Pharmacovigilance Market Size By Clinical Trial Phase (Preclinical, Phase I, Phase II, Phase III, Phase IV), By Service Provider (In-house, Contract Outsourcing) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024

Published Date: Sep 2018  |  Report ID: GMI853  |  Authors: Sumant Ugalmugale

Report Format: PDF   |   Pages: 162   |   Base Year: 2017

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Pharmacovigilance market size was valued at USD 3.9 billion in 2017 and is expected to witness growth of around 10.7% CAGR from 2018 to 2024.

U.S. Pharmacovigilance Market, By Clinical Trial Phase, 2013 – 2024 (USD Billion)

Get more details on this report - Request Free Sample PDF

Increasing acceptance and adoption of outsourcing services by healthcare companies will stimulate pharmacovigilance (PV) market growth in forthcoming years. Outsourcing eliminates the risk of business overhead costs as well as deployment of a pharmacovigilance resources. Outsourcing strategy increases the cost-effectiveness and efficiency by relieving resource pressure on firms. Positively shifting trends in PV outsourcing owing to increasing benefits will accelerate pharmacovigilance business growth in the coming years.

Rising number of adverse drug reactions (ADRs) will contribute to significant increase in the market size over the forecast period. According to National Centre for Biotechnology Information (NCBI), number of fatalities due to ADRs increased more than two-fold in 2014. This further led to increase in hospitalizations. Similarly, according to data by Clinics, 2018, there was 10% increase in ADR rate in Brazil per medication introduced during hospitalization. Such escalating number of ADRs that require continuous pharmacovigilance will render lucrative growth opportunity for pharmacovigilance market to facilitate effective surveillance of ADRs.

Accelerating demand for personalized medicines will impel momentous industry growth in the foreseeable future. Innovations in personalized medicine will offer growth potential to the market in ways to develop and quantitate risks and benefits of personalized medicines. Increasing advancement in targeted drugs such as new product development will further propel demand for pharmacovigilance services in the coming years.

Dearth of skilled healthcare professionals needed to analyse data and implement solutions   can restrict market growth. Moreover, increased risk for data security that can be misused by the pharmacovigilance personnel can hamper business growth over the coming years.

Pharmacovigilance Market Report Coverage
Report Coverage Details
Base Year: 2017 Market Size in 2017: 3.9 Billion (USD)
Historical Data for: 2013 to 2017 Forecast Period: 2018 to 2024
Forecast Period 2018 to 2024 CAGR: 10.7% 2024 Value Projection: 8 Billion (USD)
Pages: 162 Tables, Charts & Figures: 76
Geographies covered (19): U.S., Canada, UK, Germany, Spain, Italy, France, China, Japan, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Qatar, Israel
Segments covered: Clinical Trial Phase, Service Provider and Region
Companies covered (28): Accenture, Boehringer Ingelheim, Bristol-Myers Squibb, Clinquest Group B.V., Cognizant Technology Solutions Corporation, Ecron Acunova Ltd., F. Hoffmann-La Roche Ltd., Foresight Group International AG, GlaxoSmithKline Plc, HCL Technologies, IBM Corporation, ICON plc, iGATE Corporation (Capgemini), Infosys Ltd., InVentiv Health Clinical, Ipca Laboratories Ltd., IQVIA (QuintilesIMS), ITclinical, Janssen Research & Development, LLC, Laboratory Corporation of America Holdings, Novartis AG, Oracle Corporation, PAREXEL International Corporation, Pfizer, Sanofi Aventis, TCS, Telerx (C, i Solutions), Wipro
Growth Drivers:
  • Increase in adoption rate of outsourcing services in Asia Pacific
  • Increasing consumption of drugs in developed regions
  • Rise in adverse drug reactions (ADR) and drug toxicity
  • Increasing acceptance of personalized medicine in developed regions
  • Effective global harmonization practices
Pitfalls & Challenges:
  • Dearth of skilled personnel
  • High risk associated with data security

Request 15% Free Customization on this Report

Pharmacovigilance Market, By Clinical Trial Phase

Phase IV pharmacovigilance segment accounted for the largest segmental share of 75.2% in 2017. Pharmacovigilance is vital as safety surveillance after the drug is sold to patients. It detects and reports any ADRs and harmful effects that may result into discontinuation of drugs or may be limited for use. Phase IV pharmacovigilance may negatively affect company’s financial and business performance. Thus, increasing number of pharmaceutical companies along with rising number of medicines will positively impact market growth, thereby boosting segmental share.

Preclinical trial pharmacovigilance segment will grow at 10.2% CAGR over the forecast period. Fast growth is attributable to accelerating number of new drug developments by pharma and biotech companies across the globe. Preclinical trial forms the foremost and crucial part of drug assessment and drug development. Thus, increasing demand for targeted therapies owing to rising number of diseases will boost segmental share in upcoming period.

Pharmacovigilance Market, By Service Provider

Outsourcing pharmacovigilance segment held largest revenue of USD 2,165.0 million in 2017. Enhanced cost-effectivity and better monitoring of drug safety will drive the outsourcing pharmacovigilance segment share in foreseeable years. Handling of large data volume coupled with regulatory compliance further attributes to increasing preference for pharmacovigilance outsourcing. For instance, many small pharmaceutical companies outsource some of its drug safety work to a third-party while 82% of medium sized and 45% large size companies outsource pharmacovigilance, that shows shifting customer preference. Above factors will highly impact outsourcing pharmacovigilance market growth.

Pharmacovigilance Market, By Region

U.S. market accounted for 86.9% share of North American market in 2017. Sophisticated healthcare infrastructure coupled with stringent pharmacovigilance guidelines will augment regional growth over the projected period. U.S. FDA mandates the pharmaceutical companies to conduct post-marketing surveillance and report ADRs within stipulated time-frames. In addition, increasing funding for clinical trials will favor U.S. pharmacovigilance industry growth.

India market will grow at a rapid pace exceeding USD 520 million by 2024. Strict regulations for reporting adverse drug reactions coupled with rising demand for pharmacovigilance outsourcing across the nation will foster the market growth. Lower labour cost as well as attractive market place for conducting clinical trials will positively impact the global market size.

Competitive Market Share

Few of the prominent market players operating in the global pharmacovigilance industry are Accenture, TCS, Cognizant, IQVIA (Quintiles IMS) and PAREXEL. Companies are implementing strategies such as introduction of new product/service along with strategic alliances to achieve significant industry foothold. For instance, in June 2015, QuintilesIMS launched Infosario One Mobile App, a mobile based application that enables access to important clinical trial information. The newly launched application provides instant access to start-up, recruitment and compliance information as well as updates on data queries.

Pharmacovigilance Industry Background

Pharmacovigilance industry witnessed remarkable developments owing to rising number of adverse drug reactions, side effects coupled with potential threats to the consumers. Pharmacovigilance was implemented in developed nations earlier in 1970s, including U.S. and UK following numerous consumer health protection acts. Increasing number of pharmaceutical companies, as well as global harmonization practices will further assist advancements in the market. Furthermore, emergence of personalized medicines and rising number of ADRs should drive pharmacovigilance industry size in the foreseeable future.

Buy Now

Single User: $5,150 Access to only 1 person; cannot be shared; cannot be printed
Multi User: $7,150 Access for 2 to 5 users only within same department of one company
Enterprise User: $9,150 Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Need a Discount? Get in touch with us for special pricing

Request Discount

Connect with our sales team

Why Global Market Insights, Inc.?

Reliability & accuracy

  • GMI is unparalleled when to comes to the quality of research and information provided to clients. Our unique methodology is designed to ensure a minimum of 90% accuracy to give our clients excellent value on their investment.

Quality & trust

  • BBB Rating - Click to Verify

Customer service

  • Over 200 experts are available across various time-zones, ready to serve clients for their research needs. Our industry experts help clients to design reports customized to their needs.

Security & compliance

We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info X