Pharmacovigilance Market, By Clinical Trial Phases (Pre-clinical Studies, Clinical Trial Phase I, Clinical Trial Phase II, Clinical Trial Phase III, and Post Marketing Surveillance or Phase IV), By Type of Method (Spontaneous Reporting, Intensified ADR Reporting, Targeted Reporting, Cohort Event Monitoring, and EHR Monitoring), By Type of Service Provider (In-House and Contract Outsourcing), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Feb 2025

Code : CMI1047

Pages :175

Formats :

Excel and PDF

Industry : Healthcare IT

Pharmacovigilance Market Size and Trends

The global pharmacovigilance market is estimated to be valued at USD 8.03 Bn in 2025 and is expected to reach USD 14.03 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 8.3% from 2025 to 2032.

Pharmacovigilance Market Key Factors

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Increased outsourcing of pharmacovigilance services by pharmaceutical companies, growth in clinical trials, rising drug safety concerns, and increased adverse events in reporting are some the key factors driving the market growth. With increasing pipeline drugs, it has become essential for manufacturers to closely monitor drug safety profiles in the post marketing phase through PV activities. Moreover, the development of new biological entities compared to traditional small molecule drugs has further prompted drug safety surveillance. Growing pressure from regulatory authorities on pharmaceutical players to minimize drug related risks are further expected to contribute to the market expansion over the coming years.

The rising adoption of pharmacovigilance services by pharmaceutical companies

The adoption of pharmacovigilance services by pharmaceutical companies is growing significantly due to stringent regulations regarding drug safety. Regulatory bodies like FDA and EMA are enforcing strict norms to monitor and ensure safety of drugs post marketing. This is driving pharmaceutical companies to outsource pharmacovigilance activities to specialized Clinical Research Organizations (CROs) who have expertise and infrastructure to carry out the services effectively. Outsourcing pharmacovigilance allows drug manufacturers to focus on their core competencies of drug research and development while leaving the safety monitoring activities to experienced CRO partners. This provides pharmaceutical companies access to advanced technologies, skilled workforce and a unified global approach towards safety reporting. CROs manage large medical databases, safety reporting tools and AI/ML technologies to identifying drug risks early-on. For example, CROs like IQVIA, Parexel, and Syneos Health regularly analyze Real World data from millions of patient records to pick up subtle adverse events that may have been missed in clinical trials. For instance, in September 2021, IQVIA initiated a significant partnership with NRx Pharmaceuticals to offer pharmacovigilance services and medical information in anticipation of potential regulatory measures. Additionally, a study featured in Frontiers in Drug Safety and Regulation in February 2022 underscored the rising importance of eco-pharmacovigilance in mitigating pharmaceutical pollutants' environmental impact. This trend highlights a growing market demand for pharmacovigilance services aimed at minimizing environmental pollution caused by pharmaceutical residues.