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(India.CityRegions.Com, July 28, 2021 ) Global Pharmacovigilance and Drug Safety Software Market was valued at USD 160.32 million and is anticipated to reach USD 265.21 million by 2027 at a CAGR 6.32% from 2020- 2027.
pharmacovigilance & drug safety software comprises drug safety management software solution which enables to create, classify, review, submit, and maintain pharmacovigilance data & adverse event reports. This software is used by pharmaceutical and biotechnological companies, contract research organizations, business process outsourcing firms, and other pharmacovigilance service providers.
The increase in patient safety issues & surging occurrences of adverse reactions as a result of certain drug consumption may drive the growth of global pharmacovigilance and drug safety software market over the forecast period. This could also be largely associated with the availability of clinical trial programs as well as reduction in medical expenditure and thus, propel the global pharmacovigilance and drug safety software market for future growth.
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Various key players are discussed in this report such as Ennov Solutions Inc., ArisGlobal, Ab Cube, Online Business Applications Inc., Sarjen Systems Pvt Ltd, Extedo GmbH, Oracle Corporation, United BioSource Corporation, Sparta Systems Inc., Veeva Systems, etc. New service launches, agreements & partnerships, software developments; and geographical expansions are some of the key strategies adopted by most of the key players to achieve growth in the Global Pharmacovigilance and Drug Safety Software Market.
Impact of COVID-19 on Market
The increase in COVID-19 pandemic is expected to positively influence the market growth over the forecast period. Many of the organizations have launched new issue tracking software to better serve the patients. For instance, in May 2020, the Medicines & Healthcare Products Regulatory Agency had launched Yellow Card COVID-19 reporting site, a latest pharmacovigilance reporting platform for COVID-19 treatments.
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• ADR Reporting
• Fully Integrated Software
• Issue Tracking
• Drug Safety Audits
By Delivery Mode
By End Use
• Pharma & biotech companies
• North America
• Latin America
• Asia Pacific
• Middle East & Africa
The Global Pharmacovigilance and Drug Safety Software Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Countries in APAC region especially China and India are expected to grow at a fastest rate during the forecast period, due to the increase in healthcare & pharmaceutical industries in this region.
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