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Pharmacovigilance and Drug Safety Software Market to Rise at a 5.4% CAGR Between 2017 and 2022
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The world pharmacovigilance and drug safety software market is expected to embrace favorable opportunities on the back of government policies related to drug safety regulations and rising rates of cases that pertain to adverse drug reaction. The market could also gain impetus from the surging need for new drug development, considering the high prevalence of chronic ailments and growing geriatric population. Pharmacovigilance software could find an application to minimize the limitations faced by small organizations relating to personnel and financial resources.
More prospects are projected to take birth in the world pharmacovigilance and drug safety software market with mounting private and public investments in pharmaceutical research and development activities. The high growth rate of pharmaceutical companies conducting research outsourcing could augur well for the rise in the demand for pharmacovigilance and drug safety software.
The international pharmacovigilance and drug safety software market is predicted to be classified into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software as per segmentation by type of software. With a 39.7% share achieved in 2017, adverse event reporting software could rake in a greater revenue in the market by the end of 2022.
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In terms of end user, the international pharmacovigilance and drug safety software market is predicted to be segregated into pharma and biotech companies, contract research organizations (CROs), business process outsourcing (BPO) firms, and other pharmacovigilance service providers.
On the basis of delivery mode, there could be prospects birthing in the international pharmacovigilance and drug safety software market from vital segments such as on-premise delivery mode and cloud-based delivery mode.
In respect of regional segmentation, the international pharmacovigilance and drug safety software market is anticipated to be divided into Latin America, the Middle East and Africa (MEA), North America, Asia Pacific except Japan (APEJ), and Europe. Among key countries, Japan could expand at a slightly better CAGR of 3.9% than that of the MEA. However, North America is prognosticated to lead the market after earning a US$58.5 mn in 2017.
The worldwide pharmacovigilance and drug safety software market is envisaged to witness the presence of significant companies such as UMBRA Global LLC, AB Cube, United BioSource Corporation, Sparta Systems, Inc., Oracle Corporation, EXTEDO GmbH, Ennov Solutions, Inc., and ArisGlobal.
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