The report on the global pharmacovigilance and drug safety software market provides qualitative and quantitative analysis for the period from 2021-2030. The global pharmacovigilance and drug safety software market was valued at USD 188.14 million in 2022 and is expected to reach USD 311.98 million in 2030, with a CAGR of 5.55% during the forecast period 2023-2030. The study on pharmacovigilance and drug safety software market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.
Pharmacovigilance, a critical aspect of drug safety, encompasses activities such as data collection, detection, assessment, monitoring, and prevention of adverse effects associated with pharmaceutical products. It is of paramount importance within the life science industry, where strict regulatory compliance is mandatory for drug development, manufacturing, and commercialization. Efficient and effective pharmacovigilance software solutions are essential to ensure the safety and efficacy of pharmaceutical products throughout their lifecycle. The scope of the pharmacovigilance and drug safety software market is broad and continues to grow due to increasing regulatory demands, technological advancements, globalization of drug development, and a growing emphasis on patient safety. This market encompasses pharmaceutical companies, healthcare providers, CROs, and other stakeholders who rely on advanced software solutions to monitor, analyze, and ensure the safety of pharmaceutical products throughout their lifecycle.
Government bodies like the European Medicines Evaluation Agency (EMEA) and the U.S. Food and Drug Administration (FDA) impose rigorous regulations for drug approval, with a primary focus on drug safety. The growing pressure from these regulatory agencies to develop innovative and safe drugs is propelling the growth of the pharmacovigilance and drug safety software market worldwide. Furthermore, the increasing incidence rate of Adverse Drug Reactions (ADRs) is expected to drive market growth. The adoption of pharmacovigilance software is rapidly increasing, especially among outsourcing firms, to ensure safe and effective drug manufacturing. However, a shortage of skilled professionals in the pharmacovigilance field is hindering market growth. Nevertheless, ongoing research and development efforts aimed at creating more effective software solutions and increasing awareness of the benefits of pharmacovigilance and drug safety software are likely to create numerous growth opportunities in the coming years.
From a geographical perspective, North America leads the pharmacovigilance and drug safety software market. This is primarily due to the widespread adoption of pharmacovigilance and drug safety software, a well-developed healthcare infrastructure, and a high demand for new and safe drugs in the region. Additionally, the Asia-Pacific region is experiencing the fastest growth in this market, driven by increased government investments in the pharmaceutical sector, rising demand for pharmacovigilance and drug safety software in hospitals and clinics, and other factors.
2. Internal and External subject matter experts
3. Professionals and participants from the industry
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/country managers
5. Vice President level executives.
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies
2. Complete coverage of all the segments in the pharmacovigilance and drug safety software market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global pharmacovigilance and drug safety software market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. The Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
Pharmacovigilance, a critical aspect of drug safety, encompasses activities such as data collection, detection, assessment, monitoring, and prevention of adverse effects associated with pharmaceutical products. It is of paramount importance within the life science industry, where strict regulatory compliance is mandatory for drug development, manufacturing, and commercialization. Efficient and effective pharmacovigilance software solutions are essential to ensure the safety and efficacy of pharmaceutical products throughout their lifecycle. The scope of the pharmacovigilance and drug safety software market is broad and continues to grow due to increasing regulatory demands, technological advancements, globalization of drug development, and a growing emphasis on patient safety. This market encompasses pharmaceutical companies, healthcare providers, CROs, and other stakeholders who rely on advanced software solutions to monitor, analyze, and ensure the safety of pharmaceutical products throughout their lifecycle.
Government bodies like the European Medicines Evaluation Agency (EMEA) and the U.S. Food and Drug Administration (FDA) impose rigorous regulations for drug approval, with a primary focus on drug safety. The growing pressure from these regulatory agencies to develop innovative and safe drugs is propelling the growth of the pharmacovigilance and drug safety software market worldwide. Furthermore, the increasing incidence rate of Adverse Drug Reactions (ADRs) is expected to drive market growth. The adoption of pharmacovigilance software is rapidly increasing, especially among outsourcing firms, to ensure safe and effective drug manufacturing. However, a shortage of skilled professionals in the pharmacovigilance field is hindering market growth. Nevertheless, ongoing research and development efforts aimed at creating more effective software solutions and increasing awareness of the benefits of pharmacovigilance and drug safety software are likely to create numerous growth opportunities in the coming years.
From a geographical perspective, North America leads the pharmacovigilance and drug safety software market. This is primarily due to the widespread adoption of pharmacovigilance and drug safety software, a well-developed healthcare infrastructure, and a high demand for new and safe drugs in the region. Additionally, the Asia-Pacific region is experiencing the fastest growth in this market, driven by increased government investments in the pharmaceutical sector, rising demand for pharmacovigilance and drug safety software in hospitals and clinics, and other factors.
Report Findings
1) Drivers
- The growing pressure from government agencies to develop novel and safe drugs is driving the growth of the pharmacovigilance and drug safety software market.
- The growing occurrence of rates of Adverse Drug Reactions (ADRS) is anticipated to boost the growth of pharmacovigilance and drug safety software market.
2) Restraints
- The lack of a skilled workforce in pharmacovigilance is hampering the growth of the pharmacovigilance and drug safety software market.
3) Opportunities
- The ongoing research and development activity to develop effective software and growing awareness about the benefits of pharmacovigilance and drug safety software are projected to create various growth opportunities in the upcoming year.
Research Methodology
A) Primary Research
The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents.The primary respondents approached include:
1. Key Opinion Leaders2. Internal and External subject matter experts
3. Professionals and participants from the industry
The primary research respondents typically include:
1. Executives working with leading companies in the market under review2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/country managers
5. Vice President level executives.
B) Secondary Research
Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.The secondary sources of the data typically include:
1. Company reports and publications2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies
Segments Covered
The global pharmacovigilance and drug safety software market is segmented on the basis of software, mode of delivery, and end user.The Global Pharmacovigilance and Drug Safety Software Market by Software
- Drug Adverse Event Reporting Software
- Issue Tracking Software
- Fully Integrated Software and Drug Safety Audits Software
The Global Pharmacovigilance and Drug Safety Software Market by Mode of Delivery
- On-premise
- Cloud-based
The Global Pharmacovigilance and Drug Safety Software Market by End User
- Pharma & Biotech Companies
- Contract Research Organizations (CROS)
- Pharmacovigilance Service Providers
- Business Process Outsourcing (BPO) Firms
Company Profiles
The companies covered in the report include:
- IQVIA Inc
- Oracle Corporation
- Honeywell International Inc.
- AB Cube S.A.S.
- ArisGlobal
- EXTEDO
- Ennov
- United BioSource LLC
- Sarjen
- Others
What does this Report Deliver?
1. Comprehensive analysis of the global as well as regional markets of the pharmacovigilance and drug safety software market.2. Complete coverage of all the segments in the pharmacovigilance and drug safety software market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global pharmacovigilance and drug safety software market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. The Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
Table of Contents
Chapter 1. Preface
Chapter 2. Executive Summary
Chapter 3. Global Pharmacovigilance and Drug Safety Software Market Overview
Chapter 5. Company Profiles and Competitive Landscape
Chapter 6. Global Pharmacovigilance and Drug Safety Software Market by Software
Chapter 7. Global Pharmacovigilance and Drug Safety Software Market by Mode of Delivery
Chapter 8. Global Pharmacovigilance and Drug Safety Software Market by End User
Chapter 9. Global Pharmacovigilance and Drug Safety Software Market by Region 2023-2030
Companies Mentioned
- IQVIA Inc
- Oracle Corporation
- Honeywell International Inc.
- AB Cube S.A.S.
- ArisGlobal
- EXTEDO
- Ennov
- United BioSource LLC
- Sarjen
- Others
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 255 |
| Published | October 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 188.14 Million |
| Forecasted Market Value ( USD | $ 311.98 Million |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
