IMARC Group, a leading market research company, has recently releases report titled “Pharmacovigilance And Drug Safety Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global pharmacovigilance and drug safety software market report, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Pharmacovigilance And Drug Safety Software Market?
The global pharmacovigilance and drug safety software market size reached US$ 189.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 283.3 Million by 2028, exhibiting a growth rate (CAGR) of 6.51% during 2023-2028.
Pharmacovigilance and drug safety software are applications that help pharmaceutical companies and research centers in the detection, assessment, understanding, and prevention of long and short-term side effects of medicines. They are used to store adverse events (AE), adverse drug reactions (ADR), serious adverse events (SAE), suspected serious adverse drug reactions (SUSAR), and pregnancy reports during clinical trials (CT) or when a pharmaceutical company has a marketing authorization for a medical product. They also enable healthcare professionals to manage and record pharmacovigilance data, which can be used for growing awareness about the harmful aspects of drugs.
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What are the growth prospects and trends in the pharmacovigilance and drug safety software industry?
At present, the increasing demand for pharmacovigilance and drug safety software due to the rising incidences of adverse drug reactions (ADRs) represents one of the primary factors propelling the growth of the market.
Besides this, the growing implementation of government policies about drug safety regulations is offering a favorable market outlook. In addition, the increasing adoption of pharmacovigilance and drug safety software by outsourcing companies involved in contract research and contract manufacturing is contributing to the growth of the market.
Apart from this, the rising utilization of pharmacovigilance and drug safety software for preventing regulatory non-compliance, monetary fines, and false reporting is supporting the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Functionality:
- Adverse Event Reporting Software
- Drug Safety Audits Software
- Issue Tracking Software
- Fully Integrated Software
Breakup by Delivery Mode:
Breakup by End User:
- Pharmaceutical and Biotechnology Companies
- Contract Research Organizations
- Business Process Outsourcing Firms
Market 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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
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