Press release
Pharmacovigilance and Drug Safety Software Market Analysis 2024: Market Dynamics and Innovations
Pharmacovigilance and Drug Safety Software Market Analysis
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=19140&type=smp
According to The Business Research Company's, The pharmacovigilance and drug safety software market size has grown rapidly in recent years. It will grow from $2.00 billion in 2023 to $2.26 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to increasing the demand for pharmacovigilance and drug safety software., rising demand for sophisticated pharmacovigilance and drug safety software, increasing healthcare expenditure, growing prevalence of chronic diseases, and increased demand for specialized pharmacovigilance software.
The pharmacovigilance and drug safety software market size is expected to see rapid growth in the next few years. It will grow to $3.68 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to rising adverse drug reaction incidences and the globalization of pharmacovigilance, growing incidence of adverse drug reactions, increased complexity in drug safety regulations, increase in the development of new drugs and therapies, increasing incidence of adverse drug reactions (ADRs), rising number of adverse drug reactions. Major trends in the forecast period include automation and AI integration, cloud-based solutions, technological innovation, advancement in technologies, and increasing healthcare digitalization.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/pharmacovigilance-and-drug-safety-software-global-market-report
Market Drivers and Trends:
The growing demand for personalized medicine is expected to propel the growth of the pharmacovigilance and drug safety software market going forward. Personalized medicine, also known as precision medicine, is a medical approach that tailors healthcare decisions and treatments to the individual characteristics of each patient. The growing demand for personalized medicine is due to several factors, such as improved treatment outcomes, a focus on prevention and early detection, and cost-effectiveness. Pharmacovigilance and drug safety software are essential to the success of personalized medicine. By incorporating pharmacogenetics, real-time data analysis, post-marketing surveillance, and personalized medication information, these tools improve the safety and efficacy of individualized treatments while supporting robust risk management strategies and addressing ethical considerations. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to 6 in 2022. Therefore, the growing demand for personalized medicine is driving the growth of the pharmacovigilance and drug safety software market.
Major companies operating in the pharmacovigilance and drug safety software market are developing innovative technologies, such as cloud-based data lake platforms, to enhance patient safety, monitor adverse events more effectively, and improve regulatory compliance in clinical trials and post-market surveillance of medical devices. A cloud-based data lake platform is a scalable, centralized storage system that allows organizations to store, manage, and analyze vast amounts of structured and unstructured data. It provides real-time data access and supports advanced analytics and AI/ML workloads. For instance, in December 2023, Thermo Fisher Scientific Inc., a US-based biotechnology company, launched CorEvidence, an innovative proprietary cloud-based data lake platform designed to enhance pharmacovigilance processes within clinical research registries. This platform aims to optimize case processing and safety data management, particularly for post-authorization safety studies.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Accentur*e plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Capgemini SE, Cognizant Technology Solutions, IQVIA, Wipro Limited, Genepact, Parexel Academy, PharmaLex, Indegene Limited, RXLogix, Sarjen Systems Pvt Ltd., Anju Software Inc., Ennov Group, EXTEDO GmbH, ArisGlobal, AB Cube, Clinevo Technologies
Pharmacovigilance And Drug Safety Software Market 2024 Key Insights:
• The pharmacovigilance and drug safety software market size is expected to see rapid growth in the next few years. It will grow to $3.68 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Increasing Adoption Of Personalized Medicine Drives Growth In The Pharmacovigilance And Drug Safety Software Market
• Cloud-Based Data Lake Platforms Revolutionizing Pharmacovigilance And Drug Safety Software Market
• North America was the largest region in the pharmacovigilance and drug safety software market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/customise?id=19140&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Pharmacovigilance and Drug Safety Software Market Analysis 2024: Market Dynamics and Innovations here
News-ID: 3723699 • Views: …
More Releases from The Business Research Company
Company Registration Service Market Landscape 2025: Forecast Data and Growth Str …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Company Registration Service Market Through 2025?
The market size for company registration services has seen robust growth in the recent past. The market is projected to expand from $10.67 billion in 2024 to $11.55 billion in 2025, exhibiting a compound annual growth…
Comprehensive 2025 Commercial Toilet Partition Market Overview: Trends, Forecast …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Toilet Partition Market Through 2025?
In recent years, the market size for commercial toilet partitions has significantly expanded. The forecast predicts a rise from $1.82 billion in 2024 to $1.95 billion in 2025, with a compound annual growth rate (CAGR) of…
Key Trends Influencing the Growth of the Commercial Insurance For Small And Medi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Insurance For Small And Medium-Sized Enterprises (SMEs) Market Through 2025?
The market size of commercial insurance for small and medium-sized enterprises (SMEs) has seen substantial growth over the recent years. A rise from $111.83 billion in 2024 to $119.76 billion in…
Growing Focus On Reducing Greenhouse Gas Emissions Driving The Market Growth Due …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Combustion Emissions Analyzer Market Through 2025?
In the past few years, the market size for combustion emissions analyzer has seen robust growth. It is projected to increase from $1.02 billion in 2024 to $1.09 billion in 2025, with a compound annual growth…
More Releases for Pharmacovigilance
Top Pharmacovigilance Companies Analysis By 2031
The Pharmacovigilance Market is expected to register a CAGR of 6.6% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
Download PDF Copy @ https://www.theinsightpartners.com/sample/TIPRE00003127?utm_source=OpenPR&utm_medium=10379
The List of Companies
• #Accentures
• Bristol-Myers Squibb Company
• Linical Accelovance
• Cognizant
• Covance Inc.
• F. Hoffmann-La Roche Ltd.
• GlaxoSmithKline plc.
• ICON plc
• Capgemini (IGATE Corporation)
Clinical…
Pharmacovigilance - Scope and Research Methodology
The Pharmacovigilance Market is expected to register a CAGR of 6.6% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The Pharmacovigilance Market report covers analysis by Clinical Trial Phase (Pre-Clinical, Phase I, Phase II, Phase III, and Phase IV), Service Provider (In-House and Contract Outsourcing), Type of Method (Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event…
Pharmacovigilance World 2025 Conference & Expo
We are delighted to welcome you to the Pharmacovigilance World 2025, and we are confident that your active participation will contribute to the advancement of drug safety practices. Together, let us strive towards a safer and more vigilant healthcare system that prioritizes patient well-being and ensures the continued benefit of medications worldwide.
As medical science advances, so does our understanding of drug safety and the need for vigilance when it comes…
Top Factor Driving Pharmacovigilance Market Growth in 2025: Research And Develop …
How Are the key drivers contributing to the expansion of the pharmacovigilance market?
The escalation in research and development undertakings stimulates growth in the pharmacovigilance market. Pharmaceutical organizations can create novel and superior drugs through enhanced safety profiles by allocating resources to R&D. The intensive testing in preclinical and clinical stages during the drug development protocol allows early recognition of potential safety issues, paving the way for adequate risk reduction approaches.…
Monitoring Medication Safety with Pharmacovigilance
Pharmacovigilance (PV) is defined as the science and activities relating to the detection, assessment, understanding and prevention of adverse effects or any other drug-related problem. Pharmacovigilance plays a significant role in pharmaceutical and biotechnological sectors in designing of drugs and their interactions. The pharmacovigilance involves collecting information from healthcare providers and patients to know about the hazards associated with medications.
Download Sample PDF at: https://www.theinsightpartners.com/sample/TIPRE00003127?utm_source=OpnePR&utm_medium=10776
Increasing cases of adverse drug reactions…
Pharmacovigilance Market Opportunity Analysis by 2028
Pharmacovigilance Market: Introduction
According to the report, the global pharmacovigilance market was valued at US$ 6.1 Bn in 2020 and is projected to expand at a CAGR of 8.8% from 2021 to 2028. Pharmacovigilance activities are defined as science used for detection, assessment, understanding, and prevention of adverse effects of drugs and vaccines. Drugs and vaccines go through rigorous testing in the clinical trials to check their safety and efficacy before…
