Pharmacovigilance is the process of monitoring and preventing adverse drug reactions. According to the WHO, pharmacovigilance can be defined as the science and activities concerned with the detection, assessment, understanding and prevention of adverse reactions to medicine. Pharmacovigilance determines drug safety and efficacy and improves patient care and public health by preventing adverse drug reactions. Adverse drug reaction is harmful, unintended, and uncomfortable effects of a drug. According to the studies conducted by WHO in developed countries, approximately 5% of hospitalized patients are admitted in the hospitals due to adverse drug reaction, and 6-10% of these patients would suffer from serious adverse drug reactions. Pharmaceutical and biotechnology companies are actively involved in the development of new drugs; this creates an increased demand for pharmacovigillance.

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The global pharmacovigilance market can be categorized as pharmacovigilance methods, service providers, and different phases of drug development. Based on pharmacovigilance methods, the pharmacovigilance market is categorized as spontaneous reporting, targeted spontaneous reporting, electronic health record mining, cohort event monitoring, and intensified adverse drug reaction reporting. Based on service providers, the global pharmacovigilance market can be categorized as in-house pharmacovigilance and contract outsourcing pharmacovigilance. The contract outsourcing pharmacovigilance leads the global pharmacovigilance market and is expected to grow at a higher rate in the coming years.

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Some of the major players operating in the global pharmacovigilance market are Sanofi, Cognizant Technology Solutions, Accenture, Wipro Limited, F. Hoffmann-La Roche Ltd., ICON plc, Clinquest Group B.V., Pfizer Inc., PAREXEL International Corporation, Novartis AG, iGATE Corporation, GlaxoSmithKline, and Bristol-Myers Squibb Company.