APAC Pharmacovigilance Market

APAC Pharmacovigilance Market Size (2024 to 2029)

The Asia Pacific pharmacovigilance market was worth USD 1.40 billion in 2024. The market size is estimated to grow at a CAGR of 14.86% from 2024 to 2029 and be worth USD 2.80 billion by 2029. 

Pharmacovigilance is the science and activities related to detecting, assessing, understanding, and preventing adverse effects and other drug-related problems. Pharmacovigilance aims to provide patient safety by providing a system to collect, assess, and distribute drug safety data. It also involves monitoring approved drugs and investigational medicinal products (IMPs).

The APAC region has the fastest growth rate in the pharmacovigilance market. The number of adverse drug reactions is increasing in the area; thus, there is a rise in pharmacovigilance demand. The biopharmaceutical sector in the region is developing, and there is a lot of research going on in the region on drugs, thus increasing the demand for the pharmacovigilance market. The number of clinical trials in the region is rising, which are working on developing innovative medicines and vaccines, which is solely propelling the market growth. The countries like India, China, Japan, and Australia have the modern infrastructure for pharmacovigilance. The Indian Pharmacopoeia Commission started a training course for the WHO members in the region. 

Lack of standardization is a major factor restraining the demand of the market. The number of skilled workforces for pharmacovigilance is less due to fewer training programs, which are slowly hampering the market demand in the Asia Pacific. In addition, the lack of awareness in undeveloped countries is hindering the growth rate of the market. Stringent rules and regulations by the government are also impeding the growth of the market.

This research report on the APAC 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: 

• India
• China
• Japan
• South Korea
• Australia
• New Zealand
• Thailand
• Malaysia
• Vietnam
• Philippines
• Indonesia
• Singapore
• Rest of APAC

The Indian pharmacovigilance market is estimated to be growing at a brisk pace. The Indian government launched the PvPI (Pharmacovigilance Program of India) with the NCC (National Coordination Centre), which monitors India's adverse drug reactions. The rising geriatric population is also a factor in the growth of the market.

The Chinese pharmacovigilance market has the largest share in the Asia Pacific market. The Chinese pharmacovigilance market is one of the leading markets in the world. The government has launched the CADRMS (China adverse drug reaction monitoring system) to monitor the country's ADRs.

The Australian pharmacovigilance market is predicted to have a promising growth rate in the coming years. Escalating expenditure on healthcare is to lavish the growth rate of the market in the coming years.

KEY MARKET PLAYERS:

Boehringer Ingelheim, Accenture, Bristol-Myers Squibb, Covance, ICON, PAREXEL, Quintiles, United BioSource, Synowlwedge, and Cognizant Technology Solutions Corporation are a few of the prominent companies in the APAC pharmacovigilance market profiled in this report.