Global Pharmacovigilance and Drug Safety Software Market Report and Forecast 2023-2031

Global Pharmacovigilance and Drug Safety Software Market Report and Forecast 2023-2031

Global Pharmacovigilance and Drug Safety Software Market Outlook

The value of the global pharmacovigilance and drug safety software market was USD 7.80 billion in 2022, driven by the increasing incidence of adverse drug reactions across the globe. The market value is anticipated to grow at a CAGR of 8.98% during the forecast period of 2023-2031 to reach a value of USD 16.90 billion by 2031.

Pharmacovigilance and Drug Safety Software: Introduction

Pharmacovigilance and drug safety software is a computer-based system used by pharmaceutical companies to monitor and analyse the safety of drugs in the market. The software collects, analyses, and evaluates data related to the adverse effects of drugs, identifies potential risks, and suggests measures to manage and mitigate those risks. It helps in ensuring the safety and efficacy of drugs, improving patient outcomes, and complying with regulatory requirements. The software can also generate reports and alerts based on the analysed data, enabling healthcare professionals and regulators to take informed decisions about the use of drugs.

Pharmacovigilance and Drug Safety Software: Application and Uses

Pharmacovigilance and drug safety software are used in the healthcare industry to monitor and track the safety of drugs and medications. The software is designed to help healthcare professionals and regulatory agencies identify and evaluate adverse events, including side effects, drug interactions, and other safety issues related to medications. The application and uses of pharmacovigilance and drug safety software include:

• Adverse Event Reporting: Pharmacovigilance software is used to track adverse events and report them to regulatory agencies as required.
• Signal Detection: The software can be used to identify new signals or trends in safety data, such as increased rates of adverse events for a particular drug.
• Risk Management: Pharmacovigilance software is used to manage and mitigate risks associated with drugs and medications.
• Clinical Trial Safety Monitoring: The software can be used to monitor safety data during clinical trials and help ensure that trials are conducted safely and ethically.
• Post-Marketing Surveillance: Pharmacovigilance software is used to monitor safety data after a drug is approved and on the market.
• Regulatory Compliance: The software is designed to help healthcare organizations comply with regulatory requirements related to drug safety and pharmacovigilance.

Overall, pharmacovigilance and drug safety software are critical tools for ensuring the safety and efficacy of drugs and medications, and are used throughout the healthcare industry to improve patient safety and outcomes.

Global Pharmacovigilance and Drug Safety Software Market Segmentations

Market Breakup by Functionality

• Adverse Event Reporting Software
• Drug Safety Audits Software
• Issue Tracking Software
• Fully Integrated Software

Market Breakup by Mode of Delivery

• On-Premises Delivery
• On-Demand/Cloud Based (SaaS) Delivery

Market Breakup by End User

• Pharma and Biotech Companies
• Contract Research Organizations (CROs)
• Business Process Outsourcing (BPO) Firms
• Others

Market Breakup by Region

North America

• United States of America
• Canada

Europe

• United Kingdom
• Germany
• France
• Italy
• Others

Asia Pacific

• China
• Japan
• India
• ASEAN
• Australia
• Others

Latin America

• Brazil
• Argentina
• Mexico
• Others

Middle East and Africa

• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Global Pharmacovigilance and Drug Safety Software Market Scenario

The market is expected to grow significantly during the forecast period owing to the increasing incidence of adverse drug reactions and the growing emphasis on patient safety and risk management are some of the key factors driving the growth of this market.

The market is also being driven by the increasing demand for pharmacovigilance and drug safety software solutions among pharmaceutical and biotechnology companies, contract research organizations, and regulatory authorities. In addition, the increasing use of artificial intelligence and machine learning in pharmacovigilance and drug safety software is expected to fuel the growth of this market.

Based on the mode of delivery, the cloud-based segment is expected to witness significant growth during the forecast period due to its advantages such as easy access to data, reduced cost of ownership, and improved scalability. On the basis of end-users, the pharmaceutical and biotechnology company segment is expected to hold the largest share of the market owing to the increasing need for pharmacovigilance and drug safety software solutions in these companies.

Geographically, North America is expected to dominate the global pharmacovigilance and drug safety software market owing to the presence of a large number of pharmaceutical and biotechnology companies and stringent regulatory requirements. However, the Asia Pacific region is expected to witness significant growth during the forecast period due to the increasing number of clinical trials being conducted in this region and the increasing focus on patient safety and risk management.

Overall, the pharmacovigilance and drug safety software market is expected to experience steady growth during the forecast period due to the increasing demand for pharmacovigilance and drug safety solutions and the growing emphasis on patient safety and risk management.

Key Players in the Global Pharmacovigilance and Drug Safety Software Market

The report gives an in-depth analysis of the key players involved in the global pharmacovigilance and drug safety software market. The companies included in the market are as follows:

• IQVIA
• Accenture
• Cognizant
• Laboratory Corporation of America Holdings
• IBM
• ARIS Global
• ICON Plc.
• Capgemini
• Oracle
• Parexel International Corporation
• Ab Cube
• Extedo GmbH
• Ennov Solutions Inc.