Pharmacovigilance and drug safety software are used in the creation, classification, assessment, reviewal, submission, and maintenance of adverse drug events and pharmacovigilance data. pharmacovigilance and drug safety software market analysis considers sales from end-users pharmaceutical and biotechnology companies, contract research organization, and business process outsourcing. Our analysis also considers the sales of pharmacovigilance and drug safety software in APAC, Europe, North America, and ROW. In 2018, the pharmaceutical and biotechnology companies segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the release of new drugs in countries such as the US, Japan, and Canada will play a significant role in the pharmaceutical and biotechnology companies segment to maintain its market position. Also, our global pharmacovigilance and drug safety software market report looks at factors such as rising incidence rates of adverse drug events, favorable government regulations and policies, and increasing approvals for new molecules and biosimilars. However, high cost of ownership, installation, and maintenance, concerns related to data safety and security, and issues related to system integration may hamper the growth of the pharmacovigilance and drug safety software industry over the forecast period.
Global Pharmacovigilance and Drug Safety Software Market: Overview
Increasing approvals for new molecules and biosimilars
New molecules and biosimilars undergo drug safety assessments before their launch in the market. This is to ensure that the drugs comply with safety standards as per regulations. This rise in approval of new molecular entities and biosimilars as well as registered activities of clinical trials globally has resulted in a surge in the adoption of pharmacovigilance and drug safety software which will subsequently lead to the expansion of the global pharmacovigilance and drug safety software market at a CAGR of close to 7% during the forecast period.
Outsourcing pharmacovigilance and drug safety research to CROs
To reduce the operational costs and provide revenue-generating opportunities to the vendors, pharmacovigilance, and drug safety operations are being outsourced to developing economies such as India, China, and the Philippines. This trend is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global pharmacovigilance and drug safety software market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global pharmacovigilance and drug safety software market is moderately concentrated. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading pharmacovigilance and drug safety software manufacturers, that includes AB Cube, ArisGlobal LLC, Ennov, EXTEDO GmbH, and Oracle Corp.
Also, the pharmacovigilance and drug safety software market analysis report include information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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