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North America Pharmacovigilance Market Research Report - Segmented By Clinical Trial Phase, Service Provider, Method & Country (the United States, Canada and Rest of North America) - Industry Analysis on Size, Share, Trends, COVID-19 Impact Growth Forecast (2023 to 2028)

Published: March, 2023
ID: 7547
Pages: 145
Formats: report pdf report excel report power bi report ppt

North America Pharmacovigilance Market Size (2023 to 2028)

The market for pharmacovigilance in North America is growing significantly, and this regional market is anticipated to register a CAGR of 13.8% from 2023 to 2028. As a result, the market size is expected to be USD 2.09 billion in 2023 and USD 3.99 billion by 2028. 

The growing patient count suffering from drug addiction and related ADRs is majorly driving the pharmacovigilance market in North America. Pharmacovigilance is used to detect, assess, understand, and prevent adverse reactions to a drug. Adverse drug reactions (ADRs) can result in significant health issues and even death in some cases. Hence, proper monitoring of safety and efficacy is essential for drug manufacturers, which has boosted the usage of pharmacovigilance services. Furthermore, drug manufacturers can use services to ensure better drug safety for the end-users. Therefore, the primary objective of pharmacovigilance is reducing the risk of ADRs and improving patient safety.

The pharmaceutical companies of North America are investing in developing new drugs to address the growing burden of chronic diseases, which is estimated to result in the growth of North American pharmacovigilance. The increasing investments lead to the increasing manufacturing activities of drugs, which further require effective pharmacovigilance services to ensure the safety and efficacy of the drugs and boost the market growth in North America. When a new drug is launched in the market, the manufacturers must do effective monitoring to ensure the launched drug is not harming the patients. Likewise, the need for pharmacovigilance services increases with the growing number of drugs entering the North American pharmaceutical industry.

The numerous drug and medical device manufacturers in the North American region further propel the pharmacovigilance market in North America. North America is a hub for companies that manufacture drugs and medical devices, and these players play a vital role in developing the pharmacovigilance market in North America. These companies fuel the demand for pharmacovigilance services as they use them to closely monitor the safety and efficacy of their drugs and medical devices to reduce the risk and minimize the possibility of adverse drug reactions. In addition, the pharmaceutical and medical device manufacturers of North America can develop and implement advanced pharmacovigilance systems, which is expected to have a favorable impact on the market growth in North America.

Conversely, poor awareness levels and understanding among healthcare professionals and people regarding the significance of pharmacovigilance services in some North American countries are hindering the regional market growth. Furthermore, high costs associated with implementing unaffordable pharmacovigilance systems in some of the companies in this region are another major obstacle to market growth in North America. In addition, regulatory constraints, issues associated with data privacy, and a lack of skilled workforce in some countries are further inhibiting the growth rate of the North American pharmacovigilance market.

This research report on the North American pharmacovigilance market has been segmented and sub-segmented into the following categories:

By Clinical Trial Phase: 

  • Pre-clinical
  • Phase I
  • Phase II
  • Phase III
  • Phase IV

By Service Provider: 

  • In-house
  • Contract Outsourcing

By Method: 

  • Spontaneous Reporting
  • Intensified ADR Reporting
  • Targeted Spontaneous Reporting
  • Cohort Event Monitoring
  • EHR Mining             

By Country: 

  • The United States
  • Canada
  • Rest of North America

Geographically, the U.S. accounted for the most significant share of the North American market in 2022. During the forecast period, the domination of the U.S. in the North American region is expected to continue. The growing adoption of technological developments in the pharmaceutical industry favors the U.S. pharmacovigilance market. In addition, some of the largest pharmaceutical and medical device manufacturers are in the U.S., which is expected to boost the U.S. pharmacovigilance market as these companies have the highest need to ensure drug safety and perform several pharmacovigilance activities. Furthermore, the rising incidence of ADRs in the U.S. further promotes the pharmacovigilance market growth in the U.S. In addition, the increased focus of the US FDA on drug safety is supporting the U.S. market growth.

Canada is another potential regional market for pharmacovigilance in North America and is anticipated to progress at a notable CAGR during the forecast period. The pharmaceutical and medical device companies implement pharmacovigilance activities to ensure drug safety, as there as several regulations. The increasing need for safe and effective drugs and medical devices from healthcare professionals and people further drives the Canadian market. In addition, the growing adoption of technological developments in pharmacovigilance services and the rising development of novel drugs and medical devices is estimated to fuel the market growth rate in Canada.

KEY MARKET PLAYERS:

Companies playing a dominant role in the North American pharmacovigilance market profiled in this report are Boehringer Ingelheim, Accenture, Bristol-Myers Squibb, Covance, ICON, PAREXEL, Quintiles, United BioSource, Synowlwedge, and Cognizant Technology Solutions Corporation.

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