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Pharmacovigilance and Drug Safety Software Market is Envisioned to Rise at a 5.4% CAGR Between 2017 and 2022
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Pharmaceutical and biotechnology companies are predicted to largely adopt pharmacovigilance software for curbing the burden on medical outlay and facilitating clinical trial programs. The fortifying growth of contract research organizations (CROs) that perform pharmacovigilance for pharma firms could also strengthen the growth of the global pharmacovigilance and drug safety software market.
As per Transparency Market Research (TMR), the global pharmacovigilance and drug safety software market could earn a US$187.0 mn by 2022 end after advancing from a US$143.6 mn achieved in 2017 at a CAGR of 5.4%.
The world pharmacovigilance and drug safety software market is envisaged to gain momentum from crucial applications in clinical research for performing post-marketing surveillance roles and conducting clinical studies. On a global platform, some of the most commonly used pharmacovigilance software could be Argus and ArisG. The benefits that such software bring to the table, including decreased redundancy in data and ease of access, could strongly fuel the demand in the market. In the foreseeable future, the usage rate of pharmacovigilance tools is envisioned to receive a good boost due to the rising pressure on drug manufacturers to identify early indications of drug-related adverse interactions and increasing withdrawals of high-profile drugs.
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The world pharmacovigilance and drug safety software market is forecasted to be cataloged according to software type, end user, and delivery mode. In terms of segmentation by type of software, fully integrated software, issue tracking software, drug safety audits software, and adverse event reporting software could be prominent markets for pharmacovigilance and drug safety software. The adverse event reporting software market could rise at a 6.2% CAGR.
By end user, the world pharmacovigilance and drug safety software market could see a segmentation into business process outsourcing (BPO) firms, CROs, pharma and biotech companies, and other pharmacovigilance service providers. On the basis of mode of delivery, there could be important segments such as on-premise and cloud-based keeping the hopes alive for growth.
Geographically, North America could secure a top position in the world pharmacovigilance and drug safety software market while raking in a US$79.2 mn by the end of 2022. Between 2017 and 2022, Europe is prophesied to make its contribution to the market by creating an absolute revenue opportunity that could be greater than that expected to be achieved by Asia Pacific except Japan (APEJ) during the forecast period. Markets such as Japan, Latin America, the Middle East and Africa (MEA) could be other key segments of the market.
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Some of the crucial companies functioning in the worldwide pharmacovigilance and drug safety software market could be UMBRA Global LLC, AB Cube, United BioSource Corporation, Sparta Systems, Inc., Oracle Corporation, EXTEDO GmbH, Ennov Solutions, Inc., and ArisGlobal.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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