The Pharmacovigilance and Drug Safety Software Market Size was valued at USD 6.83 billion in 2022, and is expected to reach USD 14.86 billion by 2030, and grow at a CAGR of 10.2% over the forecast period 2023-2030.
To identify, evaluate, comprehend, and prevent harmful effects associated to medications, medical devices, and pharmaceutical products, pharmacovigilance and drug safety software is utilised. Health organisations all around the world use it to guarantee compliance with international regulations, hasten the development of science-based safety judgments, combine safety and risk management, and reduce pharmacovigilance costs. To address the specific business and product safety needs of health businesses, service providers now deliver adaptable, creative, and scalable variations.
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Pharmacovigilance, commonly referred to as drug safety, is the branch of research that focuses on identifying, evaluating, and preventing adverse effects of pharmaceuticals. The primary functions of pharmacovigilance and drug safety software are the creation, classification, and review of pharmacovigilance data, which increases healthcare workers' knowledge and awareness. The capability of the software is categorized into four categories: issue tracking, drug safety audits, adverse event reporting, and fully integrated software.
DRIVERS
Adverse Drug Reactions Are Now More Common.
Outsourcing Companies Are Using Pharmacovigilance Software More Frequently
RESTRAINTS
Pharmacovigilance is not widely known
OPPORTUNITIES
Increasing use of pharmaceutical monitoring software by outsourcing firms
the market is anticipated to grow due to the increased prevalence of chronic disorders.
CHALLENGES
Insufficiently qualified pharmacovigilance personnel
As a result of the COVID-19 epidemic, some businesses have introduced new issue tracking systems. For example, in May 2021, Dialog Solutions unveiled Drug Safety Triage, the pharmacovigilance literature monitoring system of the future. A new pharmacovigilance reporting platform for COVID-19 treatments was introduced in May 2020 by the Medicines and Healthcare Products Regulatory Agency under the name "Yellow Card COVID-19 reporting portal." In an effort to create a body of information about the safest ways to treat the disease, a new online reporting platform may monitor any negative effects resulting from the usage of any medicines used to treat COVID-19. As a result, the introduction of such a product can benefit the market sector in question.
By Functionality
The market is divided into four segments: issue tracking software, adverse event reporting software, and fully integrated software. The market share leader is the fully Integrated Software sector.
By Delivery
Market segments include on-premises delivery mode and on-demand/cloud delivery mode. The most notable CAGR in the foreseeable future is expected to be in the on-demand/cloud-based delivery mode.
By End-User
Contract research organizations (CROS), business process outsourcing (BPO) companies, pharmaceutical and biotechnology companies, and other pharmacovigilance service providers make up the two halves of the industry. Business Process Outsourcing (BPO) Companies are predicted to hold the biggest market share, followed by Contract Research Organizations (CROS).
By Functionality
Adverse Event Reporting Software
Drug Safety Audits Software
Issue Tracking Software
Fully Integrated Software
By Delivery
On-Premise Delivery Mode
On-Demand/Cloud-Based
By End-User
Pharma and Biotech Companies
Contract Research Organizations (CROS)
Business Process Outsourcing (BPO) Firms
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The market for pharmaceutical vigilance and drug safety software is divided into four regions: North America, Europe, Asia-Pacific, and the rest of the world (RoW). The market for pharmacovigilance and drug safety software is anticipated to be dominated by North America. Asia-Pacific is anticipated to grow at a quicker pace over the estimated period due to rising expenditure in the research & development process and acceptance of solutions in the area.
Increasing regional competition in the Pharmacovigilance and Drug Safety Software Market is anticipated to fuel future market expansion. Additionally, it is anticipated that during the research period, leading vendors will increase their investments in product capabilities and company expansion.
REGIONAL COVERAGE
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major key players are Aris Global, Capgemini, Accenture, Cognizant, IBM, Laboratory Corporation of America Holdings, Oracle, ICON Plc., Parexel International Corporation, IQVIA and other players.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 6.83 Billion |
| Market Size by 2030 | US$ 14.86 Billion |
| CAGR | CAGR of 10.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Functionality (Adverse Event Reporting Software, Drug Safety Audits Software, Issue Tracking Software, Fully Integrated Software) • By Delivery (On-Premise Delivery Mode, On-Demand/Cloud-Based) • By End-User (Pharma and Biotech Companies, Contract Research Organizations (CROS), Business Process Outsourcing (BPO) Firms) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Aris Global, Capgemini, Accenture, Cognizant, IBM, Laboratory Corporation of America Holdings, Oracle, ICON Plc., Parexel International Corporation, IQVIA. |
| DRIVERS | • Adverse Drug Reactions Are Now More Common. • Outsourcing Companies Are Using Pharmacovigilance Software More Frequently |
| RESTRAINTS | • Pharmacovigilance is not widely known |
Ans: The Pharmacovigilance and Drug Safety Software market is expected to grow at a CAGR of 10.2% over the forecast period 2023-2030.
Pharmacovigilance is not widely known are the restraints of the market.
Pharmacovigilance and Drug Safety Software Market is divided into three segments and they are By Functionality, By Delivery, and By End-User
The market for pharmacovigilance and drug safety software is anticipated to be dominated by North America.
Ans: The Pharmacovigilance and Drug Safety Software Market size was valued at US$ 6.83 billion in 2022.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Pharmacovigilance and Drug Safety Software Market Segmentation, By Functionality
8.1 Adverse Event Reporting Software
8.2 Drug Safety Audits Software
8.3 Issue Tracking Software
8.4 Fully Integrated Software
9. Pharmacovigilance and Drug Safety Software Market Segmentation, By Delivery
9.1 On-Premise Delivery Mode
9.2 On-Demand/Cloud-Based
10. Pharmacovigilance and Drug Safety Software Market Segmentation, By End-User
10.1 Pharma and Biotech Companies
10.2 Contract Research Organizations (CROS)
10.3 Business Process Outsourcing (BPO) Firms
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Aris Global
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Capgemini
12.3 Accenture
12.4 Cognizant
12.5 IBM
12.6 Laboratory Corporation of America Holdings
12.7 Oracle
12.8 ICON Plc.
12.9 Parexel International Corporation
12.10 IQVIA
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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