Pharmacovigilance And Drug Safety Software Market Trends, Market Demands, Top Manufactures, Industry Growth Analysis and Forecast to 2030

The Global Pharmacovigilance and Drug Safety Software Market is expected to grow at a CAGR of around 7.8% from 2022 to 2030 and reach the market value of over US$ 370.3 Million by 2030.

North America currently dominates the pharmacovigilance and drug safety software market and is expected to do so in the coming years. This is due to increased research spending and government initiatives in this area. Adverse drug reactions (ADRs) are a major driver of the global pharmacovigilance and drug safety software market. ADRs are the leading cause of hospitalization and death in the United States, fueling the global demand for pharmacovigilance and drug safety software. Furthermore, government initiatives contribute to the global market's expansion. For records, the US government's open Food and Drug Administration (FDA) provides access to its database through an open search-based program for application developers and scientists. In addition, the United States launched a new project called "Mini-Sentinel" to promote active surveillance systems by providing relevant statistical data in less time.

Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the global pharmacovigilance and drug safety software market. India, China, Singapore, South Korea, and Taiwan have all been identified as outsourcing hotspots in APAC. Rising public safety awareness and stringent government regulations are the major factors driving the global pharmacovigilance and drug safety software market.

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Market Dynamics

Rising incidences of adverse drug reactions (ADRs), as well as rising adoption rates of such software by many outsourcing companies, are important factors driving the global pharmacovigilance and drug safety software market. Furthermore, government agencies such as the Food and Drug Administration (FDA) have increased pressure on pharmaceutical and biotechnology companies to manufacture safe drugs and keep accurate records.

The aforementioned factors have positively impacted the pharmacovigilance and drug safety software market, causing it to grow and capture the industry's largest market share. On the other hand, a lack of awareness about the benefits of the pharmacovigilance and drug safety software market has hampered its growth.

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Segmental Outlook

The global pharmacovigilance and drug safety software market is segmented based on functionality, delivery mode, and end-user. By functionality, the market is segmented as adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. By delivery mode, the market is bifurcated into on-premise delivery mode and on-demand/cloud based (SaaS) delivery mode. By end-user, the market is segregated as pharmacy and biotech companies, contract research organizations (CROs), business process outsourcing (BPO) firms, and other pharmacovigilance service providers.

On-demand/cloud-based SaaS delivery mode is expected to grow rapidly in the coming years due to the benefits associated with remote access to patients or research-based data and real-time data tracking for compliance and transparency. Contract research organizations (CROs) are expected to have a significant market share in the forecast period due to increased drug discovery activities in pharmaceutical and biotechnology companies. Furthermore, due to its accuracy in avoiding data redundancy by eliminating errors and tracking individual case safety reports, the drug safety audit software segment will have the highest market share in the coming years.

Competitive Landscape

The major players involved in the pharmacovigilance and drug safety software market involve ArisGlobal, Ennov, EXTEDO, Online Business Applications, Inc., Oracle Corporation, Sarjen Systems Pvt. Ltd, Sparta Systems, Inc., United BioSource LLC, and among others.

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Some of the key observations regarding pharmacovigilance and drug safety software industry include:

• In November 2019, Bayer AG, announced launching of a new product namely, "SafeTrack". The newly launched product acts as easy, quick, and convenient for utility in adverse event reporting tool for the public worldwide involving Indonesia related with Bayer medicines. Through utilization of SafeTrack, the public including doctors and patients will be able to easily, quickly, and conveniently report any adverse events that have occurred with them or their family or friends related with Bayer medicines.

• In December 2020, EVERSANA, the pioneer of the next-generation commercial service provider to the life science industry announced a collaboration with ArisGlobal, a leading provider of life sciences software that automates drug development functions to digitally transform end-to-end pharmacovigilance services, leading to safer, more effective healthcare for patients globally.

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This release was published on openPR.