According to a new report published by UnivDatos Markets Insights, the Pharmacovigilance Software Market was valued at more than USD 4 billion in 2020 and is expected to grow at a CAGR of around 8% from 2022-2028. The analysis has been segmented into Functionality (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, and Fully Integrated Software); Mode of Delivery (On-Premises Delivery and On-Demand/ Cloud-Based (SaaS) Delivery); End-Users (Pharmaceutical and Biotechnology Companies, Contract Research Organizations, Business Process Outsourcing Firms, and Others); and Region/Country.
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The pharmacovigilance software market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the pharmacovigilance software market. The pharmacovigilance software market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the pharmacovigilance software market at the global and regional levels.
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Market Overview
pharmacovigilance is useful in the early detection and spontaneous reporting of adverse drug reactions, and it is the process of monitoring and evaluating adverse drug reactions and it is a key component of effective drug regulation systems, public health programs and clinical research programs. To meet the requirements of customers, vendors of pharmacovigilance software offer individualized and complete solutions. These vendors are additionally providing end-to-end solutions, for example, electronic information catch, artificial intelligence, and interoperability, among others to enhance their offerings. In addition, stakeholders in the industry are moving toward the use of modern technology to help them with their pharmacovigilance tasks because of the combined pressures of volume, cost, and the increased demand for analytics.
Changing reporting systems and emerging technology in pharmacovigilance and rising cancer cases boosting the R&D and clinical research programs are driving the market growth. For instance, according to the data published by the American Cancer Society (ACS), in January 2020, around 1.8 million new cancer cases were diagnosed and 606,520 cancer deaths in the United States.
Some of the major players operating in the market include IQVIA Inc., Labcorp Drug Development, Parexel International Corporation, Accenture, Cognizant, Clario, Thermo Fisher Scientific Inc., ICON plc, Quanticate, and AB Cube S.A.S.
COVID-19 Impact
The sudden outbreak of the COVID-19 pandemic has increased the use of pharmacovigilance and drug safety software to monitor the potential side effects of any therapies used to treat the coronavirus infection. Additionally, during the pandemic, many companies have launched new issue-tracking software to serve patients. For instance, the most recent generation of pharmacovigilance literature monitoring was unveiled by Dialog Solutions in May 2021.
The global pharmacovigilance software market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on functionality, the market is segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. Amongst, the adverse event reporting software category is to witness robust CAGR during the forecast period owing to the rising demand for safe medicines and drugs around the world on account of the increasing incidences of adverse drug reactions (ADRs) is contributing to market growth. Apart from this, due to the rapid digitization of clinical trials, there's a rise in the adoption of pharmacovigilance and medicine safety software to ensure the implementation of new methods also drives the market growth during the forecast period.
· On the basis of end-users, the market is categorized into pharmaceutical and biotechnology companies, contract research organizations, business process outsourcing firms, and others. Among these, the pharmaceutical and biotechnology companies to hold a significant share of the market in 2020. This is mainly due to the extensive research and development efforts by several pharmaceutical companies and these companies are also launching new products which will also contribute to the growth of the market. For instance, Dialog Solutions launched the next generation of pharmacovigilance literature monitoring in 2021.
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Pharmacovigilance Software Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to increasing Initiatives undertaken by the governments, investment in the research & development process and adoption of solutions, and the availability of major key market players in the region propelling the growth rate of the market growth during the forecast period. For instance, in 2021, the Open FDA initiative undertaken by the US government provides access to its database through open search-based programs for application developers and scientists.
The major players targeting the market include
· IQVIA Inc.
· Labcorp Drug Development
· Parexel International Corporation
· Accenture
· Cognizant
· Clario
· Thermo Fisher Scientific Inc.
· ICON plc
· Quanticate
· AB Cube S.A.S.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Pharmacovigilance Software Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the pharmacovigilance software market?
• Which factors are influencing the pharmacovigilance software market over the forecast period?
• What are the global challenges, threats, and risks in the pharmacovigilance software market?
• Which factors are propelling and restraining the pharmacovigilance software market?
• What are the demanding global regions of the pharmacovigilance software market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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