The latest report by IMARC Group, titled “Pharmacovigilance and Drug Safety Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global pharmacovigilance and drug safety software market reached a value of US$ 176.6 Million in 2021. Pharmacovigilance (PV) and drug safety software is a management solution that enables the creation, classification, review, submission, and maintenance of PV data and adverse event reports. The process involves monitoring medical drug effects to identify and examine the unfavorable reactions of the drugs. It creates more knowledge and awareness among healthcare professionals. PV and drug safety software offers swift science-based safety decisions, ensures global regulatory compliance, integrates safety and risk management, and lowers the cost of PV procedures. As a result, the software is extensively employed by pharma and biotech companies, contract research organizations (CROs), business process outsourcing firms (BPOs), and other PV service providers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pharmacovigilance and Drug Safety Software Market Trends:
The market is primarily driven by the growing adoption of PV and drug safety software by various clinical research and outsourcing companies. The rising prevalence of chronic diseases, coupled with the increasing incidence rates of adverse drug reactions (ADRs), are also fueling the growth of the market. In addition to this, the easy adoption of the software due to the availability of cutting-edge technology is also propelling the market growth. Governments across various countries are imposing strict regulations for the commercialization of drugs. Consequently, the growing complexity related to drug safety regulations is also propelling the market growth. Furthermore, rapid digitization of clinical trials, along with the adoption of advanced technologies that improve compliance and product safety in PV and drug safety software, is creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 265 Million by 2027, exhibiting a CAGR of 6.60% during the forecast period (2022-2027).
- Based on the functionality, the market has been segmented into adverse event reporting, drug safety audits, issue tracking, and fully integrated software.
- On the basis of the delivery mode, the market has been classified into on-premises and cloud-based delivery modes.
- The market has been categorized based on the end user into pharmaceutical and biotechnology companies, contract research organizations, business process outsourcing firms, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Ab Cube SARL, Anju Software Inc., ArisGlobal LLC, Cognizant Technology Solutions, Ennov Solutions Inc., Extedo GmbH, Max Application, Oracle Corporation, Sarjen Systems Private Limited, Sparta Systems Inc. (Honeywell International Inc.), Tata Consultancy Services Limited, United BioSource LLC, and Wipro Limited.
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