Middle East & Africa Pharmacovigilance Market Size & Outlook
Middle East & Africa pharmacovigilance market, 2018-2030 (US$M)
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MEA pharmacovigilance market highlights
- The MEA pharmacovigilance market generated a revenue of USD 260.6 million in 2023.
- The market is expected to grow at a CAGR of 6.5% 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, Saudi Arabia is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 260.6 million |
| Market revenue in 2030 | USD 404.1 million |
| Growth rate | 6.5% (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, MEA region accounted for 3.6% 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 75.9% in 2023. Horizon Databook has segmented the Middle East & Africa 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.
This region is anticipated to witness steady growth over the forecast period owing to the growing market for biopharmaceuticals, untapped opportunities pertinent to the entire clinical trial cycle, and a rise in supportive government initiatives. The lack of coordinated PV systems and the increasing need for efficient ADR reporting systems are positively impacting the overall market in this region.
This is a result of illicit drug consumption, lack of stringent regulatory framework, and low awareness. The establishment of PV organizations, such as the International Society of PV (ISoP), to strengthen PV activities and promote awareness regarding patient safety, is also anticipated to increase growth potential in this region.
An increase in regulatory collaborations is also a driver for the regional market. For instance, Middle East Regulatory Network (MERN) and Saudi Food and Drug Authority (SFDA) partnered to develop regulatory practices for enabling quality drug development and drug safety monitoring.
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Pharmacovigilance Market Scope
Pharmacovigilance Market Companies
| Name | Profile | # Employees | HQ | Website |
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MEA pharmacovigilance market size, by country, 2018-2030 (US$M)
Middle East & Africa Pharmacovigilance Market Outlook Share, 2023 & 2030 (US$M)
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