Pharmacovigilance Market 2025-2034: Key Highlights, Growth Dynamics, and Emerging Trends
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
Which Major Market Drivers Are Expected to Boost the Growth Potential of the Pharmacovigilance Market?
Boosting research and development tasks will contribute to the growth of the pharmacovigilance market. Pharmaceutical corporations, by escalating their investment in R&D, will be able to generate innovative and advanced drugs that have superior safety profiles. Comprehensive preclinical and clinical evaluations during the drug creation procedure allow early recognition of potential safety issues, leading to the execution of proper risk reduction measures. Moreover, initiatives in R&D enhance the progression of technologies aimed at monitoring adverse events, analyzing data, and detecting signals, which makes it easier to identify adverse reactions to drugs at an early stage in the post-marketing phase. For example, the Llywodraeth Cymru Welsh Government, a government organization based in the UK, reported in February 2024 that in 2022, Wales spent £1.0 billion ($1.25 billion) on Business Expenditure on Research and Development (BERD), representing 1.9% of the UK’s total expenditure in this field. Consequently, escalated research and development activities bolstered the expansion of the pharmacovigilance market.
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How Has the Pharmacovigilance Market Evolved in Recent Years, and What are the Growth Projections for the Forecast Period?
In recent times, there has been a significant expansion in the pharmacovigilance market size. It is projected to rise from a valuation of $8.58 billion in 2024 to an approximate worth of $9.73 billion in 2025, indicating a compound annual growth rate (CAGR) of 13.5%. The noteworthy growth in the historic period is a result of contributing factors such as a hike in the occurrence of adverse drug reactions (ADRs), an upsurge in research and development (R&D) endeavors, escalated rates of drug development, increased emphasis on personalized medicine, and a growing prevalence of chronic ailments.
In the coming years, the pharmacovigilance market is projected to witness speedy expansion, reaching $15.83 billion in 2029 with a compound annual growth rate (CAGR) of 12.9%. The growth over the forecast period can be traced back to surging healthcare expenditures, escalated government aid, and an aging demographic. The period also forecasts a surge in investments, adoption of artificial intelligence, implementation of novel platforms, deployment of inventive cloud-based systems, and strategic business consolidations.
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What Are the Key Market Innovations in thePharmacovigilance Market Over the Coming Years?
Pharmacovigilance market enterprises are emphasising the use of artificial intelligence (AI) for enhanced productivity. The integration of AI can boost the precision and effectiveness of pharmacovigilance operations, leading to improved patient treatment results. Through AI exploitation, pharmaceutical entities can optimise their procedures, augment data administration, and hasten drug development, while concurrently minimising expenses and amplifying safety. For instance, the Indian Government launched the Adverse Drug Reaction Monitoring System (ADRMS) software in August 2024, presented by the Minister of Health & Family Welfare and Minister of Chemicals and Fertilizers. This system organises the collection and assessment of adverse incidents linked with medications and medical devices, thus simplifying the reporting procedure for both consumers and medical professionals. This action significantly reinforces India’s pharmacovigilance framework by ensuring broader safety data capture and improved drug surveillance. The ADRMS aims to enhance drug safety supervision efficiency and compliance with regulations, positioning India as a pioneer in the international pharmaceutical realm.
Who Are the Top Companies Driving Innovation and Growth in thePharmacovigilance Market?
Major companies operating in the pharmacovigilance market include IQVIA, Cognizant, ICON Plc, Accenture plc, PAREXEL International Corporation., United BioSource LLC, ArisGlobal, Quanticate, Wipro Limited, Linical Americas, Novotech CRO, Wuxi Apptec, Simcere Pharmaceutical Group, Lee’s Pharmaceutical Holdings, Luye Pharma Group, EXTEDO, Arriello, PrimeVigilance, Axios International, C3i Solutions, Alcon, Secure AI Labs, OmniSol dot Tech, Canna Call Company, Veripad, Prevnos Inc., Lifescient, Inc, BeiGene, QuintilesIMS, Labcorp Drug Development, Pharmaceutical Product Development Inc., PRA Health Sciences, Synowledge LLC, RAPAhub, illuminate health, Invenio Medical, ClinChoice Inc., MSD, Novasyte, Fortrea Holdings Inc, Syneos Health Clinical, Zoetis Inc., Telerx Marketing Inc., Gilead Sciences, Inc., Elanco, Abbott Laboratories, Spimaco, Teva Pharmaceutical Industries Ltd.
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Which Key Market Segments Comprise the Pharmacovigilance Market and Drive Its Revenue Growth?
The pharmacovigilance market covered in this report is segmented –
1) By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining
2) By Service Provider: In-House, Contract Outsourcing
3) By Process Flow: Case Data Management, Signal Detection, Risk Management System
4) By Clinical Trial Phases: Preclinical, Phase I, Phase II, Phase III, Phase IV
5) By End User: Hospitals, Pharmaceutical Companies, Other End Users
Subsegments:
1) By Spontaneous Reporting: Individual Case Safety Reports (ICSRs), Voluntary Reporting Systems, Case Reports From Healthcare Professionals
2) By Intensified ADR Reporting: Active Surveillance Programs, Enhanced Monitoring In Clinical Trials, Risk Minimization Strategies
3) By Targeted Spontaneous Reporting: Reporting For Specific Drug Classes, Condition-Specific Reporting, Focused Surveillance Programs
4) By Cohort Event Monitoring: Prospective Cohort Studies, Retrospective Cohort Studies, Longitudinal Studies
5) By EHR Mining: Data Extraction From Electronic Health Records, Signal Detection Through EHR Analysis, Integration Of EHR Data With Pharmacovigilance Systems
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Which Regions Are Emerging as Leaders in the Pharmacovigilance Market?
North America was the largest region in the pharmacovigilance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast region. The regions covered in the pharmacovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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