Pharmacovigilance Software Market: Current Analysis and Forecast (2022-2028)

The global pharmacovigilance software market is expected to grow at a significant rate of around 8% during the forecast period. Pharmacovigilance is useful in the early detection and spontaneous reporting of adverse drug reactions, and it is the process of monitoring and evaluating adverse drug reactions and it is a key component of effective drug regulation systems, public health programs and clinical research programs. To meet the requirements of customers, vendors of pharmacovigilance software offer individualized and complete solutions. These vendors are additionally providing end-to-end solutions, for example, electronic information catch, artificial intelligence, and interoperability, among others to enhance their offerings. In addition, stakeholders in the industry are moving toward the use of modern technology to help them with their pharmacovigilance tasks because of the combined pressures of volume, cost, and the increased demand for analytics.

Changing reporting systems and emerging technology in pharmacovigilance and rising cancer cases boosting the R&D and clinical research programs are driving the market growth. For instance, according to the data published by the American Cancer Society (ACS), in January 2020, around 1.8 million new cancer cases were diagnosed and 606,520 cancer deaths in the United States.

IQVIA Inc., Labcorp Drug Development, Parexel International Corporation, Accenture, Cognizant, Clario, Thermo Fisher Scientific Inc., ICON plc, Quanticate, and AB Cube S.A.S. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst functionality, adverse event reporting software category to witness robust CAGR during the forecast period"

Based on functionality, the market is segmented into adverse event reporting software, drug safety audits software, issue tracking software, and fully integrated software. Amongst, the adverse event reporting software category is to witness robust CAGR during the forecast period owing to the rising demand for safe medicines and drugs around the world on account of the increasing incidences of adverse drug reactions (ADRs) is contributing to market growth. Apart from this, due to the rapid digitization of clinical trials, there's a rise in the adoption of pharmacovigilance and medicine safety software to ensure the implementation of new methods also drives the market growth during the forecast period.

"Amongst end-users, the pharmaceutical and biotechnology companies to hold a significant share in the market in 2020"

On the basis of end-users, the market is categorized into pharmaceutical and biotechnology companies, contract research organizations, business process outsourcing firms, and others. Among these, the pharmaceutical and biotechnology companies to hold a significant share of the market in 2020. This is mainly due to the extensive research and development efforts by several pharmaceutical companies and these companies are also launching new products which will also contribute to the growth of the market. For instance, Dialog Solutions launched the next generation of pharmacovigilance literature monitoring in 2021.

In addition, multiple adverse events, or adverse reactions force research organizations to turn to pharmacovigilance services for clinical trials, raising the demand for the growth of the market during the forecast period.

"North America to hold a significant share in the market"

For a better understanding of the market adoption of the pharmacovigilance software industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to increasing Initiatives undertaken by the governments, investment in the research & development process and adoption of solutions, and the availability of major key market players in the region propelling the growth rate of the market growth during the forecast period. For instance, in 2021, the Open FDA initiative undertaken by the US government provides access to its database through open search-based programs for application developers and scientists.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

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Deep dive regional level analysis of the industry.

Customization Options:

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