Latin America Pharmacovigilance Market Size & Outlook
Latin America pharmacovigilance market, 2018-2030 (US$M)
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Latin America pharmacovigilance market highlights
- The Latin America pharmacovigilance market generated a revenue of USD 527.9 million in 2023.
- The market is expected to grow at a CAGR of 6% from 2024 to 2030.
- In terms of segment, phase 4 was the largest revenue generating product life cycle in 2023.
- Phase 4 is the most lucrative product life cycle segment registering the fastest growth during the forecast period.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 527.9 million |
| Market revenue in 2030 | USD 793.0 million |
| Growth rate | 6% (CAGR from 2023 to 2030) |
| Largest segment | Phase 4 |
| Fastest growing segment | Phase 4 |
| 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, Latin America region accounted for 7.2% 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 75.85% in 2023. Horizon Databook has segmented the Latin America 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.
The rising demand for PV centers in the Latin American region is expected to have a positive impact on the overall pharmacovigilance market. About 16 countries in the Latin American region have set modalities for immediate adverse event reporting, out of which 10 countries are involved in the development of stringent regulations and PV programs for periodic adverse event reporting.
Increasing sponsorship and outsourcing by local companies for phase III and late phase trials are also anticipated to contribute to growth prospects, resulting in cost-effectiveness.
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Pharmacovigilance Market Scope
Pharmacovigilance Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America pharmacovigilance market size, by country, 2018-2030 (US$M)
Latin America Pharmacovigilance Market Outlook Share, 2023 & 2030 (US$M)
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