14-Feb-2020 | Facts and Factors
Facts and Factors have authored “Pharmacovigilance and Drug Safety Software Market By Functionality (ADR Reporting, Drug Safety Audits, Issue Tracking, & Fully Integrated Software), By Delivery Mode (On-Premise & On-Demand), By End-User (Pharma & Biotech Companies, CROs, BPOs, & Others), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026”. Based on our analysis, the global Pharmacovigilance and Drug Safety Software market in 2020 is approximately USD 160.2 Million and is anticipated to reach around USD 205.9 Million by 2026. The anticipated CAGR for the market is around 5.9% from 2021 to 2026.
Pharmacovigilance is a process wherein the medical drug’s effects are monitored after being licensed. This is basically carried out to understand the previously observed unfavorable reactions of the medical drug. In simple words, it is just to verify the safety of the drug. Pharmacovigilance (PV) software consists of a drug safety management software solution to help develop, categorize, review, submit and maintain pharmacovigilance data plus adverse event reports. The contract research organizations (CROs), pharma and biotech companies, business process outsourcing firms (BPOs), and other pharmacovigilance service providers extensively use the PV software. The increasing demand for medications across the entire globe has made it mandatory for the manufacturers to produce safe drugs and this increasing pressure on various biotech and Pharma companies are expected to supplement substantialPharmacovigilance and Drug Safety Software market growth over the forecast period.
Browse the full “Pharmacovigilance and Drug Safety Software Market By Functionality (ADR Reporting, Drug Safety Audits, Issue Tracking, & Fully Integrated Software), By Delivery Mode (On-Premise & On-Demand), By End-User (Pharma & Biotech Companies, CROs, BPOs, & Others), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026" report at https://www.fnfresearch.com/pharmacovigilance-and-drug-safety-software-market-report
Drivers of Global Pharmacovigilance and Drug Safety Software Market:
- The rise in Demand for Real-Time Data Analytics
Real-time data analysis of network data, customers, users and investors’ data from the datacenters or cloud system help create a learning protocol and system, which is likely to propel the Pharmacovigilance and Drug Safety Software market during the forecast period.
- Increasing Incidences of Adverse Drug Reactions (ADRs)
The consumption of medication could certain times lead to injuries, which is termed as an adverse drug reaction (ADR). There is an increase in the ADRs in various regions owing to low awareness about pharmacovigilance. Thus, the high incidence of ADRs is anticipated to boost the growth of the Pharmacovigilance and Drug Safety Software market.
Restraints of GlobalPharmacovigilance and Drug Safety Software Market:
- Lack of Pharmacovigilance Professionals
In the pharmacovigilance system, there is a need for expert healthcare professionals with considerable knowledge and expertise in the field of medication safety to help recognize, manage, and report the medication’s safety issues. Thus, the lack of skilled professionals will hamper the growth of the market. In addition, the lack of knowledge about ADRs in developing countries is anticipated to have a negative impact on the global Pharmacovigilance and Drug Safety Software market. Furthermore, the lack of standard regulations in adverse drug reaction reporting is also a restraining factor of the market.
Opportunities of Global Pharmacovigilance and Drug Safety Software Market:
- The rising adoption of interconnected software services by the outsourcing companies, growing incidences of ADR, and high demand for various medications are anticipated to encourage various biotech and Pharma companies to use softwares such as Argus and ARISg.
Market Dominance:
- On-Premise type dominated the market in 2018 and is further anticipated to grow owing to the rising adoption of on-premise software by large pharmaceutical companies.
- Pharma and Biotech Companies application accounted for 41.63% of market share in 2018. The PV software solutions are being adopted by pharma and biotech companies to carry out clinical trial programs and lower medical expenditure.
Regional Dominance:
- North America is projected to hold the majority of the share owing to the strong government support initiatives which are favoring the adoption of pharmacovigilance and drug safety software.
Top Market Players
The key market participants for the global pharmacovigilance and drug safety software market are Wipro, TCS, Cognizant, Oracle Corporation, ArisGlobal, AB Cube, Max Delivery, Relsys, Sparta Systems, Inc., United BioSource Corporation, EXTEDO GmbH, Ennov Solutions, Inc., Online Business Applications, Inc., Sarjen Systems Pvt. Ltd., and Umbra Global, among others.
The taxonomy of the Pharmacovigilance and Drug Safety Software Market by its scope and segmentation is as follows:
Global Pharmacovigilance and Drug Safety Software Market: By Functionality Segment Analysis
- ADR Reporting
- Drug Safety Audits
- Issue Tracking
- Fully Integrated Software
Global Pharmacovigilance and Drug Safety Software Market: By Delivery Mode Segment Analysis
Global Pharmacovigilance and Drug Safety Software Market: By End-User Segment Analysis
- Pharma & Biotech Companies
- CROs
- BPOs
- Others
Global Pharmacovigilance and Drug Safety Software Market: Regional Segmentation Analysis
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- The Middle-East and Africa
- GCC Countries
- South Africa
- Rest of Middle-East Africa
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