Pharmacovigilance and Drug Safety Software Market Driven By AB Cube, ArisGlobal, EXTEDO, Max application, Veeva Systems, United Biosource

The scope of the pharmacovigilance and drug safety software market includes software type, product type, end user, and region. The market for pharmacovigilance and drug safety software, based on region, is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the Pharmacovigilance and Drug Safety Software market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes COVID–19 impact analysis across all the regions.

The pharmacovigilance and drug safety software market is expected to reach US$ 292.97 Mn in 2027 from US$ 160.67 Mn in 2019. The market is estimated to grow with a CAGR of 7.6% from 2020-2027.

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AB Cube, United BioSource LLC, ARISGLOBAL LLC, Sparta Systems, Inc., Oracle Corporation, Sarjen Systems Pvt. Ltd., EXTEDO, ENNOV, Max Application and Anju Software, Inc. are among the leading companies operating in the pharmacovigilance and drug safety software market.

The companies are adopting inorganic and organic growth strategies to expand their global footprints and product portfolio to meet the rising demands for the pharmacovigilance and drug safety software. For instance, in Aug 2019, Veeva Systems unveiled Veeva Vault Safety.AI, a new artificial intelligence technology that automates case intake in order to reduce the time and effort spent on manual data entry. To complement Vault Safety and Vault SafetyDocs, Veeva provides the first integrated suite of cloud applications on a shared platform to control the end-to-end drug safety lifecycle.

The centralized reporting and storage of adverse drug reaction reports will help to monitor and prevent future adverse drug reaction from the drug. European Medicines Agency (EMA) and US Food and Drug Administration (FDA) strengthening in pharmacovigilance area by interacting on different topics related to post-marketing safety, scientific exchange. Discussions on priority such as biosimilars, medicines to treat cancer, orphan medicines, medicines for children, and blood-based products, among other topics.

Pharmacovigilance is the processes for monitoring and evaluating adverse drug reactions and it is a key component of effective drug regulation systems, clinical practice and public health programs. The number of Adverse Drug Reactions (ADRs) reported resulted in an increase in the volume of data handled. In the current global network of pharmacovigilance centers coordinated by the Uppsala Monitoring Centre. Pharmacovigilance is an critical and integral part of clinical research and these days it is growing in many countries. Today many pharmacovigilance centers are working for drug safety monitoring in this global pitch, however, at the turn of the millennium pharmacovigilance faces major challenges in aspect of better safety and monitoring of drugs.

Based on software type the market is segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. In 2019, the adverse event reporting software segment held the largest share of the market, by software. However, the fully integrated software segment is anticipated to grow at the highest rate during the forecast period owing to its accuracy to avoid data redundancy by eliminating errors and tracking individual case safety reports.

By Geography

North America
US
Canada
Mexico
Europe
France
Germany
UK
Spain
Italy
Rest of Europe
Asia Pacific (APAC)
China
India
Japan
Australia
South Korea
Rest of APAC
Middle East & Africa (MEA)
Saudi Arabia
UAE
South Africa
Rest of MEA
South and Central America (SCAM)
Brazil
Argentina
Rest of SCAM

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