Global market size for pharmacovigilance was more than USD 8.5 billion in 2022 and is poised to grow at over 8.5% CAGR from 2023 to 2032, on account of the growing need for new drugs worldwide.
Phase 4 segment was more than 75% in 2022, driven by increasing cases of adverse drug reactions globally.
North America pharmacovigilance market share witnessed over 37% in 2022, on account of surging investment by government authorities and industry players in drug development.
Some of the leading pharmacovigilance industry players are Accenture, Labcorp Drug Development, Cognizant, ArisGlobal, United BioSource LLC, IBM Corporation, and ICON plc, among others.