Latin America Pharmacovigilance Market

Latin America Pharmacovigilance Market Size (2023 to 2028)

The Latin American pharmacovigilance market was worth USD 0.61 billion in 2023. The regional market is predicted to be worth USD 1.21 billion by 2028, growing at a CAGR of 14.45% from 2023 to 2028.  

The proliferation of chronic diseases, such as diabetes, cardiovascular and oncology diseases, has led to the consumption of drugs across Latin America; therefore, the demand for new drug development via extensive clinical trials has increased. Also, Pharmacovigilance (PV) is an inevitable part of drug discovery and development procedures.

Pharmacovigilance services cover the whole medication development process, from discovery to commercialization. As a result, pharmaceutical firms are working with BPOs and CROs to find cost-cutting strategies and optimize operating costs. Productivity, and enhanced strategic results, all of which are aided by outsourcing. However, the increased demand for better manufacturing processes, pharmacovigilance, clinical data management, simplified R&D, and medical writing has resulted from a competitive climate for introducing novel compounds to the market. Outsourcing allows companies to enhance internal resource flexibility, optimize deadlines, and achieve better short- and long-term results. It also aids in improving pharmacovigilance by ensuring regulatory compliance, improving quality, increasing productivity, and making better strategic decisions.

Furthermore, the Latin American pharmacovigilance market is expected to be driven by the growing prevalence of adverse drug reactions and an increasing number of research and development activities. Moreover, the government is making strides in its efforts to enhance pharmacovigilance procedures management. For example, the Medication Information Association (DIA) held a pharmacovigilance risk management and drug safety conference.

In addition, the presence of non-profit organizations dedicated to raising PV awareness is likely to propel the market forward in the future years. For example, the International Society of Pharmacovigilance (ISoP), which focuses on improving the correct and safe use of pharmaceuticals at a regional level, is expected to encourage adoption.

The pharmacovigilance market has a shortage of trained workers, which is slowing the market's growth. In Latin America, a lack of awareness, particularly in developing countries, steadily reduces market demand. In addition, fluctuations in raw material availability restrict the pharmacovigilance market growth in Latin America.

This research report on the Latin 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: 

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, the Latin American pharmacovigilance market is projected to account for a substantial share of the global market during the forecast period. The market growth is expected to be driven by increasing research & development activities, favorable reimbursement policies, and advancing healthcare sectors that boost the market growth. Additionally, manufacturers in the region are redesigning their product development processes to meet the requirements of patients throughout the region. During the forecast period, these factors are expected to boost demand for pharmacovigilance services. As a result, Brazil and Mexico are projected to expand their regional market growth in the coming years. 

The Brazilian pharmacovigilance market dominated the Latin American market and is expected to account for the most significant market share over the forecast period. However, the market is anticipated to register a prominent share during the forecast period. Increasing incidence rates of adverse drug reactions, growing drug consumption, and drug development contribute to market growth. 

On the other hand, the Mexican pharmacovigilance market is most likely to witness a considerable share in the Latin American market during the forecast period due to outsourcing services is on the rise. Outsourcing improves cost-effectiveness and production efficiency by relieving companies of the burden of resource acquisition, therefore promoting market expansion.

KEY MARKET PLAYERS:

Boehringer Ingelheim, Accenture, Bristol-Myers Squibb, Covance, ICON, PAREXEL, Quintiles, United BioSource, Synowlwedge, and Cognizant Technology Solutions Corporation are some of the prominent companies operating in the Latin American pharmacovigilance market.