Pharmacovigilance and Drug Safety Software Market: Increasing Withdrawals of High-profile Drugs Make Way for Growth

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.

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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.

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.

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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.

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