The new report by Expert Market Research titled, ‘Global Pharmacovigilance and Drug Safety Software Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2031’, gives an in-depth analysis of the global pharmacovigilance and drug safety software market, assessing the market based on its segments like functionality, mode of delivery, end use, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces model.
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The key highlights of the report include:
Market Overview (2016-2031)
• Historical Market Size (2022): USD 7.80 billion
• Forecast CAGR (2023-2031): 8.98%
• Forecast Market Size (2031): USD 16.90 billion
The growth of the global pharmacovigilance and drug safety software market is driven by the increasing safety regulations in the pharmaceutical industry. The rising incidences of adverse drug reactions (ADRs) is expected to aid the growth of the market. Additionally, the increasing utilisation of pharmacovigilance and drug safety software by contract manufacturing and contract research organisations (CMOs and CROs) is expected to bolster the software market growth.
The growing research and development activities in pharmaceutical industry for new drug development will likely push the growth further. Moreover, the stringent drug safety regulations by various governments globally are anticipated to aid the market growth over the forecast period.
Pharmacovigilance and Drug Safety Software Industry Definition and Major Segments
Pharmacovigilance refers to detection, monitoring, assessment, and prevention of adverse effects of pharmaceutical drugs. Pharmacovigilance and drug safety software assists in maintaining, analysing, and classifying pharmacovigilance data. It is primarily used by healthcare professionals for better understanding of various adverse drug reactions.
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Global Pharmacovigilance and Drug Safety Software Market Breakup by Functionality
• Adverse Event Reporting Software
• Drug Safety Audits Software
• Issue Tracking Software
• Fully Integrated Software
Global Pharmacovigilance and Drug Safety Software Market Breakup by Mode of Delivery
• On-Premise Delivery
• On-Demand/ Cloud-Based (SaaS) Delivery
Global Pharmacovigilance and Drug Safety Software Market Breakup by End Use
• Pharma and Biotech Companies
• Contract Research Organizations (CROs)
• Business Process Outsourcing (BPO) Firms
The regional markets for pharmacovigilance and drug safety software include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Pharmacovigilance and Drug Safety Software Market Trends
Regionally, North America is expected to dominate the global market for pharmacovigilance and drug safety software. This can be attributed to increasing research and development and government initiatives such as open FDA databases, and Mini-Sentinel an active surveillance system. Europe is anticipated to follow North America owing to the presence of key pharmaceutical companies.
Meanwhile, Asia Pacific is expected to witness the fastest growth over the forecast period due to growing presence of CROs and CMOs in countries such as India and China. Additionally, rapidly developing healthcare sector and increasing awareness for ADRs are projected to bolster the growth of pharmacovigilance and drug safety software market over the forecast period.
Key Market Players
The major players in the market are ArisGlobal, Ennov Solutions Inc., EXTEDO GmbH, Oracle Corporation (NYSE: ORCL), Sparta Systems, Inc., United BioSource Corporation, AB Cube, UMBRA Global LLC and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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