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The latest report by IMARC, titled “ PharmacovigilanceandDrugSafetySoftwareMarket:GlobalIndustryTrends,Share,Size,Growth,Op portunityandForecast2023-2028
” finds that the global pharmacovigilance and drug safety software market reached a value of US$ 189.9 Million in 2022.
Pharmacovigilance (PV) and drug safety software is a management solution that enables the creation, classification, review, submission, and maintenance of PV data and adverse event reports. The process involves monitoring medical drug effects to identify and examine the unfavorable reactions of the drugs. It creates more knowledge and awareness among healthcare professionals.
PV and drug safety software offers swift science-based safety decisions, ensures global regulatory compliance, integrates safety and risk management, and lowers the cost of PV procedures. As a result, the software is extensively employed by pharma and biotech companies, contract research organizations (CROs), business process outsourcing firms (BPOs), and other PV service providers.
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The market is primarily driven by the growing adoption of PV and drug safety software by various clinical research and outsourcing companies. The rising prevalence of chronic diseases, coupled with the increasing incidence rates of adverse drug reactions (ADRs), are also fueling the growth of the market. In addition to this, the easy adoption of the software due to the availability of cutting-edge technology is also propelling the market growth. Governments across various countries are imposing strict regulations for the commercialization of drugs.
Consequently, the growing complexity related to drug safety regulations is also propelling the market growth. Furthermore, rapid digitization of clinical trials, along with the adoption of advanced technologies that improve compliance and product safety in PV and drug safety software, is creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 283.3 Million by 2028, exhibiting a CAGR of 6.51% during the forecast period (2023-2028).
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyFunctionality:
• Adverse Event Reporting Software
• Drug Safety Audits Software
• Issue Tracking Software
• Fully Integrated Software
BreakupbyDeliveryMode:
• On-premises
• Cloud-based
BreakupbyEndUser:
• Pharmaceutical and Biotechnology Companies
• Contract Research Organizations
• Business Process Outsourcing Firms
• Others
BreakupbyRegion:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• Ab Cube
• Anju Software Inc.
• ArisGlobal LLC
• Cognizant
• Ennov Solutions Inc.
• Extedo GmbH
• Max Application
• Oracle Corporation
• Sarjen Systems Pvt Ltd
• Sparta Systems Inc. (Honeywell International Inc.)
• Tata Consultancy Services Limited
• United BioSource LLC
• Wipro Limited.
ViewFullReportwithTOC&ListofFigure:
https://www.imarcgroup.com/pharmacovigilance-drug-safety-software-market
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