+1-518-618-1030 866 - 552 - 3453 USA-Canada Toll Free
Published Date: 2017-10-03Number of Pages: 170

Pharmacovigilance and Drug Safety Software Market (Software - Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, and Fully Integrated Software; End User - Pharma and Biotech Companies, Contract Research Organizations (CROs), Business Process Outsourcing (BPO) Firms, and Pharmacovigilance Service Providers; Delivery Mode - On-premise and Cloud-based) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022

Global Pharmacovigilance and Drug Safety Software Market: Snapshot

The global pharmacovigilance and drug safety software market is foretold to be advantaged by the soaring incidences of adverse drug reaction (ADR) and increasing adoption of related software services by numerous outsourcing firms. Market shares could continue to expand with the mounting pressure on pharma and biotech makes to produce safe drugs. Government entities such as European Medicines Evaluation Agency (EMEA) and the U.S. Food and Drug Administration (FDA) could be among the prominent organizations increasing the pressure.

The global pharmacovigilance and drug safety software market is envisioned to rise at a 5.4% CAGR between 2017 and 2022 to attain a valuation of US$187.0 mn by the end of the forecast timeframe. In 2017, the market earned a US$143.6 mn.

pharmacovigilance drug safety software market

Players Find New Avenues Inaugurated by Adverse Event Reporting Software

As per the analysis of the report, the world pharmacovigilance and drug safety software market could testify the lead secured by adverse event reporting software throughout the course of the forecast period. By 2022 end, this software type segment could post a revenue of US$77.0 mn. Other segments such as fully integrated software, issue tracking software, and drug safety audits software could also make their contribution to the market.

In view of end user, there could be business opportunities created by business process outsourcing (BPO) firms, contract research organizations (CROs), pharma and biotech companies, and other pharmacovigilance service providers operating in the world pharmacovigilance and drug safety software market. With respect to delivery mode, players could focus on two vital segments, viz. on-premise and cloud-based.

A comprehensive study of important segments of the world pharmacovigilance and drug safety software market could help players to take advantage of prospects currently available and even those foreseen to take shape in the near future.

North America Tops Revenue Share and Poses as Attractive Region

In terms of geography, the international pharmacovigilance and drug safety software market is anticipated to be classified into six segments, including Latin America, amongst which North America could hold a king’s share while rising at a 6.2% CAGR. This region could also be an attractive market for pharmacovigilance and drug safety software as it is forecasted to dominate with its higher revenue growth until the end of 2022.

During the course of the forecast timeframe, Europe could produce an absolute revenue opportunity of US$9.3 mn. Asia Pacific except Japan (APEJ) is predicted to tread upon the heels of Europe by creating an opportunity of US$8.5 mn during the same timeframe. Japan could showcase a slower growth in the market by garnering a projected revenue of US$13.4 mn by the end of 2022. The Middle East and Africa (MEA) is prophesied to expand at a slightly lower CAGR than that of Japan.

The worldwide pharmacovigilance and drug safety software market could include prominent players such as UMBRA Global LLC, AB Cube, United BioSource Corporation, Sparta Systems, Inc., and Oracle Corporation. Acquisition of new companies, collaborations, joint ventures, and constant upgradation are envisaged to be top business strategies adopted by chief players in the market.

Global Pharmacovigilance and Drug Safety Software Market: Overview

The global pharmacovigilance and drug safety software market is envisioned to attract benefits while riding on the ability of products to avert, evaluate, and uncover enduring and temporary side effects of certain medications. Pharmacovigilance software could help to inhibit unnecessary future events and determine the cause of withdrawal. These software could be of great use to all those concerned with the medical process, such as drug consumers, prescribers, and manufacturers. Companies are prominently enabled to put into practice proactive safety surveillance programs with the support provided by pharmacovigilance software as they push new limits in the market.

Global Pharmacovigilance and Drug Safety Software Market: Dynamics

The world pharmacovigilance and drug safety software market is expected to embrace favorable opportunities on the back of government policies related to drug safety regulations and rising rates of cases that pertain to adverse drug reaction. The market could also gain impetus from the surging need for new drug development, considering the high prevalence of chronic ailments and growing geriatric population. Pharmacovigilance software could find an application to minimize the limitations faced by small organizations relating to personnel and financial resources.

More prospects are projected to take birth in the world pharmacovigilance and drug safety software market with mounting private and public investments in pharmaceutical research and development activities. The high growth rate of pharmaceutical companies conducting research outsourcing could augur well for the rise in the demand for pharmacovigilance and drug safety software.

Global Pharmacovigilance and Drug Safety Software Market: Segmentation

The international pharmacovigilance and drug safety software market is predicted to be classified into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software as per segmentation by type of software. With a 39.7% share achieved in 2017, adverse event reporting software could rake in a greater revenue in the market by the end of 2022.

In terms of end user, the international pharmacovigilance and drug safety software market is predicted to be segregated into pharma and biotech companies, contract research organizations (CROs), business process outsourcing (BPO) firms, and other pharmacovigilance service providers.

On the basis of delivery mode, there could be prospects birthing in the international pharmacovigilance and drug safety software market from vital segments such as on-premise delivery mode and cloud-based delivery mode.

In respect of regional segmentation, the international pharmacovigilance and drug safety software market is anticipated to be divided into Latin America, the Middle East and Africa (MEA), North America, Asia Pacific except Japan (APEJ), and Europe. Among key countries, Japan could expand at a slightly better CAGR of 3.9% than that of the MEA. However, North America is prognosticated to lead the market after earning a US$58.5 mn in 2017.

Global Pharmacovigilance and Drug Safety Software Market: Competition

The worldwide pharmacovigilance and drug safety software market is envisaged to witness the presence of significant companies such as UMBRA Global LLC, AB Cube, United BioSource Corporation, Sparta Systems, Inc., Oracle Corporation, EXTEDO GmbH, Ennov Solutions, Inc., and ArisGlobal.


 
 
Back To Top