Expert Market Research’s new report titled “Global Pharmacovigilance and Drug Safety Software Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026”, gives an in-depth analysis of the global market. Pharmacovigilance and Drug Safety Software Market, assessing the market based on its segments such as functionality, mode of delivery, end-use, and major regions like Asia-Pacific, Europe, North America, Middle East, Africa and Latin America. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on the SWOT model and Porter’s five forces.
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Key highlights of the report include:
Market Overview (2016-2026)
• Historical market size (2020): 162.1 million USD
• Forecast CAGR (2021-2026): 6.55%
• Forecasted market size (2026): 237.1 million USD
The growth of the global pharmacovigilance and drug safety software market is driven by increasing safety regulations in the pharmaceutical industry. The increasing incidence of adverse drug reactions (ADRs) is expected to contribute to the growth of the market. Additionally, the growing use of pharmacovigilance and drug safety software by manufacturing and contract research organizations (CMOs and CROs) is expected to drive the growth of the software market. The growing research and development the activities of the pharmaceutical industry for the development of new drugs will probably drive growth further. Additionally, stringent drug safety regulations by various governments around the world are expected to aid the market growth over the forecast period.
Industry definition and major segments
Pharmacovigilance refers to the detection, monitoring, evaluation and prevention of adverse effects of pharmaceutical drugs. Pharmacovigilance and drug safety software helps maintain, analyze, and classify pharmacovigilance data. It is mainly used by Health care professionals for a better understanding of various adverse drug effects.
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Global Pharmacovigilance and Drug Safety Software Market Breakdown by Functionality
• Adverse event notification software
• Drug safety audit software
• Issue tracking software
• Fully integrated software
Global Pharmacovigilance and Drug Safety Software Market Segment By Delivery Mode
• On-site delivery
• On-demand/cloud-based delivery (SaaS)
Global Pharmacovigilance and Drug Safety Software Market Breakdown by End Use
• Pharmaceutical and biotechnology companies
• Contract Research Organizations (CROs)
• Business process outsourcing (BPO) companies
Regional markets for pharmacovigilance and drug safety software include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Regionally, North America is expected to dominate the global pharmacovigilance and drug safety software market. This can be attributed to increased research and development and government initiatives such as the FDA’s open databases and Mini-Sentinel, an active surveillance system. Europe is expected to follow North America due to the presence of key pharmaceutical companies. Meanwhile, Asia-Pacific is expected to witness the fastest growth over the forecast period owing to the increasing presence of CROs and CMOs in countries such as India and China. Moreover, the rapid development of the healthcare sector and the growing awareness of adverse effects are expected to drive the growth of the pharmacovigilance and drug safety software market over the forecast period.
Main market players
Major market players are ArisGlobal, Ennov Solutions Inc., EXTEDO GmbH, Oracle Corporation (NYSE:ORCL), Sparta Systems, Inc., United BioSource Corporation, AB Cube, UMBRA Global LLC and few others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
Note 2: As the novel coronavirus (COVID-19) continues to spread across the globe, our analysts are continuously monitoring the impact of this rapidly evolving situation on markets and consumer buying behaviors. Thus, our latest estimates and analysis on current market trends and forecasts will comprehensively reflect the effects of this emerging pandemic.
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