Pharmacovigilance (PV) and Drug Safety Software Market Growth Insights to 2027 by Top Players ARISGLOBAL, Ennov AB Cube, United BioSource, Sparta Systems

Publisher: The Insight Partners

Contract research organizations (CRO) segment is expected to grow the market for pharmacovigilance and drug safety market over the forecast period for end user segment. 

According to The Insight Partners market research study titled 'Pharmacovigilance (PV) And Drug Safety Software Market to 2027 - Global Analysis and Forecasts by Software type, Delivery mode and End User'. The global pharmacovigilance (PV) and drug safety software market is expected to reach US$ 262.02 Mn in 2027 from US$ 151.07 Mn in 2018. The market is estimated to grow with a CAGR of 6.4% from 2019-2027. The report highlights the trends prevalent in the global pharmacovigilance (PV) and drug safety software market and the factors driving the market along with those that act as deterrents to its growth.

Global pharmacovigilance (PV) and drug safety software market, based on the end user, was segmented as, contract research organizations (CROs), pharmaceutical and biotech companies, business process outsourcing firms and in 2018, contract research organizations (CROs) held the largest share of the market, by end user. In addition, the segment is also anticipated to grow at a significant rate during the forecast period. Increase in pharmacovigilance outsourcing activities by pharmaceutical companies, these factors are anticipated to lead to the growth of the segment during the forecast period.

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Market Insights

Rising Incidences of Adverse Drug Reactions (ADRs)

Adverse drug reactions (ADRs) is an important public health problem, signifying an important cause of illness and death. Because all drugs have the potential for adverse drug reactions, a risk-benefit analysis is necessary whenever a drug is prescribed. According to the Agency for Healthcare Research and Quality 2018, In the US, 3% to 7% of all hospitalizations are due to adverse drug reactions. ADRs occur from 10% to 20% of admissions; about 10% to 20% of these ADRs are severe. These statistics do not include the number of ADRs that occur in ambulatory and nursing home patients. Although the exact number of ADRs is not specified, ADRs represent a significant public health problem that is, for the most part, preventable. In 2016, 1,238,178 reports related to suspected adverse reactions were collected and managed in EudraVigilance, 339,544 of which originate from the European Economic Area (EEA). European database for adverse drug reaction reports, which Member State and the Agency use for monitoring the safety of authorized medicines on the EU market. EudraVigilance now holds 10.8 million reports referring to 6.7 million cases and therefore is one of the most significant adverse drug reaction databases in the world. Adverse drug reactions (ADRs) reported by a patient or healthcare professional adds to safety monitoring and thus to the safe and effective use of medicines. The increasing amount of data generated through adverse drug reaction report needs to be handled and stored carefully. All these data come in different forms, language, location, etc. To arrange these uniformly the automation systems/software are helpful.

Product and services Insights

The global pharmacovigilance (PV) and drug safety software market by delivery mode was led by on-premise. In 2018, this segment held the largest market share in the pharmacovigilance (PV) and drug safety software market, by delivery mode. The segment is also expected to witness growth at a significant rate during the forecast period as on-premise software are therefore best suited for larger pharmaceutical companies with higher budgets.

The market for pharmacovigilance (PV) and drug safety software is expected to grow, owing to factors such as extensive regulatory drug requirements, rising adverse drug reaction events have generated the demand for sophisticated pharmacovigilance software. All these factors are likely to have a positive impact on the growth of the market in the coming years.

The major players operating in the pharmacovigilance (PV) and drug safety software market include, ARISGLOBAL LLC, Ennov AB Cube, United BioSource LLC, Sparta Systems, Inc., Oracle Corporation, Sarjen Systems Pvt. Ltd., EXTEDO, Max Application and Anju Software, Inc. among others. The market has witnessed various organic as well as inorganic developments during recent years in the pharmacovigilance (PV) and drug safety software market. During March 2019, EXTEDO started its partnership with COMIX Middle East FZC. COMIX is a Dubai based consulting firm with a primary focus in supporting its clients for accessing the healthcare discipline in the UAE & the Middle East

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