The global drug safety and pharmacovigilance software market accounted for over US$ 148.4 Million in 2019. It is anticipated to grow at a CAGR of 6.3% from 2020 to 2030.
Pharmacovigilance, PhV or PV is also commonly known as drug safety which relates to the pharmacological science concerning the collection, assessment, detection, scrutinizing, and prevention of the ill-effects with the pharmacological items. Hence, the software allows the creation, classification, review, submission, and maintenance of such data and the adverse event records. Pharmacovigilance essentially focuses on the ill-effects of the drugs or the ADRs (adverse drug reactions) that are defined as the drug response. This response is generally noxious and unintended like the lack of efficacy. Such conditions are majorly associated with the doses usually used for prophylaxis, therapy, or diagnosis of any disease or also for the modification of any physiological illness excluded with the recent amendment of applicable laws.
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Drug Safety & Pharmacovigilance Software Market Prominent Players:
Some of the key players operating in the drug safety & pharmacovigilance software market include ArisGlobal LLC, Anju software, AB-cube, Sarjen Systems Pvt. Ltd, United BioSource LLC, Umbra Global, 7Ennov, Oracle, Sparta Systems Inc, and EXTEDO, among others.
The growing incidents of ADRs is a major driving factor propelling the growth of the global drug safety & pharmacovigilance software market. ADRs cause considerable morbidity and mortality worldwide. According to the research published by the National Center for Biotechnology Information (NCBI), approximately 5% of hospital admissions in Europe are caused by ADRs. According to the World Health Organization’s report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in the non-hospital setup.
Factors such as the rising adoption of drug safety and pharmacovigilance software are facilitating the launch of several new drugs in the market. Also, an upward trend in polypharmacy and drug safety regulatory government policies is driving growth of the drug safety & pharmacovigilance software market. Additionally, the rising number of new & improved drugs in clinical trials and in pipelines need pharmacovigilance services, which will further contribute to market growth.
Market Covered Are:
By Functionality –
Adverse Event Reporting Software,
Drug Safety Audits Software,
Issue Tracking Software,
and Fully Integrated Software
By Delivery Mode –
On-Premise and On-Demand/Cloud-Based (SaaS)
By End-User –
Pharma & Biotech Companies,
Contract Research Organizations (CROS),
and Business Process Outsourcing (BPO) Firms
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North America is dominating the drug safety & pharmacovigilance software industry. Moreover, the rising prevalence of chronic diseases from the last two decades has developed the demand for research & development to find cures in North America. Additionally, government-led initiatives are also propelling market growth in North America. For example, the U.S. government’s open FDA initiatives provide application developers and scientists with access to their databases through an online search-based platform that is expected to accelerate the growth of the market.
Table of Contents
- Market Definition
- Market Ecosystem
- Market Classification
- Geographic Scope
- Years Considered for the Study
- Historical Years – 2016 & 2017
- Base Year – 2018
- Forecasted Years – 2019 to 2030
- Currency Used for the Study
- Report Beneficiary List
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Methodology
- Bottoms Up Approach
- Top Down Approach
- Data Validation and Triangulation
- Market Forecasting Model
- Limitations of the Study
- Assumptions of the Study
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESMENT
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