Pharmacovigilance and Drug Safety Software Market Size, Share Global Analysis Report, 2021 – 2026

Industry Insights

[187+ Pages Report] According to the latest report titled “Global Pharmacovigilance and Drug Safety Software Market” published by Facts & Factors, the study offers a detailed and comprehensive read. The global pharmacovigilance and drug safety software market witnessed a significant market value of USD 160.2 Million in the year 2020 with a CAGR value of 5.9% to a projected value of USD 205.9 Million in the year 2026.

Market Overview

Pharmacovigilance or drug safety is the definition of a branch of science that deals with the detection, monitoring, assessing, and prevention of harmful effects of the intended pharmaceutical drugs. These software tools mainly help with creating, classifying, and reviewing pharmacovigilance data which helps in creating insights and awareness among the healthcare professionals. Pharmacovigilance software tools are basically used in adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software measures.

Industry Growth Factors

The primary driving forces behind the significant growth during the advent of the forecast period attributes to the rising incidences of adverse drug reactions (ADRs) coupled with increasing adoption of pharmacovigilance software associated with outsourcing the latter into CROs and biotech companies to name a few. Additionally, increased scrutinized measures for prior and post commercialization of drugs coupled with rising complexity related to drug testing measures are expected to increase the footprint of the global pharmacovigilance and drug safety software market during the advent of the forecast period. Moreover, new service launches, agreements, and partnerships coupled with intense software developments coupled with expansive attitude of the key market players will boost the growth of the global pharmacovigilance and drug safety software market during the advent of the forecast period.

The global pharmacovigilance and drug safety software market is driven by rising penetration of the latter tools due to increasing internet connectivity coupled with the rising globalization to name a few. Growing health information functionalities coupled with a shifting trend of manufacturers toward increasing PV and drug safety software will fuel the growth of the global pharmacovigilance and drug safety software market during the advent of the forecast period. However, a lack of a skilled workforce among the pharmacovigilance professionals is expected to decrease the growth of the global pharmacovigilance and drug safety software market during the advent of the forecast period.

Segmentation Analysis

The global pharmacovigilance and drug safety software market is segmented into functionality, delivery mode, end-user, and regions.

Based on functionality, the global pharmacovigilance and drug safety software market is classified into ADR reporting, drug safety audits, issue tracking, and fully integrated software. The ADR reporting segment is expected to witness the largest market share during the advent of the forecast owing to data entry & management tools with minimum errors coupled with introduction of advanced data integration solutions to name a few. Based on delivery mode, the global pharmacovigilance and drug safety software market is classified into on-premise and on-demand. The on-premise solutions segment is expected to occupy the largest market share during the advent of the forecast period owing to rising adoption of the latter by large pharmaceutical companies coupled with increased accessibility in the form of remote locations to name a few. The global pharmacovigilance and drug safety software market is fragmented into pharma & biotech companies, CROs, BPOs, and others on the basis of end-user. The segment pertaining to pharma & biotech companies is expected to witness the largest market share during the advent of the forecast period owing to the latter’s ability in facilitating clinical trial programs in order to reduce the burden on medical expenditure coupled with minimizing operational expenses to name a few.

Report Scope

Regional Analysis

North America is expected to witness the largest market share during the advent of the forecast period owing to the rising number of government-aided initiatives in favoring adoption of PV software systems coupled with rising surveillance measures for providing relevant data in less time to name a few. Asia-Pacific is expected to witness the fastest growing CAGR during the advent of the forecast period owing to the rise in research outsourcing by pharmaceutical giants coupled with growing public and private investments to name a few. Moreover, the rising number of clinical trials in the region coupled with an increasing number of public safety announcements and initiatives taken by the local and regional government bodies will increase the footprint of the pharmacovigilance and drug safety software market during the advent of the forecast period.

Competitive 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.
• Umbra Global

By Functionality Segment Analysis

• ADR Reporting
• Drug Safety Audits
• Issue Tracking
• Fully Integrated Software

By Delivery Mode Segment Analysis

• On-Premise
• On-Demand

By End-User Segment Analysis

• Pharma & Biotech Companies
• CROs
• BPOs
• Others

By Regional Segment Analysis

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA