Press release
Pharmacovigilance And Drug Safety Software Market Size Projected To Reach $4.15 Billion By 2034 With A Cagr Of 12.9%
Pharmacovigilance And Drug Safety Software
What Is the Projected Growth of the Pharmacovigilance And Drug Safety Software Market?
The pharmacovigilance and drug safety software market size has grown from $2.26 billion in 2024 to $2.55 billion in 2025, with a CAGR of 13.2%. Growth is attributed to increasing demand for pharmacovigilance and drug safety software.
The pharmacovigilance and drug safety software market will reach $4.15 billion by 2029, growing at a CAGR of 12.9%. The market is growing due to the rise in adverse drug reactions (ADRs), the globalization of pharmacovigilance, increased complexity in drug safety regulations, new drug and therapy development, and higher ADR incidences. Trends include automation, AI integration, cloud-based solutions, technological innovation, and increasing healthcare digitalization.
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What Are the Different Pharmacovigilance And Drug Safety Software Market Segments?
The pharmacovigilance and drug safety softwaremarket covered in this report is segmented -
1) By Software Type: Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, Fully Integrated Software
2) By Delivery Mode: On-premise, Cloud-based
3) By End User: Pharmaceutical And Biotechnology Companies, Contract Research Organizations, Business Process Outsourcing Firms, Other End Users
Subsegments:
1) By Adverse Event Reporting Software: Spontaneous Reporting Systems, EHR Integration Solutions, Mobile Reporting Applications
2) By Drug Safety Audits Software: Audit Management Solutions, Compliance Tracking Tools, Reporting And Analytics Modules
3) By Issue Tracking Software: Incident Reporting Systems, Workflow Management Tools, Collaboration Platforms
4) By Fully Integrated Software: Pharmacovigilance Platforms, Regulatory Compliance Systems, Data Analytics And Visualization Tools
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What Are the Primary Drivers Shaping the Pharmacovigilance And Drug Safety Software Market?
The increasing demand for personalized medicine is expected to drive the growth of the pharmacovigilance and drug safety software market. Personalized medicine, or precision medicine, tailors treatments and healthcare decisions based on an individual's characteristics. This demand is due to better treatment outcomes, early detection, prevention focus, and cost-effectiveness. Pharmacovigilance and drug safety software play a crucial role in personalized medicine by incorporating pharmacogenetics, real-time data, post-marketing surveillance, and personalized medication details. These tools ensure the safety and effectiveness of individualized treatments while supporting risk management and addressing ethical concerns. For example, in February 2024, the Personalized Medicine Coalition reported that the FDA approved 16 novel personalized therapies for rare diseases in 2023, up from 6 in 2022. Thus, personalized medicine is fueling the growth of this software market.
Which Companies Are Leading in the Pharmacovigilance And Drug Safety Software Market?
Major companies operating in the pharmacovigilance and drug safety software market are accenture* 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
What Trends Are Expected to Dominate the Pharmacovigilance And Drug Safety Software Market in the Next 5 Years?
Major Companies in the pharmacovigilance and drug safety software market are working on innovative technologies, such as cloud-based data lake platforms, to improve patient safety, monitor adverse events more effectively, and ensure regulatory compliance in clinical trials and post-market surveillance. A cloud-based data lake platform is a scalable system for storing and analyzing both structured and unstructured data. For instance, in December 2023, Thermo Fisher Scientific Inc., a US-based biotechnology company, launched CorEvidence, a proprietary cloud-based data lake platform aimed at improving pharmacovigilance in clinical research registries. This platform optimizes case processing and safety data management, particularly in post-authorization safety studies.
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What Are the Top Revenue-Generating Geographies in the Pharmacovigilance And Drug Safety Software Market?
North America was the largest region in the pharmacovigilance and drug safety software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacovigilance and drug safety software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Pharmacovigilance And Drug Safety Software Market?
2. What is the CAGR expected in the Pharmacovigilance And Drug Safety Software Market?
3. What Are the Key Innovations Transforming the Pharmacovigilance And Drug Safety Software Industry?
4. Which Region Is Leading the Pharmacovigilance And Drug Safety Software Market?
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