Pharmacovigilance and Drug Safety Software Market Worth $17.3 Billion By 2030

Posted on 2023-05-26 by researchinsights in Healthcare, Industrial, Pharmaceuticals, Technology // 0 Comments

San Francisco, Calif., USA, May 26 2023 — /EPR Network/ —

Pharmacovigilance and Drug Safety Software Industry Overview

The global pharmacovigilance and drug safety software market size was valued at USD 7.8 billion in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 10.30% from 2023 to 2030. The growing availability of data, the need to process & derive insights from the generated data, stringent reporting norms & standards, and increasing software upgrades by key companies are some of the key drivers of this market. INTIENT Pharmacovigilance by Accenture is a comprehensive product suite that helps in the collection and management of a full spectrum of pharmacovigilance data. The platform also enables users to understand potential compliance issues, and emerging trends, and report on adverse events.

The growing demand of end-users for seamless connections between disparate data in an easy-to-use front end is a key driver contributing to the growth of the market for pharmacovigilance drug safety software. Customers are demonstrating an increasing preference for the analytical processing of drug safety data in an agile and flexible format. PV and drug safety software companies are thus offering machine learning, AI, data science, and other additions as part of their pharmacovigilance offering. Rapid drug development propelled by the COVID-19 pandemic has led to newer drugs being introduced at a rapid pace in the market at a faster rate. With the increase in the rate of drug consumption, the role of pharmacovigilance has emerged as critical in managing large quantities of data to assess the risks and benefits of a particular drug.

Gather more insights about the market drivers, restraints, and growth of the Global Pharmacovigilance and Drug Safety Software Market

Increasing incidence of adverse drug reactions (ADR) and stringent regulations for drug development and approvals is expected to propel the demand for pharmacovigilance (PV) and drug safety software in the coming years. The presence of numerous market players has led to more and more PV and drug safety software solutions available in the market catering to varied customer requirements. Increasing globalization in pharmacovigilance with the widespread availability of the Internet is expected to boost usage rates. In addition, a growing health information functionality market will strengthen the usage of PV software over the forecast period, as it improves patient health and reduces medical expenditures.

Moreover, increasing pressure to follow safety guidelines set by government authorities such as the European Medicines Agency and the U.S. FDA is contributing to the growing adoption of pharmacovigilance systems. Many pharmaceutical companies are moving toward outsourcing pharmacovigilance activities to curb operational costs. Manufacturers are gradually shifting from being fully integrated pharmaceutical companies to sharing costs by collaborating with service providers. Services outsourced range from medical writing and clinical trial data collection to medical reporting and other PV services. Outsourcing helps increase internal resource flexibility, improves timelines, and results in better outcomes.

Browse through Grand View Research’s Healthcare IT Industry Related Reports

Healthcare Business Intelligence Market – The global healthcare business intelligence market size was valued at USD 6.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.5% from 2022 to 2030.

Pharmacovigilance Market – The global pharmacovigilance market size was valued at USD 7.80 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030.

Pharmacovigilance and Drug Safety Software Industry Segmentation

Grand View Research has segmented the global pharmacovigilance and drug safety software market based on functionality, delivery mode, end-use, and region:

Pharmacovigilance And Drug Safety Software Functionality Outlook (Revenue, USD Million, 2017 – 2030)

Case Processing
Signal Management
Safety Metrics & Others

Pharmacovigilance And Drug Safety Software Delivery Mode Outlook (Revenue, USD Million, 2017 – 2030)

On-Premise
On-Demand

Pharmacovigilance And Drug Safety Software End-use Outlook (Revenue, USD Million, 2017 – 2030)

Pharma & Biotech Companies
CRO
BPO
Others

Pharmacovigilance and Drug Safety Software Regional Outlook (Revenue, USD Million, 2017 – 2030)

North America
Europe
Asia Pacific
Latin America
MEA (Middle East & Africa)

Market Share Insights:

February 2022: Oracle’s Argus (for safety management) and Clinical One (for clinical trial management) were implemented by Clinixir—a Thailand-based CRO.

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