Pharmacovigilance and Drug Safety Software Market Analysis 2024: Market Dynamics and Innovations

"The Business Research Company recently released a comprehensive report on the Global Pharmacovigilance And Drug Safety Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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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.

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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.

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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

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