Saudi Arabia Pharmacovigilance Market Size & Outlook
Saudi Arabia pharmacovigilance market, 2018-2030 (US$M)
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Saudi Arabia pharmacovigilance market highlights
- The Saudi Arabia pharmacovigilance market generated a revenue of USD 29.7 million in 2023 and is expected to reach USD 49.0 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 7.4% from 2024 to 2030.
- In terms of segment, phase 4 was the largest revenue generating product life cycle in 2023.
- Phase 1 is the most lucrative product life cycle segment registering the fastest growth during the forecast period.
Pharmacovigilance market data book summary
| Market revenue in 2023 | USD 29.7 million |
| Market revenue in 2030 | USD 49.0 million |
| Growth rate | 7.4% (CAGR from 2023 to 2030) |
| Largest segment | Phase 4 |
| Fastest growing segment | Phase 1 |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Saudi Arabia accounted for 0.4% of the global pharmacovigilance market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, South Africa pharmacovigilance market is projected to lead the regional market in terms of revenue in 2030.
- Saudi Arabia is the fastest growing regional market in Middle East & Africa and is projected to reach USD 49.0 million by 2030.
Phase 4 was the largest segment with a revenue share of 75.76% in 2023. Horizon Databook has segmented the Saudi Arabia 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.
According to a report by Oracle, the number of clinical trials conducted in the Middle East was reported to be 1,952 compared to 33,369 in the U.S. GCC countries are new to clinical research, but with technological advancements and increasing digitization, the countries are overcoming technological challenges and are witnessing significant growth.
Various government-encouraged initiatives, such as the Health program, in the Middle East are also a sign of the efforts taken by these countries to reduce the overall healthcare burden. Hence, the adoption of PV services in this country is expected to increase over the forecast period.
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Pharmacovigilance Market Scope
Pharmacovigilance Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia pharmacovigilance market size, by product life cycle, 2018-2030 (US$M)
Saudi Arabia Pharmacovigilance Market Outlook Share, 2023 & 2030 (US$M)
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