Latest Trends and Opportunities in Global Pharmacovigilance and Drug Safety Software Market
According to a new report published by Reports Monitor titled, “Global Pharmacovigilance and Drug Safety Software Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the pharmacovigilance and drug safety software market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Pharmacovigilance consist of data gathering, analysis and monitoring of adverse drug reaction of medicines and therapies. Data gathers from all phases of clinical trial, starts from preclinical development phase to post market phase.
Advantages of pharmacovigilance software such as sharing of information are quickly and economically, ascertain the safety of the product and immediate development of benefit-risk ratio is drives the growth of the market. Rising health consciousness amongst patient raise concern to any adverse reaction of medicinal drugs is propels the growth of the market. Government pressure to manufacture safe drugs is playing vital role to increasing adaptation of pharmacvovigilance software for monitoring of adverse drugs reaction of medicine.
This report provides a detailed analysis of Pharmacovigilance and drug safety software market, which includes current industry situations such as market size, growth and demands, market outlook, major players with their key strategies such as investment, mergers and acquisitions, value chain analysis and swot analysis. It covers the market canvas and the growth opportunities in the coming years. The report has been made with an in-depth analysis along with important inputs from the various industry experts. The research is carried out with both extensive primary and secondary data sources with bottom-up and top-down approaches.
Segmentation of pharmacovigilance and drug safety software is majorly focused on: functionality, delivery mode and end user.
Based on the functionality, the market is segmented into adverse event Reporting Software, fully integrated software, drug safety audits software and issue tracking software. Based on the delivery mode, the market is segmented into On-demand/Cloud based Delivery Mode and On-premise Delivery Mode. Based on the end user, the market is segmented into contract research organizations, business process outsourcing firms, pharma and biotech Companies and other pharmacovigilance service providers.
Global pharmacovigilance and drug safety software market is majorly analyzed across: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). Increasing pressure by FDA to drugs manufacturer to produce safe drugs and presence of major pharmaceuticals companies are driving the growth of the market in North America. Increasing work force, developing companies to provide pharmacovigilance solution and rising number of pharmaceutical companies are responsible for the growth of the market in Asia-Pacific region.
Major vendors operating in the global pharmacovigilance and drug safety software market are: AB Cube, UMBRA Global LLC, United BioSource Corporation, Sparta Systems, Inc., and Oracle Corporation
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