Drug Safety & Pharmacovigilance Software Market is anticipated to grow at a CAGR of 6.3% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Drug Safety and Pharmacovigilance Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global drug safety and pharmacovigilance software market accounted for over US$ 148.4 Million in 2019. It is anticipated to grow at a CAGR of 6.3% from 2020 to 2030.
The growth of the drug safety and pharmacovigilance software market can be attributed to several factors such as the increasing adoption of pharmacovigilance software by outsourcing companies and the rising incidents of Adverse Drug Reactions (ARDs). Contract research organizations are actively participating in the research & development activities following the rising prevalence of chronic diseases across the globe, which is likely to boost the overall market growth. Additionally, rising patient safety issues and surging adverse effects resulting from certain drug consumption may boost the global drug safety and pharmacovigilance market. This may also have a direct correlation with the availability of clinical trial services and decreased medical spending, and hence the potential growth demand for the future. However, the lack of awareness and knowledge regarding ADRs and pharmacovigilance among healthcare professionals is restraining growth of the drug safety and pharmacovigilance software market.
The growing incidents of ADRs is a major driving factor propelling the growth of the global drug safety & pharmacovigilance software market. ADRs cause considerable morbidity and mortality worldwide. According to the research published by the National Center for Biotechnology Information (NCBI), approximately 5% of hospital admissions in Europe are caused by ADRs. According to the World Health Organization’s report on pharmaceutical consumption, medicines to treat chronic diseases accounted for a larger proportion of the total volume of drug consumption in the non-hospital setup.
Factors such as the rising adoption of drug safety and pharmacovigilance software are facilitating the launch of several new drugs in the market. Also, an upward trend in polypharmacy and drug safety regulatory government policies is driving growth of the drug safety & pharmacovigilance software market. Additionally, the rising number of new & improved drugs in clinical trials and in pipelines need pharmacovigilance services, which will further contribute to market growth.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/drug-safety-and-pharmacovigilance-software-market/356
Lack of understanding and knowledge among healthcare professionals regarding pharmacovigilance & ADR reporting and the lack of adverse drug reaction (ADR) reporting regulations hinder growth of the global drug safety & pharmacovigilance software market. A recent study conducted on 90 ADR Monitoring Centers (AMCs) in India reported that the majority of health-care professionals - 68% of the doctor, 81% of pharmacists, and 80% of nurses were not aware of the pharmacovigilance and national ADR reporting systems in India.
North America is dominating the drug safety & pharmacovigilance software industry. Moreover, the rising prevalence of chronic diseases from the last two decades has developed the demand for research & development to find cures in North America. Additionally, government-led initiatives are also propelling market growth in North America. For example, the U.S. government's open FDA initiatives provide application developers and scientists with access to their databases through an online search-based platform that is expected to accelerate the growth of the market.
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, Ennov, Oracle, Sparta Systems Inc, and EXTEDO, among others.
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