The Insight Partners published latest research report on “Pharmacovigilance and Drug Safety Software Market Size Report, Share, Trends, Growth & Forecasts to 2027 - COVID-19 Impact and Global Analysis By Software Type;
The Insight Partners published latest research report on "Pharmacovigilance and Drug Safety Software Market Size Report, Share, Trends, Growth & Forecasts to 2027 - COVID-19 Impact and Global Analysis By Software Type; Delivery Mode; and End User, and Geography”, the global market is expected to reach USD 292.97 Mn in 2027 from USD 160.67 Mn in 2019; it is estimated to grow with a CAGR of 7.6% from 2020-2027.
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Adverse drug reactions (ADRs) is an important public health problem, signifying a significant cause of illness and death. Because all drugs have the potential for adverse drug reactions, a risk-benefit analysis is necessary whenever a drug is prescribed. According to the Agency for Healthcare Research and Quality 2018, In the US, 3 to 7% of all hospitalizations are due to adverse drug reactions. ADRs occur from 10 to 20% of admissions; about 10 to 20% of these ADRs are severe. These statistics do not include the number of ADRs that occur in ambulatory and nursing home patients. Although the exact number of ADRs is not specified, ADRs represent a significant public health problem that is, for the most part, preventable.
In 2016, 1,238,178 reports related to suspected adverse reactions were collected and managed in Eudra Vigilance, 339,544 of which originate from the European Economic Area (EEA). European database for adverse drug reaction reports, which Member State and the Agency use for monitoring the safety of authorized medicines on the EU market. Eudra Vigilance now holds 10.8 million reports referring to 6.7 million cases and therefore is one of the most significant adverse drug reaction databases in the world. ADR reported by a patient or healthcare professional adds to safety monitoring and thus to the safe and effective use of medicines.
The increasing amount of data generated through adverse drug reaction report need to be handled and stored carefully. All these data come in different forms, language, location, etc. To arrange these uniformly the automation systems/software are helpful.
The growth of the pharmacovigilance and drug safety software market is mainly attributed to factors such as rising incidences of adverse drug reaction (ADR) and globalization of pharmacovigilance have been boosting the market over the years. However, the expensive technology are likely to have a negative impact on the growth of the market in the coming years.
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Global Pharmacovigilance and Drug Safety Software Market Share Report, Segmentations, Regional & Country Scope:
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Report Coverage |
Details |
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Market Size Value in |
USD 160.67 Million in 2019 |
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Market Size Value by |
USD 292.97 Million by 2027 |
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Growth rate |
CAGR of 7.6% from 2020-2027 |
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Forecast Period |
2020-2027 |
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Base Year |
2020 |
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No. of Pages |
186 |
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No. of Tables |
72 |
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No. of Charts & Figures |
63 |
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Historical data available |
Yes |
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Segments covered |
Software Type; Delivery Mode; and End User, and Geography |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
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Country scope |
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Companies Covered |
Veeva Systems, IQVIA Inc., Ennov, AB Cube, United Biosource LLC, ArisGlobal LLC, Sparta Systems, Oracle Corporation, Sarjen Systems Pvt. Ltd, EXTEDO, Maxapplication, Online Business Applications |
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Key Research Capabilities |
Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
Browse key market insights spread across 186 pages with 72 list of tables & 63 list of figures from the report, "Pharmacovigilance and Drug Safety Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Software Type (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, and Fully Integrated Software); Delivery Mode (On-premise, Cloud-based); and End User (Pharmaceutical and Biotech Companies, Contract Research Organizations (CROs), Business Process Outsourcing (BPO) Firms, and Pharmacovigilance Service Providers), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/pharmacovigilance-pv-and-drug-safety-software-market
Several in organic approaches, such as product launches, and expansion in the pharmacovigilance and drug safety software market, have resulted in the positive growth of the market. Likewise, inorganic strategies such as mergers & acquisitions, and collaboration have help the company to strengthen its revenue, which allows the company to hold a strong position in the market.
Growth Strategies by the Key Players operating in the Global Pharmacovigilance and Drug Safety Software Market:
May 2019 - Sparta System have announced the launch of the industry's first AI-augmented decision-making capabilities to enable a shift from reactive to proactive quality management.
March 2019- EXTEDO has been launched next generation pharmacovigilance and drug safety offerings.
October 2018 - ArisGlobal has announced the launch of LifeSphere MultiVigilance for the next-generation platform for individual case safety report (ICSR)
Jun 2018 - APCER Life Sciences and ArisGlobal launches Multi-tenant LifeSphere Safety MultiVigilance, Powered with Cutting-Edge Cognitive Automation Technology, for Global Pharmacovigilance
Aug 2019 - Veeva Systems unveiled Veeva Vault Safety.AI, a new artificial intelligence technology that automates case intake in order to reduce the time and effort spent on manual data entry. To complement Vault Safety and Vault SafetyDocs, Veeva provides the first integrated suite of cloud applications on a shared platform to control the end-to-end drug safety lifecycle.
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