Drug Safety & Pharmacovigilance Software Market By Functionality (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, and Fully Integrated Software), By Delivery Mode (On-Premise and On-Demand/Cloud-Based (SaaS)), and By End-User (Pharma & Biotech Companies, Contract Research Organizations (CROS), and Business Process Outsourcing (BPO) Firms) – Global Analysis & Forecast 2020-2030
Report ID : 356 | Published Date : Jul 2020 | Pages : 160 | Region : Global | Report Code : HIT-13
Drug Safety & Pharmacovigilance Software Market Introduction & Overview
Pharmacovigilance software provides a drug safety management software system that allows pharmacovigilance data and adverse incident reports to be generated, submitted, checked, recorded, and maintained. This PV platform is used by pharmaceutical and biotech firms, Contract Research Organizations (CROs), Business Process Outsourcing (BPO) companies, and other providers of pharmacovigilance services. The safety & pharmacovigilance software is used to recognize the cause of drug withdrawals and helps to inhibit unnecessary future events. Such software is beneficial to those involved in drug-making processes such as CROs and pharmaceutical companies.
The growth of the global drug safety & pharmacovigilance software market is driven by rising incidents of Adverse Drug Reactions (ARDs) and the increasing adoption of pharmacovigilance software by outsourcing companies. Additionally, increasing government regulatory bodies pressurize pharmaceutical and biotechnology industries to improve the health regulations for the pre & post-marketing of medicines. However, the lack of knowledge and awareness among healthcare professionals regarding pharmacovigilance and ADRs restricts growth of the drug safety & pharmacovigilance software market.
The global drug safety & pharmacovigilance software market can be segmented into functionality, delivery mode, and end user.
Drug Safety & Pharmacovigilance Software Market By Functionality
Based on functionality type, the market can be segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software, among others. The drug safety audits software holds the highest share of the market owing to the increasing number of contract research and manufacturing organizations that are making extensive utilization of drug safety audit software to ensure compliance with the standards set by the drug regulatory body, Apex.
Drug Safety & Pharmacovigilance Software Market By Delivery mode
Based on delivery mode, the market can be segmented into the on-premise, on-demand/cloud-based (SaaS), and others. On-premise refers to the software and hardware stationed at an enterprise's physical confines - often its data center. The on-premise delivery mode segment accounted for the largest market share due to its growing implementation by large pharmaceutical companies.
Drug Safety & Pharmacovigilance Software Market By End-User
Based on the end-user, the market can be segmented into pharma and biotech companies, Contract Research Organizations (CROs), Business Process Outsourcing (BPO) firms, and other pharmacovigilance service providers. The CROs segment is expected to grow at the fastest rate in the market due to the growing trend of outsourcing.
Drug Safety & Pharmacovigilance Software Market By Region
Based on the region, the market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW). North America is expected to account for the largest share of the drug safety software market, due to increasing research expenditure and government initiatives in the region. Additionally, government-led policies are also propelling business development in North America. By the end of the forecast period, the North American region could show better growth prospects in terms of revenue shares and the popularity of drug security software. Furthermore, supportive government initiatives are also driving developments in North America.
Drug Safety & Pharmacovigilance Software Market Prominent Players
Some of the key players operating in the drug safety & pharmacovigilance software market include ArisGlobal LLC, Anju software, AB-cube, Sarjen Systems Pvt. Ltd, United BioSource LLC, Umbra Global, 7Ennov, Oracle, Sparta Systems Inc, and EXTEDO, among others.