House Pharmacovigilance and Contract Outsourcing Pharmacovigilance), By Application(Spontaneous Reporting, Intensive Monitoring Programs, Post-Marketing Surveillance, Risk Management), By End-User(Pharmaceutical Companies, Contract Research Organizations (CROs) and Other Healthcare Providers.), By Region - Industry Forecast 2024-2031

Pharmacovigilance Market size was valued at USD 9.07 billion in 2022 and is poised to grow from USD 9.75 billion in 2023 to USD 17.39 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

The pharmacovigilance market is highly competitive, driven by the increasing focus on drug safety, stringent regulatory requirements, and the growing volume of adverse drug events reported worldwide. The market encompasses a diverse range of participants, including pharmaceutical companies, contract research organizations (CROs), business process outsourcing (BPO) firms, and technology solution providers. The competitive landscape of the pharmacovigilance market is characterized by strategic collaborations, partnerships, and mergers and acquisitions. Companies seek to enhance their pharmacovigilance capabilities, expand their geographical presence, and leverage technological advancements. Additionally, there is a growing trend towards outsourcing pharmacovigilance activities to specialized service providers, allowing pharmaceutical companies to focus on core research and development functions. 'QuintilesIMS (US)', 'Accenture (Ireland)', 'Cognizant (US)', 'IBM Corporation (US)', 'Oracle Corporation (US)', 'PAREXEL International Corporation (US)', 'Aris(US)', 'ICON plc (Ireland)', 'IQVIA (US)', 'PRA Health Sciences (US)', 'Wipro Limited (India)', 'Capgemini SE (France)', 'Tata Consultancy Services Limited (India)', 'BioClinica, Inc. (US)', 'Sciformix Corporation (US)', 'Covance Inc. (US)', 'Bioclinica (US)', 'HCL Technologies Ltd. (India)', 'Foresight Group International AG (Switzerland)', 'TAKE Solutions Ltd. (India)'

The pharmacovigilance market is driven by the escalating incidence of adverse drug reactions (ADRs) on a scale. As the utilization of pharmaceutical products continues to expand, the probability of encountering unexpected adverse events also increases. Pharmacovigilance plays a critical role in the surveillance and reporting of ADRs, facilitating early identification, risk evaluation, and appropriate measures to safeguard patient well-being. The demand for pharmacovigilance services and solutions is fueled by the imperative to address the mounting occurrence of ADRs. This drives the growth of the pharmacovigilance market.

In recent years, there has been a significant increase in the consumption and development of drugs. However, this heightened drug intake, particularly over extended periods and among a large population, poses a risk of unwanted and potentially harmful side effects for patients. As an example, in October 2022, Aurobindo Pharma USA recalled Quinapril and Hydrochlorothiazide Tablets USP 20 mg/12.5mg from the US market due to the presence of Nitrosamine Drug Substance Related Impurity (NDSRI) and N-Nitroso-Quinapril. Consequently, the escalating demand for medical information from regulatory authorities serves as an additional driver for the growth of the pharmacovigilance market. Moreover, the pharmaceutical industry has been increasingly adopting pharmacovigilance services, contributing to the segment's growth during the forecast period. A case in point is the collaborative partnership established in September 2021 between IQVIA and NRx Pharmaceuticals. This collaboration aimed to provide pharmacovigilance services and medical information, ensuring preparedness for potential regulatory actions. These developments in the industry highlight the growing recognition of the importance of pharmacovigilance and its role in ensuring drug safety and regulatory compliance.

North America emerges as the dominant region in the pharmacovigilance market. This can be attributed to several factors, including the presence of a well-established healthcare infrastructure, stringent regulatory frameworks, and a high level of awareness regarding drug safety. Countries like the United States and Canada have robust pharmacovigilance systems and experienced service providers. Moreover, the region's emphasis on technological advancements, strong collaborations between industry stakeholders, and the presence of key pharmaceutical companies contribute to the dominance of North America in the pharmacovigilance market.