Asia Pacific Pharmacovigilance Market Size & Outlook
Asia Pacific pharmacovigilance market, 2018-2030 (US$M)
Related Markets
Asia Pacific pharmacovigilance market highlights
- The Asia Pacific pharmacovigilance market generated a revenue of USD 2,244.9 million in 2023.
- The market is expected to grow at a CAGR of 8.5% from 2024 to 2030.
- In terms of segment, phase 4 was the largest revenue generating product life cycle in 2023.
- Phase 3 is the most lucrative product life cycle segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 2,244.9 million |
| Market revenue in 2030 | USD 3,981.3 million |
| Growth rate | 8.5% (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 |
| Key market players worldwide | Accenture PLC Class A, IQVIA Holdings Inc, Cognizant Technology Solutions Corp Class A, Linical Americas, International Business Machines Corp, Labcorp Holdings Inc, ArisGlobal, Capgemini SE, ITClinical, Icon PLC, TAKE Solutions, PAREXEL, Wipro Ltd ADR, United Biosource Corporation, FMD K&L, BioClinica |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 30.7% of the global pharmacovigilance market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 3,981.3 million by 2030.
Phase 4 was the largest segment with a revenue share of 75.83% in 2023. Horizon Databook has segmented the Asia Pacific 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.
Asia Pacific region is expected to witness lucrative growth during the forecast period. Japan and China are the major markets accounting for around 40% of the total revenue share. The pharmaceutical market of this region is primarily dominated by the presence of generic drugs. China is expected to hold the second-largest position in the pharmaceutical market in the next few years.
Currently, foreign manufacturers are also outsourcing some of their business elements to Asia, owing to increasing pricing pressure, high prices of raw materials in developed economies, and the need to reduce marketing costs. Asia provides a substantial cost-saving advantage, with savings ranging from 50% to 80% of the cost compared to developed nations, thus leading to an increase in the number of clinical trials being conducted in this region.
Hence, the rise in demand for clinical trials has led to increasing focus on PV and drug safety in the region. Along with India and China, Singapore, South Korea, and Taiwan are recognized as outsourcing hubs in Asia. The increasing number of ADRs, rising awareness about public safety, and strict government regulations are some factors expected to drive regional market growth during the forecast period.
No credit card required*
Horizon in a snapshot
- 30K+ Global Market Reports
- 120K+ Country Reports
- 1.2M+ Market Statistics
- 200K+ Company Profiles
- Industry insights and more
Pharmacovigilance Market Scope
Pharmacovigilance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Asia Pacific pharmacovigilance market size, by country, 2018-2030 (US$M)
Asia Pacific Pharmacovigilance Market Outlook Share, 2023 & 2030 (US$M)
Related industry reports
Related regional statistics
Sign up - it's easy, and free!
Sign up and get instant basic access to databook, upgrade
when ready, or enjoy our
free plan indefinitely.
Included in Horizon account
- 30K+ Global Market Reports
- 120K+ Country Reports
- 1.2M+ Market Statistics
- 200K+ Company Profiles
- Industry insights and more
