PUBLISHER: Global Insight Services | PRODUCT CODE: 1598954
PUBLISHER: Global Insight Services | PRODUCT CODE: 1598954
The global pharmacovigilance market is anticipated to expand from $8.9 billion in 2023 to $22.5 billion by 2033, with a CAGR of approximately 10.0%.
The Pharmacovigilance (PV) Market encompasses the surveillance, detection, assessment, and prevention of adverse effects of pharmaceutical products. This sector is pivotal in ensuring drug safety and efficacy, involving activities such as data collection, risk management, and regulatory compliance. It includes software solutions, consulting services, and outsourcing, driven by stringent regulations and the growing need for patient safety, thereby presenting significant opportunities for innovation and growth.
The Pharmacovigilance (PV) market is witnessing substantial growth, influenced by the increasing emphasis on drug safety and regulatory compliance. The software solutions segment leads the market, driven by the demand for advanced data analytics and automation in safety reporting. Services, particularly contract outsourcing, emerge as the second-highest performing sub-segment, as pharmaceutical companies seek cost-effective and efficient PV operations. Regionally, North America dominates, propelled by stringent regulatory frameworks and a robust pharmaceutical industry. Europe follows closely, with its well-established regulatory landscape and high adoption of PV practices. Within Europe, the United Kingdom and Germany are key contributors, benefiting from strong healthcare infrastructure and innovation in drug safety technologies. The Asia-Pacific region is poised for rapid growth, supported by increasing clinical trials, rising healthcare investments, and evolving regulatory standards, particularly in countries like India and China. These dynamics underscore the critical role of PV in safeguarding public health and ensuring pharmaceutical integrity.
Key Companies
Accenture, IQVIA, Cognizant, Parexel, ICON, PRA Health Sciences, Syneos Health, PAREXEL International, Medpace, Pharm- Olam, Worldwide Clinical Trials, Wuxi Clinical, FMD K& L, Genpact, Linical, Bio Clinica, Chiltern, CRF Health, TFS International, Premier Research, Pharma Safe, Vigilant Rx, Safety Med Solutions, Med Guard Analytics, Pharma Watch, Safe Pharma Insights, Med Alert Global, Pharma Shield, Secure Rx Monitoring, Vigilance Pro, Safe Guard Pharma, Pharma Sentinel, Med Secure Insights, Vigil Rx Solutions, Pharma Care Analytics, Safety Net Pharma, Med Vigil Insights, Pharma Protect, Vigilance Guard, Med Safe Solutions
Our research scope provides comprehensive market data, insights, and analysis across a variety of critical areas. We cover Local Market Analysis, assessing consumer demographics, purchasing behaviors, and market size within specific regions to identify growth opportunities. Our Local Competition Review offers a detailed evaluation of competitors, including their strengths, weaknesses, and market positioning. We also conduct Local Regulatory Reviews to ensure businesses comply with relevant laws and regulations. Industry Analysis provides an in-depth look at market dynamics, key players, and trends. Additionally, we offer Cross-Segmental Analysis to identify synergies between different market segments, as well as Production-Consumption and Demand-Supply Analysis to optimize supply chain efficiency. Our Import-Export Analysis helps businesses navigate global trade environments by evaluating trade flows and policies. These insights empower clients to make informed strategic decisions, mitigate risks, and capitalize on market opportunities.