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

Global 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 global pharmacovigilance market has experienced significant growth in recent years, driven by the rising focus on patient safety, increasing regulatory requirements, and the expanding pharmaceutical industry. This market analysis provides an overview of the global pharmacovigilance market, including key trends, drivers, challenges, and regional dynamics. One of the key drivers fueling the growth of the global pharmacovigilance market is the growing need for drug safety monitoring. With the increasing complexity of drug development and the introduction of novel therapeutics, there is a heightened demand for robust pharmacovigilance systems to detect, assess, and prevent adverse drug reactions.

Regulatory authorities across the globe are imposing stringent guidelines, mandating pharmaceutical companies to implement effective pharmacovigilance practices, thus driving market growth. Furthermore, the rising prevalence of chronic diseases and the increasing consumption of medications have amplified the importance of pharmacovigilance. Adverse drug reactions and medication errors can have severe consequences on patient health, leading to increased healthcare costs and potential legal liabilities. Healthcare providers and regulatory bodies are emphasizing the need for effective pharmacovigilance systems to identify and manage adverse events, enhancing patient safety and improving overall healthcare outcomes.

US PharmaCovigilances Market is poised to grow at a sustainable CAGR for the next forecast year.