Pharmacovigilance and Drug Safety Software Market (Software - Drug Adverse Event Reporting Software, Issue Tracking Software, and  Fully Integrated Software and Drug Safety Audits Software; Mode of Delivery - On-premise, and Cloud-based; End User - Pharma & Biotech Companies, Contract Research Organizations (CROS), Pharmacovigilance Service Providers, and Business Process Outsourcing (BPO) Firms): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on pharmacovigilance and drug safety software market provides in-depth analysis of segments and sub-segments in the global as well as regional pharmacovigilance and drug safety software market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional pharmacovigilance and drug safety software market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global pharmacovigilance and drug safety software market.

Market Insight:

The global pharmacovigilance and drug safety software market was valued at USD 188.14 million in 2022 and is expected to reach USD 311.98 million in 2030, with a CAGR of 5.55% during the forecast period 2023-2030.

Pharmacovigilance, a critical aspect of drug safety, encompasses activities such as data collection, detection, assessment, monitoring, and prevention of adverse effects associated with pharmaceutical products. It is of paramount importance within the life science industry, where strict regulatory compliance is mandatory for drug development, manufacturing, and commercialization. Efficient and effective pharmacovigilance software solutions are essential to ensure the safety and efficacy of pharmaceutical products throughout their lifecycle. The scope of the pharmacovigilance and drug safety software market is broad and continues to grow due to increasing regulatory demands, technological advancements, globalization of drug development, and a growing emphasis on patient safety. This market encompasses pharmaceutical companies, healthcare providers, CROs, and other stakeholders who rely on advanced software solutions to monitor, analyze, and ensure the safety of pharmaceutical products throughout their lifecycle.

Government bodies like the European Medicines Evaluation Agency (EMEA) and the U.S. Food and Drug Administration (FDA) impose rigorous regulations for drug approval, with a primary focus on drug safety. The growing pressure from these regulatory agencies to develop innovative and safe drugs is propelling the growth of the pharmacovigilance and drug safety software market worldwide. Furthermore, the increasing incidence rate of Adverse Drug Reactions (ADRs) is expected to drive market growth. The adoption of pharmacovigilance software is rapidly increasing, especially among outsourcing firms, to ensure safe and effective drug manufacturing. However, a shortage of skilled professionals in the pharmacovigilance field is hindering market growth. Nevertheless, ongoing research and development efforts aimed at creating more effective software solutions and increasing awareness of the benefits of pharmacovigilance and drug safety software are likely to create numerous growth opportunities in the coming years.

From a geographical perspective, North America leads the pharmacovigilance and drug safety software market. This is primarily due to the widespread adoption of pharmacovigilance and drug safety software, a well-developed healthcare infrastructure, and a high demand for new and safe drugs in the region. Additionally, the Asia-Pacific region is experiencing the fastest growth in this market, driven by increased government investments in the pharmaceutical sector, rising demand for pharmacovigilance and drug safety software in hospitals and clinics, and other factors.

Report Scope of the Pharmacovigilance and Drug Safety Software Market:

Segment wise revenue contribution in the global pharmacovigilance and drug safety software market

The report on global pharmacovigilance and drug safety software market provides a detailed analysis of segments in the market based on Software, Mode of Delivery, and End User.

Segmentation Based on Software

·       Drug Adverse Event Reporting Software

·       Issue Tracking Software

·        Fully Integrated Software and Drug Safety Audits Software

Segmentation Based on Mode of Delivery

·       On-premise

·       Cloud-based

Segmentation Based on End User

·       Pharma & Biotech Companies

·       Contract Research Organizations (CROS)

·       Pharmacovigilance Service Providers

·       Business Process Outsourcing (BPO) Firms

Company Profiled:

·       IQVIA Inc

·       Oracle Corporation

·       Honeywell International Inc.

·       AB Cube S.A.S.

·       ArisGlobal

·       EXTEDO

·       Ennov

·       United BioSource LLC

·       Sarjen

·       Others

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the pharmacovigilance and drug safety software market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.