The global pharmacovigilance and drug safety software market is projected to create new opportunities in the coming years on account of the escalating complexity of drug safety regulations. Among the key contributing factors of the market could be tighter regulatory inspections implemented to control the rise of the incidences of drug-associated adverse events and spiraling concerns pertaining to patient safety.
Pharmaceutical and biotechnology companies are predicted to largely adopt pharmacovigilance software for curbing the burden on medical outlay and facilitating clinical trial programs. The fortifying growth of contract research organizations (CROs) that perform pharmacovigilance for pharma firms could also strengthen the growth of the global pharmacovigilance and drug safety software market.
As per Transparency Market Research (TMR), the global pharmacovigilance and drug safety software market could earn a US$187.0 mn by 2022 end after advancing from a US$143.6 mn achieved in 2017 at a CAGR of 5.4%.
Global Pharmacovigilance and Drug Safety Software Market: Major Insights
The world pharmacovigilance and drug safety software market is envisaged to gain momentum from crucial applications in clinical research for performing post-marketing surveillance roles and conducting clinical studies. On a global platform, some of the most commonly used pharmacovigilance software could be Argus and ArisG. The benefits that such software bring to the table, including decreased redundancy in data and ease of access, could strongly fuel the demand in the market. In the foreseeable future, the usage rate of pharmacovigilance tools is envisioned to receive a good boost due to the rising pressure on drug manufacturers to identify early indications of drug-related adverse interactions and increasing withdrawals of high-profile drugs.
The world pharmacovigilance and drug safety software market is forecasted to be cataloged according to software type, end user, and delivery mode. In terms of segmentation by type of software, fully integrated software, issue tracking software, drug safety audits software, and adverse event reporting software could be prominent markets for pharmacovigilance and drug safety software. The adverse event reporting software market could rise at a 6.2% CAGR.
By end user, the world pharmacovigilance and drug safety software market could see a segmentation into business process outsourcing (BPO) firms, CROs, pharma and biotech companies, and other pharmacovigilance service providers. On the basis of mode of delivery, there could be important segments such as on-premise and cloud-based keeping the hopes alive for growth.
Geographically, North America could secure a top position in the world pharmacovigilance and drug safety software market while raking in a US$79.2 mn by the end of 2022. Between 2017 and 2022, Europe is prophesied to make its contribution to the market by creating an absolute revenue opportunity that could be greater than that expected to be achieved by Asia Pacific except Japan (APEJ) during the forecast period. Markets such as Japan, Latin America, the Middle East and Africa (MEA) could be other key segments of the market.
Global Pharmacovigilance and Drug Safety Software Market: Vendor Landscape
Some of the crucial companies functioning in the worldwide pharmacovigilance and drug safety software market could be UMBRA Global LLC, AB Cube, United BioSource Corporation, Sparta Systems, Inc., Oracle Corporation, EXTEDO GmbH, Ennov Solutions, Inc., and ArisGlobal.