South Korea Pharmacovigilance Market Size & Outlook
South Korea pharmacovigilance market, 2018-2030 (US$M)
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South Korea pharmacovigilance market highlights
- The South Korea pharmacovigilance market generated a revenue of USD 498.0 million in 2023 and is expected to reach USD 895.9 million by 2030.
- The South Korea market is expected to grow at a CAGR of 8.8% 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 498.0 million |
| Market revenue in 2030 | USD 895.9 million |
| Growth rate | 8.8% (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, South Korea accounted for 6.8% 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 Asia Pacific, China pharmacovigilance market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 340.5 million by 2030.
Phase 4 was the largest segment with a revenue share of 75.64% in 2023. Horizon Databook has segmented the South Korea 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 market growth can be attributed to the ease of access to pharmaceuticals, rising adoption of polypharmacy, expedited drug development, and rising prevalence of chronic diseases. Moreover, rising government investment in the development of healthcare infrastructure is anticipated to fuel market growth.
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Pharmacovigilance Market Scope
Pharmacovigilance Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea pharmacovigilance market size, by product life cycle, 2018-2030 (US$M)
South Korea Pharmacovigilance Market Outlook Share, 2023 & 2030 (US$M)
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