Pharmacovigilance and Drug Safety Software Market: New Technology, Challenges and Trends Analysis till 2027
The pharmacovigilance and drug safety software market is expected to reach US$ 292.97 Mn in 2027 from US$ 160.67 Mn in 2019. The market is estimated to grow with a CAGR of 7.6% from 2020-2027.
The scope of the pharmacovigilance and drug safety software market includes software type, product type, end user, and region. The market for pharmacovigilance and drug safety software, based on region, is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the Pharmacovigilance and Drug Safety Software market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes COVID–19 impact analysis across all the regions.
Thus, increasing the globalization in pharmacovigilance sector helps in drug safety software. It improves the quality and efficacy of pharmacovigilance and drug safety software and is expected to favor the growth of the market during the forecast period.
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Key Findings from The Pharmacovigilance and Drug Safety Software Market
- Based on software type the market is segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software.
- In 2019, the adverse event reporting software segment held the largest share of the market, by software. However, the fully integrated software segment is anticipated to grow at the highest rate during the forecast period owing to its accuracy to avoid data redundancy by eliminating errors and tracking individual case safety reports.
- Based on delivery mode the market is segmented into on premise and cloud based. In 2019, the on-premise segment held the largest share of the market, by delivery mode. However, Cloud based segment is expected to grow at the fastest rate during the coming years owing to the benefits associated such as remote access to data, real-time data tracking.
- Based on end user the market is segmented into pharmaceutical and biotech companies, contract research organizations (CROs) and business process outsourcing (BPO) Firms. In 2019, the contract research organizations segment held the largest share of the market, by end user. Moreover, Contract Research Organizations segment is expected to grow at the fastest rate during the coming years owing to increasing drug discovery activities in the pharmaceutical companies.
- AB Cube, United BioSource LLC, ARISGLOBAL LLC, Sparta Systems, Inc., Oracle Corporation, Sarjen Systems Pvt. Ltd., EXTEDO, ENNOV, Max Application and Anju Software, Inc. are among the leading companies operating in the pharmacovigilance and drug safety software market.
Globalization Of Pharmacovigilance
Pharmacovigilance is the processes for monitoring and evaluating adverse drug reactions and it is a key component of effective drug regulation systems, clinical practice and public health programs. The number of Adverse Drug Reactions (ADRs) reported resulted in an increase in the volume of data handled. In the current global network of pharmacovigilance centers coordinated by the Uppsala Monitoring Centre. Pharmacovigilance is an critical and integral part of clinical research and these days it is growing in many countries. Today many pharmacovigilance centers are working for drug safety monitoring in this global pitch, however, at the turn of the millennium pharmacovigilance faces major challenges in aspect of better safety and monitoring of drugs.
The centralized reporting and storage of adverse drug reaction reports will help to monitor and prevent future adverse drug reaction from the drug. European Medicines Agency (EMA) and US Food and Drug Administration (FDA) strengthening in pharmacovigilance area by interacting on different topics related to post-marketing safety, scientific exchange. Discussions on priority such as biosimilars, medicines to treat cancer, orphan medicines, medicines for children, and blood-based products, among other topics.
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