Global Pharmacovigilance Market Size & Outlook, 2023-2030
Global pharmacovigilance market, 2018-2030 (US$M)
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Global pharmacovigilance market highlights
- The global pharmacovigilance market generated a revenue of USD 7,317.8 million in 2023 and is expected to reach USD 11,782.4 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 7% by 2030.
- In terms of segment, phase 4 accounted for a revenue of USD 5,550.8 million in 2023.
- Phase 3 is the most lucrative product life cycle segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
- Country-wise, U.S. is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 7,317.8 million |
| Market revenue in 2030 | USD 11,782.4 million |
| Growth rate | 7% (CAGR from 2023 to 2030) |
| Largest segment | Phase 4 |
| Fastest growing segment | Phase 3 |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Pre Clinical, Phase 1, Phase 2, Phase 3, Phase 4 |
Other key industry trends
- In terms of revenue, the North America accounted for 32.6% of the global pharmacovigilance market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, U.S. is the fastest growing regional market and is projected to reach USD 2,775.8 million by 2030.
Phase 4 was the largest segment with a revenue share of 75.85% in 2023. Horizon Databook has segmented the Global pharmacovigilance market based on pre clinical, phase 1, phase 2, phase 3, phase 4 covering the revenue growth of each sub-segment from 2018 to 2030.
Drug consumption has increased substantially owing to rapidly growing prevalence of diseases. Rise in incidence of chronic diseases, such as cancers, diabetes, and cardiovascular & respiratory disorders, has led to an increase in drug consumption worldwide. According to a WHO report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in nonhospital setups.
Furthermore, there has been a significant rise in the number of drugs made available to healthcare consumers. Manufacturers are now focusing on remodeling their drug development processes to cater to patient needs across the globe. Presence of a competitive milieu has led to improved manufacturing operations, pharmacovigilance, clinical data management, streamlined R&D, and medical writing.
Manufacturers are rapidly considering outsourcing as a viable cost curbing tool. Moreover, these organizations are targeting Asia Pacific countries, such as India and China, to conduct clinical trials owing to a wide presence of skilled labor, lower infrastructure & manufacturing costs and presence of a large patient pool.
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Pharmacovigilance Market Scope
Pharmacovigilance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global pharmacovigilance market size, by regions, 2018-2030 (US$M)
Top 10 countries: Pharmacovigilance market size, 2023 (US$M)
Global pharmacovigilance market share, by product life cycle, 2023 & 2030 (%, US$M)
Pharmacovigilance market: Opportunity assessment by country
Global pharmacovigilance market, by region, 2023 (US$M)
| Product Life Cycle | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 1,495.9 | 1,670.8 | 1,751.7 | 2,040.6 | 2,211.2 | 2,382.0 | 2,551.6 | 2,718.7 | 2,882.0 | 3,040.2 | 3,192.2 | 3,337.0 | 3,473.5 | 5.5% |
| Europe | 1,107.0 | 1,250.4 | 1,332.1 | 1,577.2 | 1,737.2 | 1,902.6 | 2,072.4 | 2,245.7 | 2,421.5 | 2,598.9 | 2,776.8 | 2,954.4 | 3,130.6 | 7.4% |
| Asia Pacific | 1,227.8 | 1,407.5 | 1,517.7 | 1,818.4 | 2,026.4 | 2,244.9 | 2,472.9 | 2,709.5 | 2,953.6 | 3,204.1 | 3,459.7 | 3,719.1 | 3,981.3 | 8.5% |
| Latin America | 329.1 | 364.8 | 383.8 | 448.8 | 488.2 | 527.9 | 567.7 | 607.3 | 646.5 | 684.9 | 722.2 | 758.3 | 793.0 | 6.0% |
| MEA | 159.1 | 177.1 | 187.1 | 219.6 | 239.9 | 260.6 | 281.5 | 302.4 | 323.4 | 344.1 | 364.6 | 384.6 | 404.1 | 6.5% |
| Overall | 4,319.0 | 4,870.6 | 5,172.4 | 6,104.5 | 6,702.8 | 7,317.8 | 7,946.0 | 8,583.7 | 9,227.0 | 9,872.1 | 10,515.5 | 11,153.4 | 11,782.4 | 7.0% |
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