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Pharmacovigilance and Drug Safety Software Market – Key Drivers & On-going Trends 2017 and 2022
TMR has projected the global pharmacovigilance and drug safety software market to rise at a 5.4% CAGR between 2017 and 2022. In 2017, the market had earned revenue of US$143.6 mn. By the completion of 2022, it could expand its valuation to a US$187.0 mn. In terms of type of software, the market has been foreseen to crown adverse event reporting software as a leading segment rising at a 6.2% CAGR. By region, North America could grab a lion’s share of the market, securing a US$79.2 mn by the final forecast year.
Crucial Applications in Clinical Research Set Tone for Valuable Growth
Rising withdrawals of high-profile drugs has been foretold to augment the employment of pharmacovigilance tools in the near future. The usage of these tools could also gain growth because of the swelling pressure on drug manufacturers to determine early signs of adverse interactions due to drug consumption. The demand in the world pharmacovigilance and drug safety software market could be bolstered with advancement in technology.
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There are several benefits associated with the use of cutting-edge pharmacovigilance software such as ARISg and Argus. In the coming years, players could see the adoption of pharmacovigilance software boosted on the back of ease of access, reduced data redundancy, and other benefits. Critical applications of pharmacovigilance and drug safety software in clinical research have been predicted to give a strong push to market growth in the foreseeable future.
Ignorance about Benefits of Using Pharmacovigilance Tools Restricts Demand
Lack of pharmacovigilance professionals and shortage of standard regulations could be among primary factors inhibiting the growth of the international pharmacovigilance and drug safety software market. Furthermore, poor awareness about the benefits of pharmacovigilance software has been expected to dent market growth in the near future.
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However, there could be ample of scope for securing growth in the international pharmacovigilance and drug safety software market. This could be on account of rising complexity of regulations related to drug safety. Escalating patient safety issues and rising incidence of adverse side effects due to the consumption of certain drugs or inappropriate dosages have increased the need for stringent regulatory inspections to be implemented on a global scale. Pharmacovigilance and drug safety software could be largely engaged to make available clinical trial programs and reduce medical expenditure.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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