According to the latest report by IMARC Group, titled “Pharmacovigilance and Drug Safety Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global pharmacovigilance and drug safety software market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global pharmacovigilance and drug safety software market reached a value of US$ 176.6 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 265 Million by 2027 exhibiting a CAGR of 6.60% during 2022-2027.

Pharmacovigilance (PV) and drug safety software refers to a management solution that helps create, categorize, review, submit, and maintain PV data and adverse event reports. The process involves monitoring the effects of medications to find and analyze any side effects. It increases awareness and knowledge among healthcare professionals. It also offers immediate, science-based safety decisions, ensures compliance with international regulations, combines safety and risk management, and reduces the cost of PV procedures. As a result, PV and drug safety software finds extensive applications in business process outsourcing companies (BPOs), pharmaceutical and biotechnology companies, contract research organizations (CROs), and other PV service providers.

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Pharmacovigilance and Drug Safety Software Market Trends and Drivers:

The global pharmacovigilance and drug safety software market is primarily driven by the surging product adoption by numerous outsourcing and clinical research companies. Moreover, the escalating demand for safe drugs and medicines due to the increasing incidence rates of adverse drug reactions (ADRs) is positively influencing the market growth.

Additionally, governments of various countries are implementing stringent policies for the commercialization of drugs. In line with this, the rising complexity of drug safety standards has catalyzed the demand for PV and drug safety software. Furthermore, the leading players are implementing automation, adopting advanced technologies, and using insights from analytics to increase compliance and product safety in PV and drug safety software, thereby propelling market growth.

Other factors, including the rapid digitization of clinical trials, the rising prevalence of chronic diseases, and technological advancements, are also anticipated to drive the market further.

Global Pharmacovigilance and Drug Safety Software Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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 and Wipro Limited.

The report has segmented the market on the basis of region, functionality, delivery mode and end user.

Breakup by Functionality:

• Adverse Event Reporting Software
• Drug Safety Audits Software
• Issue Tracking Software
• Fully Integrated Software

Breakup by Delivery Mode:

• On-premises
• Cloud-based

Breakup by End User:

• Pharmaceutical and Biotechnology Companies
• Contract Research Organizations
• Business Process Outsourcing Firms
• Others

Breakup by Region:

• 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

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Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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