Global Pharmacovigilance and Drug Safety Software Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

MarketResearch.biz, in its upcoming report titled, “Global Pharmacovigilance and Drug Safety Software Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”, offers in-depth insights, revenue details, and other vital information regarding the pharmacovigilance and drug safety software and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the pharmacovigilance and drug safety software market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The pharmacovigilance and drug safety software market has been segmented on the basis of solution type, deployment type, end user and region. The pharmacovigilance and drug safety software market is projected to expand at a CAGR of X.X% from 2018 to 2027, and is expected to reach US$XXX million by the end of 2027.

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Drug safety procedure begins at the early development process and last till the drug is approved for marketing. World Health Organization (WHO) defines pharmacovigilance as the science and activities relating to the detection, evaluation, understanding, and prevention of adverse reactions to medicines or any other medicine-related problems. Pharmacovigilance is a software use to monitor drug safety of all medicine including herbal, vaccines and biological substances. Gathering data from different process and across various sites such as research and development (R&D), manufacturing etc., is tedious as well as complex activity, therefore pharmacovigilance software is used to organize and maintained data in systematic way. The gathered data are analyzed for safety, assessed for benefit versus risk, and periodic safety update reports (PSURs) using pharmacovigilance software and are submitted to regulators authority including US Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) etc. Pharmacovigilance departments include quality management system (QMS) for safety reporting processes, data review, and documentation. Centralized pharmacovigilance system provides good communication and process flow between regions. The drug safety software solution providers basically offer two deployment models. One of which is an on-premise model through which the solution is deployed on the customer’s server and the other is a cloud-based model where in the solution is deployed on the vendor’s server and customers can access these solutions through licenses.

Key factor driving the pharmacovigilance and drug safety software market is increased incidence of adverse drug reactions. In addition, stringent regulatory bodies policies regarding dug safety, growing complexity regarding drug safety regulations, chronic and nonchronic disease, disease burden and aging geriatric population are some of the other factors boosting the growth of pharmacovigilance and drug safety software market.

The high cost of software and lack of pharmacovigilance professionals are the factors hindering the growth of pharmacovigilance and drug safety software market.

Out-sourcing of pharmacovigilance and contract research organizations (CROs) represent over half of the market for clinical safety are the current practice in pharmaceutical industry for carried out for drug safety. Cloud-based reporting has globalized the database of adverse drug reactions, use of artificial intelligence is expected to reduce human work and automatically detect the signals and evaluate the drug safety are the current technological advancement in drug safety and Pharmacovigilance and Drug Safety software market. Aforementioned points are certain trends witnessed in the market.

The pharmacovigilance and drug safety software market is segmented into solution type, deployment type, end user and region. The solution type segment includes, adverse event reporting, drug safety audits and drug safety issue tracking. The deployment type segment includes, on-premise and cloud based model. The end user segments include, pharmaceutical and biotechnology companies, contract research organizations and business process outsourcing firms. The region segments include, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

The market in North America dominates the pharmacovigilance and drug safety software due to increase in chronic and non-chronic diseases incidence followed by Europe. Countries in Asia pacific especially India and China are expected to grow at a high rate during the forecast period owing to growing healthcare and pharmaceuticals industries.

Global Pharmacovigilance and Drug Safety Software Market Segmentation:

Segmentation on the basis of solution type:

• Adverse event reporting
• Drug safety audits
• Drug safety issue tracking

Segmentation on the basis of deployment type:

• On-premise model
• Cloud-based model

Segmentation on the basis of end user:

• Pharmaceutical and Biotechnology companies
• Contract research organizations (CROs)
• Business process outsourcing (BPO) firm

Segmentation on the basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa