Pharmacovigilance and Drug Safety Software Market

Global Pharmacovigilance and Drug Safety Software Market Is Expected To Reach Around USD 223 Million By 2025

PV software is a medication safety management tool that allows users to create, classify, review, submit, and preserve pharmacovigilance data and adverse event reports. Pharma and biotech enterprises, contract research organisations (CROs), business process outsourcing firms (BPOs), and other pharmacovigilance service providers all employ this PV software.

During the period 2014-2019, the global pharmacovigilance software market is predicted to increase at a CAGR of 6.5 percent, reaching a value of $154.1 million in 2019.

The worldwide drug safety software market is being driven by factors such as increased adverse drug reaction (ADR) rates and increasing usage of pharmacovigilance software by outsourcing organisations. Furthermore, government regulatory organisations (such as the US FDA and the EMEA) have tightened medication safety standards before to and after commercialization, putting more pressure on pharmaceutical and biotechnology businesses to make safe drugs and analyse their results after they are sold. As a result, the market is likely to develop during the forecast period, owing to the increasing complexity of medication safety requirements.

Pharmacovigilance and Drug Safety Software Market
Pharmacovigilance and Drug Safety Software Market

In 2014, North America is predicted to take the lead in the drug safety software industry, followed by Europe. Due to an increase in research outsourcing by pharmaceutical giants and significant public and private investments in pharmaceutical R&D in these emerging nations, Asian and Latin American countries represent high potential opportunities. ArisGlobal (US), Ennov Solutions Inc. (US), EXTEDO GmbH (US), Online Business Applications, Inc. (US), Oracle Corporation (US), Sarjen Systems Pvt. Ltd (India), Sparta Systems, Inc. (US), and United BioSource Corporation (US) are some of the main competitors in the global market.
The Report’s Scope

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The pharmacovigilance software market is divided into the following segments in this study:

By Functionality, the Pharmacovigilance and Drug Safety Software Market

Software for Reporting Adverse Events

Software for Drug Safety Audits

Software for tracking issues

Software that is fully integrated

By Delivery Mode, the Pharmacovigilance and Drug Safety Software Market

Mode of Delivery: On-Site

Mode of Delivery: On-Demand/Cloud-based (SaaS)

End-User Pharmacovigilance and Drug Safety Software Market

Pharmaceutical and biotechnology firms

Organizations that conduct contract research (CROs)

Companies that specialise in business process outsourcing (BPO)

Providers of Other Pharmacovigilance Services

The global pharmacovigilance software market is divided into four key areas based on functionality: adverse event reporting software, drug safety auditing software, issue tracking software, and fully integrated software.

On the basis of delivery mode, the global drug safety software market is segmented into two segments: on-premise delivery mode and on-demand/cloud based (SaaS) delivery mode. On the basis of end user, this market is split into pharma and biotech businesses, contract research organisations (CROs), business process outsourcing (BPO) companies, and other pharmacovigilance service providers.

From 2014 to 2019, the global pharmacovigilance software market is predicted to increase at a CAGR of 6.5 percent. The global market is being driven by factors such as rising adverse drug reaction (ADR) rates and increased usage of pharmacovigilance software by companies such as CROs and BPOs. Furthermore, government regulatory organisations (such as the US FDA and the EMEA) have tightened medication safety standards before to and after commercialization, putting more pressure on pharmaceutical and biotechnology businesses to make safe drugs and analyse their results after they are sold. As a result, the market is likely to develop during the forecast period, owing to the increasing complexity of medication safety requirements.

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This market is divided into four regions and nations, namely North America (the United States and Canada), Europe (Germany, the United Kingdom, France, and the Rest of Europe), Asia-Pacific (Japan, India, China, and the Rest of Asia-Pacific), and the Rest of the World (Latin America, Middle East, and Africa). In 2014, North America is predicted to take the lead in the drug safety software industry, followed by Europe. Due to an increase in research outsourcing by pharmaceutical giants and significant public and private investments in pharmaceutical R&D in these emerging nations, Asian and Latin American countries represent high potential opportunities.

Most market players employ a variety of tactics to accomplish market growth, including new service launches, agreements, and alliances, software development, and geographic expansion.