Press release
Pharmacovigilance and Drug Safety Software Market Size to Hit US$ 265 Million by 2027 With a Growth Rate (CAGR) of 6.60% | IMARC Group
The latest research study "Pharmacovigilance and Drug Safety Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the global pharmacovigilance and drug safety software market size reached a value of US$ 176.6 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 265 Million by 2027 exhibiting a CAGR of 6.60% during 2022-2027.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Pharmacovigilance and drug safety software is used to assess, detect, understand, and prevent adverse effects related to medicines, medical devices, and pharmaceutical products. It is utilized by various healthcare companies and organizations to ensure global regulatory compliance, make faster science-based safety decisions, integrate safety and risk management, and lower the overall costs. As manual processing and classification of adverse event reports are costly and time-consuming, companies are increasingly adopting drug safety software to organize the reports in a uniform format.
Pharmacovigilance and Drug Safety Software Market Trends and Drivers:
The market is primarily driven by the increasing adoption of pharmacovigilance and drug safety software by medicinal product developers, license holders, and clinical investigators.
Moreover, governments of numerous countries are implementing stringent laws regarding public health, which is encouraging pharmaceutical and biotechnology companies to adopt efficient software for drug safety. This, coupled with the increasing demand for safe drugs and medicines due to the rising incidences of adverse drug reaction (ADR), is creating a favorable market outlook across the globe.
Furthermore, key players are implementing automation and adopting advanced technologies to improve compliance and product safety in pharmacovigilance and drug safety software, which represents another major factor propelling the market growth.
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Global Pharmacovigilance and Drug Safety Software Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Ab Cube, Anju Software Inc., ArisGlobal LLC, Cognizant, Ennov Solutions Inc., Extedo GmbH, Max Application, Oracle Corporation, Sarjen Systems Pvt Ltd, Sparta Systems Inc. (Honeywell International Inc.), Tata Consultancy Services Limited, United BioSource LLC and Wipro Limited.
The report has segmented the market on the basis of region, functionality, delivery mode and end user.
Breakup by Functionality:
• Adverse Event Reporting Software
• Drug Safety Audits Software
• Issue Tracking Software
• Fully Integrated Software
Breakup by Delivery Mode:
• On-premises
• Cloud-based
Breakup by End User:
• Pharmaceutical and Biotechnology Companies
• Contract Research Organizations
• Business Process Outsourcing Firms
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/pharmacovigilance-drug-safety-software-market
If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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